Steel rebar futures fell to below 4,200 yuan a tonne in the second week of January, dragged down by a build-up in raw-material inventory as seasonal demand eased ahead of February’s Lunar New Year holiday. Meantime, top steelmaking province Hebei has been reporting a surge in Covid-19 cases, raising concerns about steel mills’ production and logistics. Elsewhere, steel industry and union groups in the US asked President-elect Joe Biden to maintain a 25% national security tariffs on steel imports imposed in 2018, saying they are essential to ensure the viability of domestic steel production.
Historically, Steel reached an all time high of 4960 in October of 2018. Steel - data, forecasts, historical chart - was last updated on January of 2021.
Steel is expected to trade at 3919.94 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 3205.20 in 12 months time.