Opinion

Steel: 5 things to look for in 2024

Predictions for the year ahead

1 minute read

Lawrence Zhang

Principal Consultant, Steel and Raw Materials Market​

Lawrence has over 12 years of experience in operations, supply chain optimisation and research.

Latest articles by Lawrence

View Lawrence Zhang's full profile

What's in this year's report?

The steel industry in 2023 fell short of achieving the anticipated demand recovery. This stemmed from the aftermath of a weak economic landscape and geopolitical tensions triggered by the Russia/Ukraine conflict.

China was worst hit due to the persistent sluggishness in the property sector, compelling steelmakers to redirect volumes towards export markets. Robust double-digit growth from India and South-East Asia offset the Chinese demand weakness, moderating the global demand fall to 0.4% year-on-year.

2024 will flip the script. In this report, drawing on insight from our Steel Research Suite, we look at how. 

This includes our view on five central questions: 

  • Can government policies drive demand recovery in China?
  • Will the untenable status quo of steel prices transform this year?
  • What are the downside risks to our EU steel demand forecast?
  • Setting the stage for “steel greenification”: how will steel decarbonisation progress?
  • Evolving trade patterns: can China's robust steel exports be sustained? How will CBAM impact the steel trade?

Fill in the form at the top of the page to get your complimentary copy of this report.