Steel rebar futures were above CNY 3,300 per tonne in November, the highest in over one month, as markets reassessed the impact of China’s economic aid on ferrous metal demand. New infrastructure investment in China rose by 4.3% in the first 10 months of the year, raising the possibility that monetary and fiscal support measures from Beijing may be lifting economic activity. Beijing passed a $1.4 trillion debt package for local governments to swap out hidden debt and lower their financing costs to stimulate the economy, following a batch of slashes in lending and liquidity rates by the PBoC. In turn, steel production in China rose to 81.9 million tons in October, despite low orders from domestic consumers. Consequently, Chinese mills have flooded export markets despite growing trade barriers by other governments, with exports in the period rising to 11.2 million tons, the second-highest on record.
Steel decreased 580 Yuan/MT or 14.77% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Steel reached an all time high of 6198 in May of 2021. Steel - data, forecasts, historical chart - was last updated on November 22 of 2024.
Steel decreased 580 Yuan/MT or 14.77% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel is expected to trade at 3251.08 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 3080.62 in 12 months time.