Shanghai steel futures dropped to CNY 5,400 a tonne in mid-September after poor economic data from China added to concerns about slowing global growth and weakening demand for the raw material. The country's industrial output and retail sales rose less than expected in August; while the monthly crude steel production slipped for the third straight month to 83.24 million tonnes, sending average daily output to the lowest since March 2020. Earlier in the month, steel touched its highest level since end-July, due to concerns about global supply.
Historically, Steel reached an all time high of 6198 in May of 2021. Steel - data, forecasts, historical chart - was last updated on September of 2021.
Steel is expected to trade at 5484.92 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 5148.24 in 12 months time.