AME’s finished steel demand forecast for Korea in 2023 and 2024 is 57Mt and 59Mt, an increase of 1% and 4%, respectively, year on year. The Bank of Korea expects GDP to be just under 2% for 2023 and 2024.

AME’s average HRC price forecast for the US in the September quarter is US$1,100/t, down 15.6% quarter on quarter. Global average steel prices have been falling throughout July with end users still wary of rising inflation.

AME is modelling a slightly quieter resources pricing environment as actual commercial risk, and importantly, the permanent perception of risk is fast changing due to a plethora of structural changes.

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