Steel started the second quarter of 2020 trading above 3,300 Yuan/MT, still under pressure from effects of the novel coronavirus outbreak, with major steel plants expected to reduce operations significantly over the next two weeks amid sluggish demand. Steel manufactures anticipated that the first quarter of the current financial year will be a record-low quarter in terms of sales and operating profit.
Historically, Steel reached an all time high of 4960 in October of 2018. Steel - data, forecasts, historical chart - was last updated on April of 2020.
Steel is expected to trade at 3095.18 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 2530.83 in 12 months time.