China’s steel demand has shrunk to less than half global total

China will account for less than half of global steel consumption in 2024 for the first time in six years, according to the World Steel Association, as the decline in the country’s real estate sector pummels demand for the metal. The forecasts from Worldsteel show diverging prospects between China — for two decades the major driver of global demand growth — and steel hot spots in the rest of the world, from South Asia to the Middle East and Latin America.