The steel market recovered ground toward its record high of $5,172 yuan a tonne as strong demand and uncertainty about supply more than offset concerns over tighter government controls. Top steelmaking city Tangshan introduced rules requiring companies to either renovate or stop using older and more polluting blast furnaces and set a deadline of June to demonstrate reduced reductions or face fines. In March, the city government instructed most mills to cut production by 30% until the end of the year and told seven steelmakers to keep output half of full capacity until July. However, a construction frenzy has been boosting demand for the metal, and is likely to be spur by strong construction and manufacturing activities over the coming peak season. On the data front, recent figures showed China's steel exports jumped to a 4-year high and imports to the highest this year.
Historically, Steel reached an all time high of 5172 in April of 2021. Steel - data, forecasts, historical chart - was last updated on April of 2021.
Steel is expected to trade at 4808.28 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 3931.57 in 12 months time.