Machine Industries — price

Global Steel Price Rally Will Be Short-Lived Fitch Ratings-Moscow/London-02 February 2021: The recent global rally in steel prices will be short-lived, Fitch Ratings says, with prices starting to decline towards the end of 1Q21 as steelmaking production continues to be restarted. Vast steelmaking capacity idled during the heights of the pandemic could not be brought online quickly enough to meet recovering steel demand and restocking, leading to the rapid rise in prices.Up to 30% of global steelmaking capacity (excluding China) was idled or production at steel mills significantly reduced in response to a pandemic-induced drop in demand. However, the recovery...