Steel To Average US$695/tonne In 2014

Short-Term Outlook

We expect steel prices to head modestly higher in the coming months as demand improves in several key markets. The eurozone economy will gradually emerge from recession in the coming months, while a temporary resolution to the US fiscal impasse means no derailment of the US recovery. Stimulus measures in China will further improve downstream demand, albeit with diminishing efficacy, and lend support to prices over the near term.

Core View

Sustained Glut To Limit Gains
Global Crude Steel Production Balance And Stocks-To-Use

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