Price sentiment in the German steel market remained bullish in January, according to data from S&P Global Platts’ monthly steel price survey. All respondents expected both steel and raw material costs to rise, and most respondents were optimistic that capacity would be ramped up in the near future.
Capacities to be ramped up
Most respondents were optimistic that production capacity will ramp up in the near future. Production numbers are expected to increase as more blast furnaces are scheduled to restart in the first quarter of 2021, although maintenance issues at some European plants could lead to possible delays.
Steel price trend points to rise
In the survey of German producers, distributors and traders conducted in early January, the steel price trend index was 91, the same level as in the December survey, indicating expectations of a significant increase (an index of 50 indicates stability).
Traders and producers optimistic in December
Traders and producers were consistently optimistic for December at 85 and 97, respectively. This was in line with November data, where traders were slightly behind at 87.50 and producers at 85. All market participants surveyed expected continued increases in the coming weeks.
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