Metal Steel Prices Reach 4-Month High
Steel rebar futures increased past CNY 4,020 per tonne in January, reaching their highest level since late August. It received help from indications of increased demand from the world’s top nations for industrial and construction inputs.
In order to further consolidate China’s departure from its rigorous zero COVID policy, Chinese officials opened the country’s land border with Hong Kong. They stopped imposing quarantine procedures on arriving tourists. This action increased expectations of increased economic activity.
The PBoC recently added CNY 85B via reverse repos to strengthen liquidity. Banks agreed to issue $162B in new credit lines for private developers to boost demand.
The US jobs report’s slow wage growth also supported the prices, which reduced predictions on how long the Fed would maintain its target rate.
The global steel rebars market study specifically highlights major market segments, such as types, significant developments, commercial hubs driven by topographical areas, key companies, and innovations. Additionally, the paper provides income and growth rate projections based on each market segment.
The Market For Steel Rebar To Reach $170 Billion By 2024
Increased infrastructure development for home construction and remodeling will fuel the growth of the steel rebar market. Population growth will raise real estate project demand, aiding in product penetration. According to the National Association of Home Builders, approximately 3% of the GDP in the United States was spent on home construction and remodeling in 2021.
Demand for the product will be fueled by increased investment in housing projects due to improved lifestyles and greater disposable income. The construction business will grow if the government provides favorable support by allowing subsidies and enacting new building regulations. The Steel Rebar market size will increase as earthquake-resistant building techniques become more widely known.
Up to 2024, the market for deformed steel rebar should rise by more than 4.5%. A promising application outlook for building highways, floor slabs, bridges, and columns will fuel the segment’s growth. Essential attributes, including improved corrosion resistance, high durability, and tensile strength, boost product demand.
One hundred eighty million tons of electric arc furnaces should be produced by 2024. Rising awareness about waste formation and management during processing will likely accelerate the use of electric arc furnace technology. Quality assurance, low-cost processing, and environmental concerns will drive market expansion.
The market for steel rebar in Asia Pacific will rise by 5% throughout the anticipated time frame. According to industry experts, Malaysia, the Philippines, and Indonesia should invest significantly in new infrastructure projects, with both public and private funding. The demand for new homes will increase as income levels rise and housing loans become more accessible. The need for sustainable structures and the rate of urbanization will also fuel regional expansion.
