Overview
Global steel markets remain deeply troubled, and trends in Asia are likely to set the tone for world markets in the coming year. The world’s main steel demand growth driver, India, is settling in to a new, less dominant government but is still on track to see massive government spending providing a rare bright spot for the industry. China on the other hand is continuing to struggle with its structural downturn. How the government responds to fundamental issues with its real estate sector, demographics and government finances will be key for international steel trade flows, not to mention how effectively it prosecutes tax evasion on steel exports.
Southeast Asia meanwhile is struggling to live up to its potential as a major driver of steel demand growth. As soon as one economy pulls out of a crisis, another begins a slowdown. In and increasingly volatile world, the region remains vulnerable to trade disruptions and fluctuating currencies and interest rates.
At the same time the global steel industry is coming to terms with its role in climate change and facing up to a future where access to markets may be restricted for heavy polluters. Chinese steelmakers will be entering a carbon trading mechanism, while in the longer-term carbon trading or taxation schemes are planned across much of emerging Asia. This is alongside the proliferation of attempts to replicate the EUs Carbon Border Adjustment Mechanism, at least, as soon as markets can figure out how it will work in practice. Green steel is now becoming a major area of investment, with projects in both the developed and developing parts of the region.
In such a complex operating environment, our conference, bringing together the themes, threats, and opportunities in the region, is more essential than ever.
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