A seller's market keeps steel prices high in early 2018

摘要

Global steel prices remain strong in early 2018, supported by both higher raw material costs and bullish demand sentiment. We have lifted our ferrous metals outlook in the first and second quarters this year to reflect recent strength; however, our outlook for the second half of the year and 2019 remains unchanged. A tropical storm bearing down on Australia's northwest coast caused some disruption to iron ore supply in early January. While the risks of a major storm hitting Australia's major ports or iron ore mines has the potential to be catastrophic, as was the case in 2008 and 2011, it dissipated without causing much damage and iron ore prices have eased in the days since.