Steel futures slumped to a four-year low of CNY 3,664 per tonne on March 28th before paring losses to the CNY 3,400 level amid an increasingly pessimistic outlook on Chinese demand. Industry data showed that steel producers continued to take iron ore inputs scheduled for delivery, but hot metal output totaled 2.21 million tonnes for the last three weeks, trailing normal averages for the usual levels in the peak season amid the lack of steel bidding. On top of that, earlier estimates showed that output of pig iron, which is smelted iron ore in blast furnaces, dropped by nearly 7% this year. The developments took place as weak consumer purchasing power dampened the confidence over a significant recovery in the Chinese property market, erasing the need for new construction inputs despite efforts from authorities to prompt up housing demand. Major developer Vanke reported a 50% drop in core profit for 2023, while Country Garden delayed the publication of its results.

Steel decreased 507 Yuan/MT or 12.91% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Steel reached an all time high of 6198 in May of 2021. Steel - data, forecasts, historical chart - was last updated on March 29 of 2024.

Steel decreased 507 Yuan/MT or 12.91% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel is expected to trade at 3430.98 Yuan/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3308.03 in 12 months time.



Price Day Month Year Date
Gold 2,232.38 38.35 1.75% 9.26% 13.66% Mar/28
Silver 24.97 0.309 1.25% 10.17% 6.95% Mar/28
Copper 4.01 0.0107 0.27% 4.10% -1.87% Mar/29
Steel 3,421.00 57.00 1.69% -8.97% -17.59% Mar/29
Iron Ore 103.50 -2.50 -2.36% -11.91% -17.53% Mar/28
Lithium 107,500.00 0 0% 2.87% -54.55% Mar/29
Platinum 908.05 14.34 1.60% 3.68% -6.12% Mar/28


Steel
Steel Rebar is mostly traded on the Shanghai Futures Exchange and London Metal Exchange. The standard future contract is 10 tons. Steel is one of the world’s most important materials used in construction, cars and all sorts of machines and appliances. By far the biggest producer of crude steel is China, followed by European Union, Japan, United States, India, Russia and South Korea. The steel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our steel prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
3421.00 3364.00 6198.00 1580.00 2009 - 2024 Yuan/MT Daily