‎Due to China’s economic situation and the construction recession in the country, steel consumption and demand have been severely affected and, compared to last year, experienced a significant decrease , which led to volatility in the price of iron in the majority of steel chain units. Consequently, it is predicted that the trend of decreasing demand and consumption of steel will continue next year.‎

‎According to data from the global steel market, China, the world’s largest consumer of steel, has fallen by about 3.3 percent this year, so demand is expected to continue to decline by 1.7 percent in 2024.‎

‎Based on official figures, China’s crude steel production was reported to be around 952 million tonnes this year, an increase of 1.5 percent compared to last year. The country’s steel exports in 2023 were estimated at 83 million tons, the highest since 2016.‎

‎MPI researchers predict that in 2024 China’s steel consumption will decline to possibly 875 million tonnes، while construction steel demand is forecast to decline by 4% in 2024.‎