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Review of international steel hot spots in the week: global steel prices fluctuated and weakened, while the Middle East market remained stable (7.5-7.12)

July 15, 2024

Latest company news about Review of international steel hot spots in the week: global steel prices fluctuated and weakened, while the Middle East market remained stable (7.5-7.12)

This week, steel prices in the global steel market generally showed a slight downward trend. In terms of semi-finished products, due to the volatile operation of Chinese futures prices this week, overseas buyers cautiously waited and watched, and the quotation of Chinese billets remained basically stable. Southeast Asian demand is still relatively sluggish, and the overall quotation is relatively stable. The demand for billets in Vietnam and Thailand is not good. Russian billets are not competitive enough, and billets exported to Turkey fell by 5 US dollars/ton week-on-week. The export profits of Iranian billet suppliers are squeezed, and the willingness to export is insufficient, and the price remained stable this week.
In terms of long products, this week, the export quotation of China's long product market fell first and then strengthened. The current Chinese export rebar quotation fell slightly by about 5 US dollars/ton compared with last week. The Southeast Asian long product market showed a stable but weak operation, and the price of imported rebar fell by 4-5 US dollars/ton week-on-week. Among them, Indonesian and Malaysian long products remained stable compared with last week, Vietnamese long product export quotation rose slightly, and domestic trade long products remained stable. The Indian market has a high inventory level and poor demand, and steel prices fell slightly. Some resources of Turkish rebar domestic trade rose slightly, and export activities continued to slow down. The market demand in the UAE and Saudi Arabia was lower than expected and remained stable this week.
In terms of plate, the hot-rolled coil quotations of Chinese steel mills and traders generally fell this week, and the hot-rolled coil quotations of some domestic steel mills fell by about US$10/ton FOB. In terms of domestic hot-rolled coils in Vietnam, Formosa Plastics and Jing will keep the quotations of hot-rolled coils in August and September the same as those on June 14. The price of hot-rolled coils in India fell by about US$6-12 per ton. Due to the cheap import price, the domestic hot-rolled coil price is under pressure. Overall, the global steel market is generally stable but weak, and overseas buyers are generally cautious and wait-and-see. It is expected that the subsequent steel prices may remain volatile and weak.

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