Commodity Market Report
Steel short-term outlook November 2022
Report summary
The steel market must brace for more pain in the offing due to global macro headwinds, rising lockdown stringency in China and curbs on government spending in mature economies. Mature economies, including China, will drive demand decline, whereas India will buck this trend, growing 9% year-on-year. Chinese property sector continues to roll under declining sales and construction starts. Rising COVID lockdowns will further aggravate the grim situation, overriding the growth intensity from infrastructure and automotive. We expect a gradual recovery in 2023 with green shoots emerging from frontloading of Chinese infrastructure investments, a rise in automotive production amid easing chip shortages and healthy growth in emerging economies such as India and Southeast Asia. The longevity of the Russia/Ukraine war, lockdowns in China, and an impending recession in mature economies pose a downside risk to our forecast.
Table of contents
-
Global steel market outlook
- Steel demand to stutter due to gloomy macro-economic outlook
- Steel prices continued to decline in November; will stay rangebound in Q1 2023
- Country snapshot
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
05 December 2022
China coal short-term outlook November 2022
Commodity Market Report
China coal short-term outlook November 2022
The coronavirus outbreak drives China’s coal market – in different directions.
$2,00007 December 2022
Noble steel alloys short-term outlook November 2022
Commodity Market Report
Noble steel alloys short-term outlook November 2022
Wood Mackenzie's latest short-term view on molybdenum, niobium and vanadium markets
$5,00030 November 2022
Iron ore markets short-term outlook November 2022
Commodity Market Report
Iron ore markets short-term outlook November 2022
Sentiment drives price rally. Fundamentals to only gradually improve in 2023.
$5,000