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Review of the international steel hot spots this week: International steel prices remain strong but transactions are poor. Market expectations weaken as seasonal factors hit (May 27-31)

June 3, 2024

Latest company news about Review of the international steel hot spots this week: International steel prices remain strong but transactions are poor. Market expectations weaken as seasonal factors hit (May 27-31)

This week, the overall international steel quotation was relatively strong, but due to poor demand, the transaction price weakened. Specifically, first of all, in terms of semi-finished products, due to the large number of buyers' previous purchases, the current overseas buyers' demand for resources in Vietnam and the CIS has dropped significantly compared with the previous period. At present, the local demand in Vietnam is not enough to support steel prices. In addition, June and July are the traditional rainy seasons in Asia, and some market participants are not optimistic about the future market development. On the contrary, since June and July are the traditional construction peak seasons in Turkey, the price of Turkish long products has been relatively good in the near future. Although China's long product export quotation was strong this week, the buyer's counter-offer price was still far below expectations, so there was little transaction information, but there was market news that the number of low-priced export resources from China in the future may decrease, so the subsequent export price of Chinese long products may be supported to a certain extent. In terms of plates, this week, the hot-rolled coil quotations of Chinese steel mills and traders fluctuated and rose, and the rise in domestic trade prices led to an increase in the listing prices of some steel mills. Affected by macro news, the quotation rose in the middle of the week, but fell back at the weekend. In Southeast Asia, Vietnam's Formosa Ha Tinh Steel Company lowered its quotation due to poor market response, and the overall performance weakened slightly compared with the previous period.

In summary, although international market quotations remained stable this week, overall demand has not improved. Combined with subsequent seasonal factors, steel demand in Southeast Asia may have room for further decline.

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