China’s steel prices expected to rise due to tighter supply
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Update time : 2023-11-16 15:44:33
China's steel price index has continued rising in the recent two weeks. Due to the government’s control policy on crude steel production, the operating rate of China’s blast furnaces continued falling, resulting in tighter steel supply. Besides, downstream buyers would start their storage in advance for the coming winter, so the steel demand might rise accordingly.
For most time of this year, the blast furnace operating rate in China has stayed at a new high in the past three years. Therefore, Chinese steel enterprises will still face much pressure for production cuts in November and December if they want to achieve the target of crude steel output control.
As the pressure caused by the steel production control policy will continue in the future, and the demand is expected to grow, the growth for steel prices will be fueled and the profits of steel companies are predicted to increase as well.
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