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The global market for iron and non-alloy steel ingots stabilised in 2024 after two weaker years, with consumption edging up to about 1,812 million tons. Demand remains heavily concentrated in Asia, led by China, which accounts for roughly 56% of global consumption and production. India and Japan follow at a distance, keeping the market anchored to industrial output, construction activity, and infrastructure spending.
On the supply side, production rose slightly to around 1,814 million tons, suggesting capacity is keeping pace with demand rather than overheating. However, global trade signals were softer: imports fell to about 1 million tons and exports slid to roughly 2.8 million tons. Import demand was led by countries such as Italy and the UAE, while Iran dominated exports, contributing the largest share of global shipments.
Prices also reflect the mixed backdrop. Average import prices were higher than export prices, pointing to meaningful spreads across regions and supply chains. Looking ahead, the market is projected to expand slowly through 2035, with steady—rather than explosive—growth expected as economies balance infrastructure needs, manufacturing cycles, and shifting trade flows.
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