During the past year, China's steel industry suffered severe challenges. From January to October, steel demand from the construction industry was reduced by more than 100 million tons, which apparently caused a heavy burden on the supply side.

High steel outputs that can't be consumed properly thus enhance the weakness of the steel market. Also, since the prime material price remains, the steel industry consequently earns less profit. As the new year 2024 comes near, positive signs finally start to emerge in the market. At the end of the year, prices of cold-rolled and galvanized products begin to bounce. According to predictions, in 2024, the steel demand may increase by 2%, hopefully helping the steel industry out of trouble.