September 30, 2024
This week, the global steel market saw mixed prices. In terms of semi-finished products, China's billet export prices fluctuated. Southeast Asian billet prices were relatively stable, and market participants purchased on demand. Russian slabs rose, and demand improved slightly supported steel prices. Iran's billet export market remained stable, with less bidding information.
In terms of long products, China's domestic trade was weak first and then strong due to the macro-favorable situation this week, driving export quotations to rise. The Southeast Asian long product market also rose slightly due to the macro-favorable market expectations such as interest rate cuts, but the demand side was under pressure due to rainfall in some areas. Prices in the Indian market fell, and trading activities were stagnant due to holidays. Turkish rebar prices rose due to improved domestic and foreign demand. The European and American markets remained stable, and the contradiction between supply and demand intensified.
In terms of plates, China's hot-rolled coil export prices rebounded as the futures market rose. The Vietnamese market was under pressure on the demand side due to weather last week, and the willingness to purchase Chinese hot-rolled coils was low. The Indian hot-rolled coil market remained unchanged, but pricing pressure continued to increase. European hot-rolled coil prices continued to fall, and buyers replenished their inventories in small quantities on demand. US hot-rolled coil prices remained stable, and there was uncertainty in price trends. Overall, steel performance in Southeast Asia was stronger than other regions this week, while Europe and the United States continued to perform weakly. However, the Federal Reserve's interest rate cut may promote improvements in global economic consumption, which will give a certain boost to the steel market. It is expected that the global steel market will remain stable and slightly strong this week.
