Steel prices are displaying exhaustion signals after remaining in the grip of bears for a prolonged period. The asset is expected to display a rebound as supply worries are bound to surpass the subdued demand impact. The ineffective demand-supply mechanism has been a major concern for steel prices. Now, escalating supply worries beyond China will boost the steel prices ahead.
It is worth noting that more than half of global steel demand comes from China due to heavy expenditure on infrastructure, construction, and real estate. A tad longer period of slowdown in China had dumped the demand for steel. No doubt, the steel supply was also impacted dramatically led by severe environmental regulations, and poor demand forced steel mill owners to shut down production processes.
Egypt Aluminum sees a double-digit hike in net profit during the nine-month period of FY2024
