Steel short-term outlook June 2022 Report

Commodity Market Report 30 June 2022

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Report summary

The global steel consumption outlook will remain bearish in the near term. Chinese recovery in June was slower than expected. Cost inflation and retaliatory hike in borrowing rates will tame consumer spending and private investments. No end in sight for the Russia-Ukraine war will keep supply chains under pressure and increase downside consumption risk for the EU and CIS region. The gloomy demand outlook and rising supply will weigh on steel prices in the near term. Our June short-term outlook covers: • Near term demand outlook and status of leading consumption indicators • Supply-side scenario • Key risks and opportunities • Steel price outlook and cost implications

Demand
- Steel demand in May remained muted with mere 1% growth
- No respite is expected in the coming months
Supply
- Production continued to climb despite sluggish demand
Trade & Logistics
Prices
Demand
Supply
Trade & Logistics
Prices
Demand
- Macro picture denting steel demand
Supply
- Crude steel production in Europe to contract in 2022
Prices
- European steel prices continue their downward trajectory
Demand
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