Steel futures continued to rise in the third week of December, with the Shanghai benchmark surging above 4,200 yuan a tonne amid continued robust domestic demand, mainly due to China’s infrastructure and property boom. Chinese industrial production increased by 7 percent year-on-year in November 2020, the most since March of 2019, as the economy continued to recover from the pandemic crisis. On the bullish side were also wider market enthusiasm over the roll-out of the first coronavirus vaccines, which will pave the way for a global economic recovery in 2021.
Historically, Steel reached an all time high of 4960 in October of 2018. Steel - data, forecasts, historical chart - was last updated on December of 2020.
Steel is expected to trade at 3986.33 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 3259.49 in 12 months time.