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Global steel prices are likely to remain depressed
2024-07-30

The steel industry is facing persistent price pressure due to weak global demand and high Chinese exports. Experts suggest that only further production cuts and increased consumption, especially from China, can help stabilize prices. Domestic prices have also been affected, falling sharply since the beginning of the year.


India is recognized as the driver of global steel demand growth, and while global alloy production has fallen to its lowest monthly level in 2024, the steel industry does not expect domestic and global prices to ease anytime soon.

Industry experts say only a combination of further production cuts and increased Chinese consumption can help steel prices recover from here.