The US rating agency Fitch Solutions announced that due to the imbalance of supply and demand, the forecasting short-term global steel price for the first half of 2021 was raised to US$800/ton, compared with the previous forecast of US$660/ton.

The production will be stable in the second half of the year; however, the demand will increase, so prices were expected not to drop significantly.

In 2022, China's local steel demand would slow down, and China's steel prices were expected to drop and led to a decline in global average steel prices.

The recent rise in global steel prices was a temporary situation. After the continuous restart of steelmaking, steel prices would decline at the end of the first quarter of this year.