International credit rating agency Fitch Solutions' BMI Country Risk and Industry Research unit has revised its average global steel price forecast for 2024 down to $660 per metric ton from $770 per metric ton. This adjustment is attributed to an expected decline in domestic demand in China, primarily due to sluggishness in its real estate industry.
The agency noted that the slowing economy is preventing the global steel industry from achieving annual growth. While the bearish global industrial and economic outlook is anticipated to affect steel supply, the sluggishness in the global manufacturing sector is hindering demand growth in major markets.
Despite these challenges, Fitch expects global steel production to increase by 1.2 percent, with robust demand from India supporting steel consumption this year.
