The findings of the OECD Steel Outlook 2025 show there is an urgent need to address growing excess capacity, and the distortionary policies driving it, to ensure well-functioning global steel markets.
It would be good to see a deal or two put forward so there's a construct that people can understand, and people can say OK, so that's what these deals are going to look like.
The anticipated delay in production normalisation until the second quarter of 2025 highlights OPEC+'s acute awareness of the market's sensitivity to changes in output levels. Such a move demonstrates the alliance's commitment to avoiding a rapid resurgence of oversupply, which could negatively impact prices.