According to Citibank's forecast, world prices for rolled steel will rise until the middle of next year. The world average price has quadrupled since the end of last year.
Citibank said this is a reflection that the supply situation is almost nervous and demand will face strong backlash. They believed there were still many obstacles in the supply chain, and the global economy gradually reversed, demand increased even more so that the price of fossil fuels would rise above the official level next year.
Ratings agency Moody's said the imbalance between global steel supply and demand will stabilize in 2022 and steel prices will fall from this year's highs to historically normal levels.
Moody's said that as global vaccination levels rise, the epidemic is expected to weaken and governments will abandon stimulus policies. Eventually, the market will bounce back and overall demand for steel may decline.
In addition, Moody's said that the price of iron ore in 2022 will be closer to the price in 2016-2019 at $ 70-80 per tonne.
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