World steel demand has fallen for the past 2 years, driven by lower demand from manufacturing and construction in developed economies and ongoing weakness in China’s property sector. 

Growth in world steel production has been flat so far in 2024. However, a gradual improvement in global industrial output and further stimulus-related infrastructure activity should support a pickup in global steel output in the second half of 2024. 

While China’s residential property sector weakness is likely to persist, less restrictive monetary policies in advanced economies should see Western steel demand recover in 2025 and 2026. However, increasing trade sanctions could disrupt global steel markets.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-june-2024)