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Global Steel Boom Builds as Rampant Demand Overwhelms Supply

  • Prices are soaring as world’s economic rebound gains traction
  • Iron ore nears record as China’s mills keep churning out alloy
Manufacture At Celsa Steel UK Ltd. Steel Mill
Photographer: Bloomberg/Bloomberg
Updated on

Steel prices are spiking from Asia to North America, and iron ore’s marching higher, as bets on a global economic recovery fuel frenzied demand.

The world outside China is finally catching up with the Asian steel giant’s already strong markets as a global rebound drives a powerful wave of buying that can’t be matched by production. Sectors such manufacturing and construction are ramping up and governments have pledged to splurge on infrastructure as they map their post-pandemic path back to growth.