Domestic consumption continued to serve as the primary growth engine, offsetting a sharp contraction in exports. Steel prices remained depressed for most of the year and only showed a more visible recovery from late Q3, particularly in December.

The opening of markets and the elimination of tariffs through free trade agreements have enabled a surge of foreign steel products

China's efforts to bolster exports by slashing prices below $1,000 per tonne have exacerbated the already rising burden on the steel sector

Weak steel demand makes the steel industry's revenue in the first half of 2023 estimated to decrease by 70-80% compared to the same period