2021 Price Forecast

It seems every year is more volatile than the last, and 2020 certainly continued that trend. A global pandemic, contentious U.S. presidential election, and the resulting unrest have made forecasting more difficult than ever. While these factors negatively impacted steel demand in 2020, the industry has shown some resilience as we turn to 2021.

Industry sentiment is strong in the U.S., especially when compared to the month following the onset of the pandemic. This confidence likely stems from a modest rebound in demand and pricing as well as the rollout of multiple COVID vaccines, which should help the U.S. avoid lockdowns in 2021.

Fastmarkets, an intelligence service for metals professionals, has upgraded their 2021 steel price forecast due to a relatively strong economic recovery in the U.S., increased vaccine adoption, pent-up demand for all industries, and substantial government assistance.