The steel market trends keep rising
Apr 06 , 2021

The steel market extended its upward momentum into April, with Shanghai steel futures rising above 5,000 yuan a tonne for the first time ever ahead of a seasonal recovery in demand and uncertainty over supply after top steelmaking city Tangshan pledged to cut emissions by 50% during days of heavy pollution. Domestic demand is likely to be spur by strong construction and manufacturing activities over the coming peak season. China’s property and infrastructure investment surged 38.3% and 36.6%, respectively, in the first two months of 2021 as the economy consolidated its recovery from the coronavirus blow; and industrial profit surged 179%. Latest data from Worldsteel showed most regions reported a decline in crude steel output in February, led by North America (down 8.9%), the European Union (down 7.1%) and Africa (down 6.4%). On the other hand, China the world's largest steelmaker produced about 83 million tonnes in February 2021, up by 10.9% from February 2020.

---- By Tranding Economics

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