In response to ongoing enquiries from members seeking to better understand the current market conditions, the Australian Steel Institute is providing this update to the popular Global Steel Market Dynamics document. Probably the most significant factor to note is that there is an unusual synchronised peak in global demand for steel. This is thought to be largely driven by governments everywhere significantly increasing spending on building and infrastructure projects in a bid to stimulate a post pandemic economic recovery. The chart below of benchmark international hot rolled coil prices for the last 20 years, demonstrates the significance of the rate of price increase in 2020/2021 relative to previous peaks.
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