According to forecasts, a surge in demand and production, a boost in prices, and ultimately a growth in the steel industry’s profit margins will dominate the global steel market in 2024. According to this report, steel demand will continue to grow in much of the world in 2024,while global steel consumption would be 20 million to 30 million tonnes higher than in 2023.

A slight decline in China’s steel production in and its production volume below 1 billion tonnes in 2024, along with optimism about global steel production and raw material prices falling, would result to lead to an increase in global steel prices and rising steel margins.