Commodity Market Report
Steel markets – short-term outlook – April 2021
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Chinese production cuts imposed by the government on 20th March have not dented crude steel output. With demand, prices and margins this strong how are supply side cuts ever going to work? China MIIT’s target for current year output to be lower than 2020’s 1.065 billion tonnes will not be met. Also in this month’s short-term outlook: President Biden’s infrastructure bill triggers a wave of enthusiasm among US steelmakers – but don’t expect a surge in steel demand. EU HRC prices up 17% month-on-month in April – manufacturing sentiment is driving the rise and conditions are prime for a H2 price plummet. India’s integrated mills have in-house oxygen production and so face limited impact as industrial oxygen supply is re-directed towards the health sector in response to the worsening pandemic.
Table of contents
-
China
- Reaching new highs
- Robust demand growth of 15% year-on-year led by property sector
- Production grappled with soaring demand
- Prices at all-time high
- What to expect for the rest of the year
- Demand to slow down in the remaining three quarters
- Production to follow suit but MIIT’s target far out of reach
-
US
- A sweeping infrastructure bill but, a bit bitter for steelmakers
- All but traditional infrastructure
- The verdict: demand increment to be south of 1%
- Prices
-
EU and UK
- Supply
- Demand
-
India
- Indian steel production remains upbeat, but marginal downside expected in near term
- Automotive and housing sectors perform well in Q1, will be impacted in Q2
-
Japan and South Korea
- South Korea slowly ascending on production growth trajectory; Japan marred under pressure of rising coronavirus infections
-
Southeast Asia
- Steel prices continue an unprecedented upward stride
- How did we get here?
- Domestic steel mills emerge on top
- Will prices hold? For how long?
- Iron ore
- Coal
- Green steel initiatives
- Industry developments
Tables and charts
This report includes the following images and tables:
-
EU apparent demand forecastEU production forecastQ1 2021: Year-on-year growth in end-use sectors
-
Highest ever production in Q1Trade balance improvedMargins edged upwards in AprilUS infrastructure bill and steel intensityAmerican rescue plan: total steel consumptionAutomotive sales growthLoan growth indexed to March 2020Crude steel production growthVehicle production growth (%)
- 8 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Market Report
China power and renewables market update: Q2 2026
Wood Mackenzie's China Power and Renewables Update delivers a quarterly overview of key trends shaping China's power sector.
$5,990
Insight
Fibres sustainability feed
Wood Mackenzie’s fibres sustainability outlook – a live feed of our latest research
$900
Commodity Market Report
Macro oils short-term outlook: April 2024
This quarter’s tighter fundamentals provide support to prices as the oil market focuses on political risk
$2,000
