China’s steel demand in 2024 forecasted lower than previous year
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Update time : 2024-03-11 18:09:51
In China’s Two Sessions, energy transition was emphasized as a critical strategy in the future, but the Sessions didn’t mention any stimulated measures regarding commodity markets, especially steel, iron ore, and petroleum.
Regarding the steel industry outlook in 2024, real estate construction was expected to slow, which might lead to steel consumption decreasing by 268 million tons. The steel consumption applied to infrastructure, supported by the government, might keep increasing. However, the growth might slow because the local government has to figure out the debt issue.
In 2024, China’s steel demand was forecasted to be lower than in 2023. Crude steel production would be 1.015 billion tons, decreasing by 0.5% year on year, and steel exports might drop to about 82 million tons.
