Weekly review of international steel hot spots: Turkey’s wire rod exports have increased sharply in 23 years and 24 years ago, which may be restricted by safeguard measures. Vietnam’s imported hot coil prices fell by more than 2% in two days (2.16-2.23)

This week, the global steel market is generally stable and weak. Steel prices in China's construction steel market generally fell. As traders returned to the market one after another after the holiday but more terminals resumed work than after the Lantern Festival, market transactions were sparse and the overall speculative demand remained cautious. In terms of import and export, long steel prices rose slightly, but high prices made most Buyers are on the sidelines, and billet export quotations have little fluctuation. The price of rebar in Singapore fell slightly. The current inventory level is still high and the demand is weak. Coupled with the recent continued weakness of Chinese futures, most buyers maintain a wait-and-see attitude. In the Vietnamese market, long steel prices have remained stable due to sluggish demand, and billet quotations have declined. However, the current billet price is still not advantageous compared to China and Indonesia. Turkey's long steel export prices are stable but falling. Due to limited export demand and rising steelmaking costs, there is insufficient enthusiasm to import billet. The price of rebar in India has increased by about US$10/ton, but the actual market demand is limited, making it difficult for re-rolling mills to maintain the current price for a long time. Russian billet prices remain stable, with mainstream quotations at US$515-540/ton FOB. The Iranian billet market is deserted, and the decline in demand from destination countries has put pressure on billet export prices. Overall, the trading atmosphere in the global steel market is generally light, and the demand side has not yet improved significantly. Most buyers are in a wait-and-see mode, and steel prices may continue to be weak.