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Kallanish Steel Weekly: China stimulus firms 2024 steel outlook, iron ore anticipates excitement (Nov. 21, 2023)

Issue 44, 2023 - This week's editorial: China stimulus firms 2024 steel outlook, iron ore anticipates excitement 

Steel supply and demand is in balance towards the end of the year, with global EAF-based production having been curtailed as Chinese exports increased this year, while expectations for Chinese stimulus are firming sentiment into 2024, according to Cargill Metals managing director Lee Kirk.

Over 100 million tonnes fewer of scrap were consumed this year globally excluding China, but with no resulting downward pressure on scrap prices. This has prevented EAF mills from increasing their margins and ramping up steel production. China has meanwhile exported 19 million tonnes of steel more on-year so far in 2023, with the year expected to end at 25mt up on-year.

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