March 29, 2024
This week, sentiment in most global steel markets has improved, with demand in some regions weak. In Asia, China's building materials inventory reduction is increasing, demand is gradually released, futures oversold and rebounded, and domestic rebar prices strengthened slightly. The export price of steel billets is temporarily stable, and the export quantity is small, mainly going to finished steel products. The demand for hot rolls is good and prices have risen sharply. Semi-finished products in Southeast Asia continued their decline, and long steel prices in Vietnam fell slightly. Positive expectations for infrastructure projects in the Philippines in the second half of the year have further strengthened, and demand for billet imports has increased. In the Middle East, this week is Ramadan. Currently, the Turkish market is facing stabilization of raw material costs, and steel mills are purchasing on demand. The demand for imported scrap steel may continue to be low in the short term. Iran is slightly less affected by Ramadan, and market transactions are deserted. Affected by the rebound in steel billet prices in Asia, billet prices have been raised. At the same time, rebar prices in the UAE are stable and potential demand remains. In the CIS region, although Turkey is in the traditional consumption off-season, Egyptian billet demand is relatively stable. At the same time, affected by the rebound in Chinese billet prices, Russian billet prices have increased. Overall, the international steel market has improved this week, but the release of steel demand is still limited. It is expected that steel prices in the international market will remain stable in the future.
