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Why did the price of steel go up so much after May 1st,2021?

Main reason:

1.”Carbon peaking and carbon neutrality” is a solemn commitment made by China to the world, and projects that do not meet the requirements of high energy consumption and high emissions must be resolutely discarded. This is a broad and profound economic and social reform. It is to promote the steel industry to reduce energy consumption and promote the upgrading of the steel industry

2.With the current global commodity inflation, the balance sheet of the United States has expanded by about 5 trillion dollars. Now the price of hot coils in the US has exceeded more than 1600USD and the rebar price is more than 1400 USD. The price of iron ore will soon be break through 200 USD. Under the current global inflationary pattern, steel prices are not easy to fall, and they must continue to rise.

Post time: May-11-2021