Global Steel Market Overview 2023 – Cooling of Construction Market to be Compensated for by Recovering Machinery Demand

DUBLIN, Dec. 20, 2023 /PRNewswire/ — The “Global Market Overview of Steel” report has been added to’s offering.

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.

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

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.

Strategy Briefings offer unique insight into emerging trends world-wide. Aimed squarely at strategists and planners, they draw on the vast information resources to give top line insight across markets and within consumer segments. Written by some of our most experienced analysts, they are designed as provocations for senior management to use in their own forum, allowing them to stand back and reflect on the behaviour and motivation driving global markets today and tomorrow

Key Topics Covered:


  • Scope
  • Key findings
  • Key trends impacting steel market in 2023

Global supply of steel

  • 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

Global demand for steel

  • 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

Country snapshots

  • 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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SOURCE Research and Markets

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