Speaking on behalf of World Steel Dynamics (WSD) at SteelHome's 10th Steel Development Strategy Conference held recently in Shanghai, Wu Wenzheng, president of SteelHome, said that WSD's global steel output forecast for 2014 is 1.61 billion mt, with the total expected to hit 1.71 billion mt in 2017 on the back of production growth outside China. The Chinese steel output forecast stands at 795 million mt for 2014.

According to WSD estimates, in the next six months global scrap prices will decline by $50-100/mt, while slab prices are expected to decrease by $40/mt, and iron ore prices are expected to fall temporarily to $95-100/mt. WSD also believes that hot rolled coil and coking coal prices in China have bottomed out already.