Commodity Market Report

Steel short-term outlook January 2023

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

A grim 2022 came to an end with macro headwinds still at play. Detractors overpowered drivers as global steel consumption fell 4% year-on-year. The property market crisis and strict Covid lockdowns plagued the Chinese economy. We believe steel markets will witness contrasting halves in 2023. The first half of 2023 will remain primarily subdued due to the ongoing macro challenges and the receding coronavirus infections in China. On the flip side, demand would gradually recover in the second half as Chinese economic activity garners momentum, inflation cools, and supply chain pressures ease. Steel prices bottomed out in December and rose in January on the back of soaring iron ore and metallurgical coal prices. We believe elevated costs and restocking demand will keep prices afloat in the first quarter. Supply will resume echoing demand gains with EU capacity restarts on the anvil, which could pressurise prices. Please read our short-term outlook for more details.

Table of contents

    • Steel to evoke the tale of two halves in 2023
    • Steel prices rise in January; expected to remain elevated in Q1 2023
  • Country snapshot

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Steel short-term outlook January 2023

    PDF 801.56 KB