The Steel Market, a vital component of the global economy, encompasses the production, distribution, and consumption of steel, a versatile alloy primarily composed of iron and carbon. With widespread applications across construction, manufacturing, transportation, and numerous other industries, the steel market's dynamics are influenced by factors such as infrastructure development, technological advancements, trade policies, and environmental concerns. Fluctuations in steel prices, supply-demand imbalances, and shifts towards sustainable production methods continue to shape this dynamic market, impacting industries worldwide.

The report " By Type (Steel, Alloy Steel, Stainless Steel, Tool Steel And Other Steel Types), By Production Methods   (Blast Furnace-Basic Oxygen Furnace (BF-FOF), Electric Arc Furnace (EAF) And Others), By Applications (Automotive Industry, Construction Industry, Mining Equipment Industry, Aviation & Marine Industry) and Region - Global Forecast to 2029"

Key Highlights:

·         Dec 31, 2019, Government aims to reduce imports in steel industry hopes because the domestic market face with surge in imports, increased dependence on imported coking coal from select countries, therefore the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.

·         Jul 02, 2019, Posco Steel India has signed a memorandum of understanding with Essar to buy 1 million tons hot rolled products worth close to Rs 5,000 crore.

·         In July 2020 Merger of Nippon Steel Coated Sheet Corporation and Nippon Steel Nisshin A&C Co., Ltd. Nippon Steel Nisshin Co. Ltd. ("NSN") to strengthen the competitiveness of the NSC Group's exterior building material steel sheet business.

Analyst View:

The steel market is currently characterized by a delicate equilibrium between surging demand driven by global infrastructure projects and manufacturing, and the challenges posed by supply chain disruptions and fluctuating raw material costs. This balance is anticipated to be further influenced by evolving trade dynamics, environmental regulations pushing for sustainable practices, and the ongoing need for innovation to optimize production processes. Navigating these complexities will be crucial for stakeholders in the steel industry to capitalize on growth opportunities while mitigating potential risks.

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Key Market Insights from the report:         

The global Steel market accounted for US$ 1.65 billion in 2019 and is projected to register a moderate CAGR of 3.0% over the forecast period. The market report has been segmented based on body type and region.

·         By type, the steel market is classified into steel, alloy steel, stainless steel, tool steel and other steel types.

·         By Production methods, the steel market is classified in to  blast furnace-basic oxygen furnace (BF-FOF), electric arc furnace (EAF) and others

·         By Applications, the steel market is classified into the automotive industry, construction industry, mining equipment industry, aviation & marine industry

·         By Region, Asia Pacific is expected to dominate the target market, owing to the presence of emerging countries in the region such as India & China. Additionally the increasing production and export of steel in various countries in the region drive the steel market growth.

The prominent player operating in the global Steel market includes ArcelorMittal, POSCO, SHAGANG GROUP Inc, NIPPON STEEL and SUMITOMO METAL CORPORATION, China BaoWu Steel Group Corporation Limited, HBIS GROUP, Tata Steel, Nucor, HYUNDAI STEEL, ChinaSteel, Maanshan Iron and Steel Company Limited, ThyssenKrupp AG, JFE Steel Corporation, JSW, and JIANLONG GROUP among others. The key players in the market are focusing on the various agreement and mutual understanding and acquisition strategy.

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