Global Steel Output Falls 0.3% in May as Deutsche Bank Expects Gold to Hit $4,800 in Q4

According to the World Steel Association, global crude steel production declined 0.3% year-over-year in May 2026 to 157.9 million tons, with China's output falling 2.7% to 84.36 million tons. Deutsche Bank forecasts gold prices will reach $4,300 per ounce in Q3 2026 and $4,800 in Q4, though prices could drop to $3,800 per ounce if the U.S. Federal Reserve raises interest rates.

Russian nickel producer Nornickel projects global nickel supply will have a surplus of 20,000 tons in 2026 and 55,000 tons in 2027. China's Shanghai Futures Exchange and Shanghai Energy Exchange adjusted trading limits, price limits at 14%, and margin requirements for crude oil, low-sulfur fuel oil, and fuel oil futures contracts.