Commodity Market Report
Steel short-term outlook August 2021
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Chinese steel demand recovered slower than expected in August, impacted by heavy rain in the north of the country and a spike in Covid cases in a few provinces. We expect a seasonal uptick in the next two months; however, upside is limited by a soft construction demand outlook. Production cuts are taking effect in China. This winter, the government will be well positioned to enforce its production cut policy as both domestic and export demand slow down. Also in this month’s short-term outlook: • How does the US infrastructure bill impact US construction steel demand? • How have Japan and South Korea fared in the past few months? • Will India maintain its production growth? • Are EU and US steel prices ready for a slowdown?
Table of contents
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China
- Steel demand recovers in August but not ideal
- Steel supply to decline for the rest of 2021
- Mill margins recovered, destocking pace will be key to steel prices in September
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US
- Bipartisan Infrastructure Framework: an infrastructure bill, not a steel one
- Production: full recovery may not be seen in 2021
- meanwhile, the appetite for imports is soaring!
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EU and UK
- European steel production catching up with pre-pandemic level
- Post-lockdown rebound in European car sales is slowing down
- Construction continues to show improvement but business sentiment in Europe is sliding
- Steel prices to retreat but remain elevated
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India
- Strong steel production despite subdued domestic demand
- but domestic demand to recover with range-bound steel prices
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Japan
- Growth to stutter in the second half
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South Korea
- South Korea to bridge the demand gap with Japan
- Iron ore
- Coal
- Scrap
- Green steel initiatives
- Other key industry developments
Tables and charts
This report includes the following images and tables:
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Weekly rebar demand is recovering from bad weather impact (Mt)HRC demand lackluster slowing amid weaker manufacturing (Mt)August crude steel production to remain weak (Mt)
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CISA crude steel production rates dipping (Mt/day)Steel intensity for selected bridgesUpcoming planned capacity outagesMonthly production and utilisation rateSteel and pig iron importsEU-27+ UK crude steel productionTop 4 EU-27 + Turkey crude steel productionSteel HRC Northern Europe price
- 7 more item(s)...
What's included
This report contains:
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