Steel Markets

Fitch: Expect moderate global steel consumption in 2024

December 13, 2023

Most steel markets will be more balanced in 2024, according to the latest sector outlook from Fitch Ratings.

The New York-based credit ratings agency expects demand for steel to be stable in most regions, aside from China. Fitch noted in its Dec. 12 report that improving demand and decreasing raw material prices contribute to the neutral outlook.

Fitch anticipates the North American steel market to increase at an average rate. It said that new domestic supply coming online will support demand and displace imports.

“US steel producers continue to pursue investments focused on expanding higher value-added production, which Fitch expects to improve profitability on a per ton basis,” the agency added.

Overall, the ratings provider expects manufacturing, auto, infrastructure, and energy transition to be driving forces behind increased demand. However, it noted that the construction sector will continue to be affected by elevated interest rates.

Becca Moczygemba

Becca Moczygemba is a reporter and editor for Steel Market Update. She has been in the steel industry since 2017, specializing in flat-rolled products. Prior to joining SMU, she held positions at Mitsui & Co. and Kloeckner Metals. Becca has a BA in Organizational/Corporate Communication from the University of Houston and an MBA from Norwich University. Contact Becca at becca@steelmarketupdate.com or 724-720-1000.