The clinical use of Covid-19 vaccines and China’s manufacturing growth will be the two key pillars of the Asian steel market in 2021, market participants said.
Vaccination has started in countries such as United States and the United Arab Emirates, while others in Asia such as Singapore, Indonesia and India are planning to roll out massive programs for the same purpose after approving candidates from companies such as Pfizer-BioNTech or SinoVac. Manufacturers have touted efficacy rates of more than 86% for these vaccines.
“The start of the vaccination is beneficial to the overall ferrous market, because more market participants will be optimistic about developments and price trends in the sector,” a Shanghai-based trader said.
On December 10, Fastmarkets’ daily price assessment for steel hot-rolled coil domestic, delivered Eastern China domestic rose by 80-100 yuan ($12-15) per tonne to a nine-year high of 4,450-4,460 yuan per tonne after...