Steel prices saw some correction in the last week of November following a massive rally that pushed prices to an eleven-month high of 4,125 Yuan/MT as construction activity in China is expected to slow when the weather turns colder. Still, continued robust demand from the manufacturing industry in the world's top steel producer and consumer coupled with wider market enthusiasm over a potential coronavirus vaccine is due to keep prices supported.
Historically, Steel reached an all time high of 4960 in October of 2018. Steel - data, forecasts, historical chart - was last updated on November of 2020.
Steel is expected to trade at 3806.79 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 3112.69 in 12 months time.