Global Market Overview of Steel

December 2023

The briefing examines how the steel commodity is performing globally and in the largest countries in terms of supply and production. The report also provides data and analysis on steel price dynamics, as well as trends across key commodity consuming industries.

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This report comes in PPT.

Key findings

Steel prices peaked in 2022

Steel prices stabilised in 2023, as countries found alternative supply to replace losses from the Russian and Ukrainian markets. Moreover, Chinese trade limitations related to its previous zero-COVID-19 policy have been lifted, allowing the largest global steel producer to utilise its production on the global market, although the country continues to seek to reduce production.

Construction to slow down as subsidies are phased out and inflation rises

The construction sector was the key driver of the steel demand boom in 2021; however, the phasing out of subsidies, increased uncertainties, rising essential commodities prices and a projected rise in borrowing costs are anticipated to lead to slower residential construction demand over the forecast period.

Cooling of construction market to be compensated for by recovering machinery demand

Machinery demand grew after the COVID-19 pandemic, as industrial activities picked up. Moreover, automation is becoming a significant area of investment as companies deal with labour shortages and aim to mitigate the risks of potential future shutdowns due to virus spread, as occurred during the pandemic. Moreover, given the looming food crisis due to Russia’s invasion of Ukraine, agricultural machinery is expected to gain momentum as countries aim to boost productivity and yields.

Sustainability, decarbonisation and circular economy on the agenda

Rising emissions permit costs, increasing pressure from society and government regulations are pushing the carbon-intensive steel industry to seek solutions to reduce its carbon footprint. Sustainability is projected to become an important trend in the industry over the long term. Companies are expected to invest in the recycling of scrap metal waste in order to reduce the negative environmental impact of their production.


Key findings
Key trends impacting steel market in 2023
Global steel supply hampered by cuts in Chinese steel production
Despite declining output, China still accounts for more than a half of global steel output
China’s government is aiming to reduce steel output growth to mitigate carbon emissions
Solid domestic demand drives Indian steel production, despite contracting export volumes
Japan witnesses decline in crude steel production amidst fall in domestic demand
Steel price in the US and Western Europe witnessed a few major rises recently
Steel prices are projected to decline over short term amidst contracting global demand
Despite slower automotive and construction production, demand for steel retained growth
Demand drivers for steel across key buyer industries
Despite slower housing sector, construction maintains positive growth
Motor vehicles and parts industry to remain slow, hampering demand for steel
Automation and modernisation to stimulate industry, especially in Asian economies
Top 10 country profile: China
Top 10 country profile: India
Top 10 country profile: Japan
Top 10 country profile: US
Top 10 country profile: Russia
Top 10 country profile: South Korea
Top 10 country profile: Turkey
Top 10 country profile: Germany
Top 10 country profile: Brazil
Top 10 country profile: Vietnam


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