According to Fastmarkets sources, Asian steel market participants are gearing up for another action-packed year in 2022 as they are poised to battle the effects of possible economic headwinds from China and a deepening urge to decarbonize the continent.
Fastmarkets surveyed Asian steelmakers and traders on their forecasts for the coming year in the week ending Friday 17 December, with most sources predicting higher demand in many Asian markets, but lower prices with expectations of a weaker market environment in China.
Higher demand outside of China?
Regional demand in countries such as Indonesia, the Philippines and South Korea is likely to increase again in 2022 due to the progress of the Covid-19 pandemic, sources said.
"With the presidential elections in South Korea in 2022, the government wants economic growth to increase, so construction production will not decrease," a South Korean steelmaker said on 17 December. The key point is China,” he said.
Presidential elections will be held in the Philippines in May next year.
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