According to Beroe, a global SaaS-based procurement intelligence and analytics provider, global crude steel production in 2023 was expected to rise by 3% compared to the previous year, reaching around 1,932 million tons.

Due to the unclear macroeconomic environment, the upcoming energy crisis, and the unstable geopolitical outlook, crude oil and carbon steel market price fluctuations were expected to continue for a long time.

The global carbon steel demand was forecasted to rise to 1,850 million tons by 2024. The current decarbonization trend in the world will also change the feedstock markets. During the period from 2021 to 2025, the production will likely grow at a compound annual growth rate (CAGR) of 1-2%.