The report indicates that steel demand will ebb as buyers replenish inventories, stimulus spending wanes and consumers return more widely to spending on experiences, as vaccinations become more widespread.
Moreover, steel supplies will continue to increase, with productivity improving and new capacity coming online in certain parts of the world.
The report indicates that steel prices will ease from this year’s highs in 2022, but will remain historically strong.
Operating performance and free cash flow is expected to improve considerably for steel producers globally through at least mid-2022 based on their significant higher volumes and solid prices.
Steel prices will settle higher than their historical levels in 2021 to 2022 as demand increases for scrap and metallics, and as the steel sector’s competitive dynamics improve with consolidation in some regions.
The report indicates that US steel prices will materially decline in 2022 from the peaks this year before settling at historically strong levels amid consolidation, fiscal stimulus and beneficial monetary policy, and decarbonisation efforts.
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