Fundamental Shifts in Steel Production Amid Industry Changes: SMM's 2024 Outlook

In recent years, the downturn in the real estate industry, along with changes in the structure and development trends of the steel industry, has undoubtedly been the fundamental reason for significant shifts in the production of various types of steel.

SMM's steel mill production schedule data has been tracking newly commissioned capacity over the long term and dynamically expanding the sample size. According to SMM's production schedule data:

In 2024, domestic hot-rolled production is expected to reach 191.68 million mt, up 5.87% YoY compared to 2023.

In 2024, domestic construction steel production is projected at 151.34 million mt, down 14.34% YoY compared to 2023, with rebar production declining by 15.66% and wire rod production decreasing by 10.54%.