2024 electrical steel demand is expected to increase by 3% year-on-year

Recently, the China Electricity Council released the "2023-2024 National electricity supply and demand Situation analysis Forecast Report" , showing some changes and development trends of domestic "electricity demand", revealing the power industry's new demand for steel quantity and quality, and the strength of power steel demand continues to increase in 2024.

According to the report, in 2023, the electricity consumption of the whole society will be 9.22 trillion KWH, and the per capita electricity consumption will be 6,539 KWH; The whole society's electricity consumption increased by 6.7% year-on-year, 3.1 percentage points higher than that in 2022, and the recovery of the national economy drove the growth rate of electricity consumption.

According to the report, the electricity consumption of the whole society will reach 9.8 trillion KWH in 2024, an increase of about 6% over 2023. In 2024, the country's maximum power load will be 1.45 billion kilowatts, an increase of about 100 million kilowatts over 2023. By 2024, the installed capacity of newly put into operation will exceed 300 million kilowatts, and the cumulative installed capacity of new energy power generation will exceed the installed capacity of coal power for the first time.

The continuous growth of "electricity demand" has injected strong impetus to pull "steel demand". According to industry analysts, with the continuous growth of domestic "electricity demand", the demand for power steel is also increasing. The nationwide construction of the power grid, the renewal and expansion of power transmission and distribution equipment, and the rapid development of renewable energy will drive the demand growth of the power steel market. Statistics show that in 2023, the apparent demand for electrical steel of Chinese steel companies such as Baosteel, Shougang and SOBOOM is 13.2 million tons, an increase of 2%. Among them, the apparent demand for oriented electrical steel was 1.8 million tons, an increase of 1%. The apparent demand for non-oriented electrical steel was 11.4 million tons, an increase of 2%.

In 2024, the strength of China's "electricity demand" will still increase, and the installed capacity of new power generation is expected to exceed 300 million kilowatts throughout the year, which determines the "steel demand" of the power industry in 2024 has strong toughness. It is expected that the demand for electrical steel alone will reach 13.4 million tons in 2024, an increase of 3%. Stimulate the economic growth of the steel industry.