Forecast: Raw Steel Production in Australia

From 2013 to 2023, Australia's raw steel production generally followed a shifting trend with periods of both growth and decline. In 2013, production began at 4.64 million metric tons and experienced a notable dip in 2020 to 4.44 million metric tons, largely impacted by external economic factors. By 2023, production stood at 5.13 million metric tons.

Year-to-year variations in recent periods were significant. The production decreased by 1.38% in 2022 and by 1.37% in 2023. Over the last five years, the compounded annual growth rate (CAGR) averaged a decline of -2.06%, reflecting the varying dynamics impacting steel production.

Future projections indicate a gradual decrease in production to 4.76 million metric tons by 2028. The forecasted five-year CAGR from 2024 to 2028 is -1.19%, suggesting a moderate downward trend with a total forecasted decline of approximately 5.8% over the period.

Future trends to watch for include the impact of global economic conditions, shifts in domestic demand, advancements in steel production technology, and potential regulatory changes influencing the industry. Monitoring these factors will be key to understanding and adapting to the evolving landscape of raw steel production in Australia.