Jakob Stausholm, the CEO of Rio Tinto, said that China’s steel demand was expected to reach its peak, and the consumption in 2024 would be similar to 2023. The forecast was not because China’s economy is not growing, but that the country’s economy has matured.

China's demand for iron ore has recovered in recent months as some economic improvements offset sluggish demand from the property industry. However, Stausholm also pointed out that the rapid growth of steel consumption in the past 20 years might be coming to an end.