International Steel Hot Spots Review of the Week: Global Steel Market Weakness and Weak Demand Lead to Price Pressure (10.25-11.1)

The international steel market was weak overall last week, with insufficient demand and trade restrictions putting pressure on prices. In the long product market, China's domestic construction steel prices were strong first and then weak. As macro expectations weakened at the beginning of the week, prices overall fell back, supply continued to rise, and coupled with insufficient market confidence, spot prices are expected to be weak and stable in the short term. The prices of imported long products in Southeast Asia were stable but weak, and the Vietnamese market remained stable, but the prices of raw materials lacked support, and demand did not improve much. The Indian market was limited in pre-holiday activities and trading was sluggish, and market activities are expected to gradually recover after the holiday. The demand outlook in the UAE in the Middle East market is optimistic, driving up rebar prices, while Turkish rebar prices fell slightly due to weak demand.

In the plate market, China's domestic hot-rolled coil prices rose due to macro support, but demand was weak, and transactions were mainly low-priced. The Southeast Asian plate market was affected by the Chinese market and was strong first and then weak. The Indian market is approaching the holiday holiday, and market demand is insufficient. The price of imported hot-rolled coils in the Middle East fell due to weak demand. The European market rose slightly because European steel mills signed long-term contracts with downstream companies for 2025 and steel mills were willing to offer discounts.

In the semi-finished product market, China's billet export market showed a trend of rising first and then falling. After the price rose, the market was in a wait-and-see mood and transactions were limited. The Southeast Asian market continued to be weak and stable, and buyers generally waited and watched, and some transactions were mainly based on on-demand purchases. In the CIS region, due to the low interest of Turkish buyers, the export price of Russian billets further weakened. In the Middle East market, due to the shortage of Iranian natural gas and the tightening supply, the export price of billets rose slightly.

The uncertainty of global steel market demand has increased, and prices are expected to fluctuate with changes in policies and demand.