Steel prices in August have been hovering around 3,750 Yuan/MT, below July’s six-month high of 3,800 Yuan/MT, but still backed by stronger demand from China, the world’s largest steelmaker, after the economy opened up following months of virus-induced lockdown. China will increase its infrastructure construction in the third quarter of the year to offset the negative impact of the coronavirus pandemic on the economy.
Historically, Steel reached an all time high of 4960 in October of 2018. Steel - data, forecasts, historical chart - was last updated on August of 2020.
Steel is expected to trade at 3514.11 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 2873.37 in 12 months time.