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Review of the international steel hot spots in the week: The global steel market demand is relatively sluggish, and the overall price support is insufficient and the market is stable but weak (July 12-July 19)

July 23, 2024

Latest company news about Review of the international steel hot spots in the week: The global steel market demand is relatively sluggish, and the overall price support is insufficient and the market is stable but weak (July 12-July 19)

Last week, the global steel market price was stable but weak, and demand still did not support the price boost enough.

Specifically, in terms of semi-finished products, the price of billet in Southeast Asia was stable, but demand was sluggish. Construction activities in Vietnam slowed down due to weather reasons, and steel mills quoted $480/ton FOB. The Philippines inquired about $500-506/ton CFR Manila, and the Indonesian market was not active. Some steel mills quoted $480/ton FOB. The price of billet exported from Russia to Turkey was about $490/ton FOB, and demand was weak. The transaction price of Iranian billet was $470-475/ton FOB. Due to the shortage of electricity, the supply was tight and domestic prices rose. Iran's semi-finished product production decreased year-on-year in the fiscal year, but exports increased.

In terms of long products, due to the decline in billet prices in Southeast Asia, the price of long products tended to weaken. The import price of rebar was $513-517/ton, which was stable. The price of Malaysian rebar dropped slightly, the export price of Vietnamese long products remained stable, and the domestic trade wire rod fell slightly. The price of Indian long products continued to fall, and demand was sluggish. Turkish rebar is stable, scrap prices are high, and demand is sluggish. Saudi rebar prices are stable, and seasonal demand is sluggish. Russian long product prices are stable, and demand is weak. European market long product prices are stable, and trading is quiet. US wire rod prices are stable, and demand is sluggish.

In terms of plates, China exported 10,000 tons of SAE1006 hot coil to Vietnam last week at a price of US$515/ton CFR, and 10,000 tons of Q235 hot coil at a price of US$517/ton CFR. China's SS400 hot coil is quoted at US$525/ton CFR Malaysia, and SAE1006 hot coil is quoted at US$527/ton CFR Bangkok. The price of domestic hot-rolled coil in India is stable, and the imported Vietnamese hot coil is US$560-565/ton CFR. The price of European hot coil is 630-650 euros/ton EXW. Turkey's domestic hot-rolled ex-factory price is US$580/ton EXW, and the imported Chinese hot coil is US$550-555/ton CFR, with sluggish demand.

Overall, the global steel market demand continued to be weak last week, and prices showed a stable but weak trend. Both the semi-finished product and long product markets were affected by the sluggish demand, and price fluctuations were limited. The Southeast Asian market was significantly affected by weather and seasonal factors, resulting in a slowdown in construction activities and steel demand. Although domestic demand in some regions such as Iran and Russia has increased, the global market as a whole still lacks strong price support. In the plate market, China's exports to Vietnam and other Southeast Asian countries are active, but overall weak demand limits the room for price increases. The European and American markets are also facing the challenge of sluggish demand, resulting in slightly weak steel prices in stability.

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