Inventory and demand will support steel prices in the short term

SMM6 13-SMM International General Manager Ian Roper said that due to limited fundamental changes, steel prices are likely to maintain its current momentum to the fourth quarter of this year.

On Thursday, June 13, Refinitiv held a seminar on the development of the metal market in Singapore. At the seminar, Roper stressed that steel prices and profits performed well as strong steel demand digested the impact of increased supply.

Looking ahead, Roper believes the key to the steel market is "how fast growth in the construction sector slows, and whether infrastructure stimulus and the recovery in the private housing sector can offset the decline." "Steel profits will continue to be a key factor affecting iron ore prices," he added.

In the context of trade disputes, China's emphasis on infrastructure and real estate has led to a divergence in commodity prices, with black systems outperforming non-ferrous metals. Non-ferrous metals such as copper and nickel continue to face weak downstream and consumer demand.

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