Global bulk steel alloys investment horizon outlook – Q4 2022

In China, the government has taken steps to ease on its “zero-Covid” containment approach. Along with stimulus measures, we expect this to improve sentiment in bulk alloy end use sectors from 2023 onwards. In western markets, ongoing escalation of the Russia-Ukraine conflict continues to be a key theme. However, initial fears of an energy crisis seem to have been largely circumvented. A major change to the narrative of the past two decades is that China has now reached peak steel production. This will have important implications across bulk alloy markets over the investment horizon outlook.