Steel demand in developed economies will recover slowly in 2024

Steel demand in developed economies is projected to recover slowly in 2024. This is due to several factors impacting the recovery process.

Firstly, the COVID-19 pandemic has significantly disrupted global supply chains and dampened economic activity. Developed economies were particularly affected by lockdowns, reduced construction projects, and decreased consumer spending, which led to a decline in steel demand.

Secondly, the recovery of developed economies heavily relies on government policies and stimulus measures aimed at reviving infrastructure investments and industrial activities. The timeline for implementing such measures, coupled with budget constraints, may delay the pace of recovery in steel demand.

Thirdly, uncertainties surrounding trade tensions and geopolitical factors could further hinder the recovery process in developed economies, as they can impact international trade and investment patterns.

While a slow recovery is expected, the gradual reopening of economies, resumption of construction projects, and increased consumer confidence are likely to contribute to the gradual improvement in steel demand in developed economies in 2024.