Steel-Hot Rolled prices, $/st last = 772 1w: -1 (-0.1%)
20182019202020212022
Consensus (median)584567590560550
High835800750700550
Low453477490505550
Standard Deviation11710079620
Count of Estimates1110961
[Neutral]

In general, I expect that changes in stainless steel prices will be mostly driven by changes in prices for the main stainless steel raw materials: nickel, ferrochrome. Total production will remain strong (3-4% per annum), and the main growth will come from ex-China, India and Indonesia.

[Neutral]

In short-term it is expected some additional cuts in China, however the price increasing in 2017 as traders rebuilt inventories suggests to us that the cuts are largely priced in. And already in 2018-2019 I expect slowing of Chinese real estate sector and thus demand decreasing. As a result I think that steel market will be balanced or in a little deficit, thus, price will be at current level or decrease slowly.