Global Steel Production (Feb.)

Global steel output was reasonably resilient in February. But that follows substantial downward revisions to the January figures. And while policy support – particularly in China – may boost steel production later this year, the first global contraction for five years is still on the cards in 2020.
Kieran Clancy Assistant Commodities Economist
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Global Aluminium Production (Dec.)

Although global aluminium output fell in y/y terms in December, it still grew strongly over 2021. The lifting of power restrictions in China has helped increase global output despite a reduction in European output resulting from energy shortages. Looking ahead, we expect a slowdown in Chinese construction activity to weigh on aluminium prices in 2022.

20 January 2022

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Slower growth in China to drag on prices in 2022

While high power prices and low stocks will support prices in the near term, we think that prices will pull back in the second half of 2022 as Chinese economic activity slows further and supply improves. Drop-In: Neil Shearing will host an online panel of our senior economists to answer your questions and update on macro and markets this Thursday, 13th January (11:00 ET/16:00 GMT). Register for the latest on everything from Omicron to the Fed to our key calls for 2022. Registration here.

13 January 2022

Metals Data Response

Global Steel Production (Nov.)

Global steel production contracted in y/y terms in November, mainly owing to depressed output in China. Although China’s power rationing came to an end last month, there are no signs of an upturn in steel supply. Given our expectation that construction-related steel demand will remain subdued, a sustained rebound in China’s steel production appears unlikely in the coming months.

22 December 2021

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Energy Update

Restocking boost to LNG prices to fade soon

After rising (and falling) sharply at the start of the year, Asia LNG prices have started to push higher again recently. This latest rise seems to have been driven by a rebuilding of stocks, which should run its course over the coming months. That said, the outlook for spot Asia LNG prices further ahead remains bright.

9 June 2021

Energy Data Response

US Weekly Petroleum Status Report

US commercial crude stocks declined for the fifth week in a row, owing to the robust economic recovery and a further increase in inputs to refineries. With demand set to rise further, and few signs of a rebound in domestic production, crude stocks should continue to fall in the weeks ahead.

3 June 2021

Energy Data Response

US Weekly Petroleum Status Report

Last week’s decline in US crude stocks adds to evidence that the oil market is getting tighter. This supports our view that oil prices have further to rise in the months ahead, before higher OPEC+ supply brings the market closer to balance and sends prices lower.

26 May 2021
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