SKU: 144235
Author: Wood Mackenzie

Commodity Market Report 29 July 2022

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Report summary

Bears are overpowering bulls in the global steel market. The aftermath of the Russia-Ukraine war led supply chain disruption, rising energy prices and cost inflation is weakening the global consumer and business sentiment. Chinese demand is faltering as sluggish property construction is shadowing the recovery in manufacturing and infrastructure. The dull consumer sentiment and China’s zero-tolerance policy on Covid poses a further downside risk to our forecast. The unending Russia-Ukraine war, the threat of energy supply disruption amid rising western sanctions on Russia makes our global outlook skewed towards upside. Steelmakers are enduring margin compression due to feeble consumption, rising raw material and energy costs and falling steel prices. Operating rates are inching lower with extended maintenance schedules and furnace idling. Read our short-term outlook for more in-depth analysis of regional demand-supply-price outlook.