Shanghai steel futures rebounded to above CNY 4700 per tonne, the highest since late October, amid prospects of rising demand especially from the infrastructure sector in China, after the People's Bank of China unexpectedly cut interest rates on its medium-term loans on January 18th and signalled further measures to boost growth. Tight supplies, limited production due to factories maintenance in the first quarter, the Lunar New Year holidays and Beijing Winter Olympics and a surge in steelmaking ingredient nickel prices also supported the steel market.
Historically, Steel reached an all time high of 6198 in May of 2021. Steel - data, forecasts, historical chart - was last updated on January of 2022.
Steel is expected to trade at 4621.24 Yuan/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4307.10 in 12 months time.