August 19, 2024
The global steel market was weak overall last week. China's domestic and export prices fluctuated weakly, and demand was weak. Steel prices in Southeast Asia and South Asia generally fell due to import pressure and seasonal low demand. Prices in the Turkish market fell slightly, and the market was sluggish due to the holiday. Prices in the European market fluctuated weakly due to weak demand during the summer vacation. Steel prices in the US market remained stable, but transactions were limited, market sentiment was cautious, and overall supply and demand were weak. It is expected that prices will not improve significantly in the short term.
In terms of semi-finished products, the global billet market was generally weak last week. China's billet export prices remained stable, but buyer demand did not improve significantly. Prices in the Southeast Asian market continued to fall, and import and export quotations in the Philippines and Vietnam both fell. In the CIS region, the price of steel billets exported by Russia to Turkey continued to decline, and buyers were less interested. In the Middle East, the price of Iranian steel billets rose due to power shortages, but the overall transaction price still had a downward trend, and weak demand led to increased price pressure.
In terms of long products, last week, prices in China's domestic trade building materials market fluctuated weakly, and transactions in the national market were sluggish due to high temperatures and weak demand. China's export long product prices fell, affected by weak demand and exchange rate fluctuations. Prices in Southeast Asian and South Asian markets generally fell, with weak demand and increased import pressure. Turkish long product prices fell slightly, and market trading was quiet. European market prices fluctuated weakly due to weak demand during the summer off-season. Steel prices in the US market continued to remain stable, but transactions were still limited, and there may be a small room for growth in the future.
In terms of plate, global plate prices fluctuated greatly last week. China's export prices fell due to market weakness expectations, and hot-rolled coil prices hit a new low. Medium and thick plate prices in the Southeast Asian market continued to fall, with weak demand. Indian hot-rolled coil prices remained flat, but may fall in the future due to low-priced imports and increased production capacity. European hot-rolled coil prices fell steadily, and demand is expected to be difficult to recover. US hot-rolled coil prices rose slightly, but overall market transactions were limited. Turkey's flat steel imports fell sharply, especially the supply from China and South Korea fell significantly.
