Demand for steel is increasing worldwide, which is having an impact on prices. The upward trend in demand for steel is thus continuing. In China, Taiwan and other Asian countries, manufacturers are increasing steel prices for May and in some cases already for June 2024.

Steadily rising steel demand expected in 2024
Chinese steel producers are currently assuming that steel demand will continue to grow steadily in 2024. Fitch is also forecasting growing steel production in China and growing global demand for the second quarter of 2024.