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Forecast Year
Structural steel prices are forecasted to remain confined in the long term in the Indian market. The short-term analysis is largely positive and suggests a notable incline in downstream demands for structural steel. However, the dips in feedstock iron ore prices are exerting downward pressure on the pricing outlooks. Concurrently, the bearish sentiments in global structural steel markets are also impacting the Indian markets. With a global slowdown in prices, the Indian structural steel market is also expected to remain range-bound going forward.
The global market dynamics for structural steel have been bleak in recent times. Sufficient local capacities and excess supplies coupled with subdued demands are posing challenges for market stakeholders in the structural steel sector. A slight decline in Chinese steel demand is anticipated for 2024, but with regular production levels, Chinese steel exports are expected to surpass 2023's levels, exerting downward pressure on global structural steel prices. This is compounded by issues in the Chinese real estate sector, which faces a supply-demand mismatch.
Southeast Asia is seeing a rise in domestic steel capacities, with a major contribution coming from India, largely driven by government infrastructure projects. However, current demand growth is sluggish despite record outputs from major steelmakers like Tata and JSW. In May, coking coal futures in China dropped by over 3%, hitting a one-month low due to expected increases in supply from Shanxi, a major coal-producing region. Additionally, falling coal prices reduced the cost of finished steel, subsequently lowering iron ore prices. To align with the global markets, the state-owned iron ore miner in India, NMDC, has reduced the prices of its lump ore and fines, effective from March 21, 2024. Overall, a consolidated market run is being observed for structural steel so far in the global markets.
The annual outlook for structural steel looks riddled and weak for the year 2024. The industry participants are anticipating challenges through the remainder of 2024 due to sufficient local supply capacities and subdued demand. As per the World Steel Association, global steel production decreased by 5% year-on-year in April 2024 despite available industrial capacities. The downturn is primarily attributed to the degradation in downstream demands for structural steel globally. Some markets, like the Indian market, present a positive picture for consumption outlooks for the year. However, the downturn in feedstock prices, increased domestic capacities and the global oversupply pressure are likely to pull the prices down in the Indian markets as well, going forward.
In Europe and Turkey, the outlook remains grim, with high interest rates and inflation impacting market dynamics. The European Central Bank's potential rate cuts might provide some relief, but high operational costs, driven by sustainability mandates, continue to deter investment in the construction sectors.
The global pricing outlooks are already down as both upstream and downstream dynamics are looking underwhelming. Overall, a dull market performance is anticipated for structural steel for the remainder of 2024.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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