Shanghai steel futures surged past another milestone to trade above 5,300 yuan a tonne as attempts from steel mills to produce more have been limited due to environmental restrictions imposed in China’s steel capital Tangshan while demand keeps growing. China’s crude steel output increased 19% from a year earlier to a near-record on high-profit margins and exports in March jumped to a 4-year high, signaling robust global demand. The construction frenzy that has been boosting demand for the metal is likely to be spur by strong construction and manufacturing activities over the coming peak season.
Historically, Steel reached an all time high of 5366 in April of 2021. Steel - data, forecasts, historical chart - was last updated on April of 2021.
Steel is expected to trade at 4989.69 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 4079.91 in 12 months time.