Steel Rebar futures consolidated above the CNY 4,500-per-tonne mark, rebounding from an over six-month low around CNY 4,230 on prospects of a rebound in demand in top consumer China as it declared positive developments in stemming its latest Covid-19 outbreak, particularly in Beijing and Shanghai. On top of that, signals that China would renew its stimulus package to stabilize the economy add to the bullish sentiment. The government will continue to implement existing aid measures while expanding its policy toolkit, Ou Hong, deputy secretary-general at the National Development and Reform Commission, told a news conference.
Historically, Steel reached an all time high of 6198 in May of 2021. Steel - data, forecasts, historical chart - was last updated on June of 2022.
Steel is expected to trade at 4207.67 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 3939.72 in 12 months time.