Industry News

US steel prices to nosedive towards $1,000 by year-end – CE

Views : 112
Update time : 2021-05-27 19:35:19

Steel prices have soared globally since their recent lows in early 2020. Limited domestic supply, expensive imports and strong growth in demand have fuelled the rally in US steel prices. But with supply set to improve, at a time of softer growth in demand, prices should fall, Caroline Bain, Chief Commodities Economist at Capital Economics, reports.

Calling time on the rally in US steel prices

“A tariff of 25% was levied on most steel imports by the Trump administration in 2018 and imports have been broadly in decline since, although they have ticked up recently. That said, it now looks likely that the tariff will be at least lowered if not removed in the coming months, which should take some of the heat out of US steel prices. In addition, we expect further gains in domestic supply, in large part incentivised by current high prices. Pre-announced plans for capacity additions also suggest that potential domestic output could rise by about 5% this year and 7% in 2022.”

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11