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Weekly Review of International Steel Hotspots: Global steel prices are on the rise but demand has not improved significantly (2023.11.20-11.24)

November 28, 2023

Latest company news about Weekly Review of International Steel Hotspots: Global steel prices are on the rise but demand has not improved significantly (2023.11.20-11.24)

As steel prices in Asia continued their upward trend in the previous two weeks, global steel prices showed an overall upward trend this week. Leading steel mills in major steel-producing countries, including Japan, Europe, North America, China, and Turkey, have basically announced a new round of increases. Since raw material prices have basically risen simultaneously and become the main factor boosting finished steel prices, most steel mills have announced a new round of increases. Demand in some areas has not improved significantly, so the profit pressure on steel mills is still severe. For example, in the European market, the increase in production costs, including iron ore, scrap steel, energy, and freight rates, combined with the off-season consumption, has caused many steel mills to reduce output. This prompted steel mills to increase ex-factory prices, even though the order situation did not improve. In Asia, as the RMB continues to strengthen, as a major steel exporter, China's offshore US dollar price of steel has been boosted, which has supported the price of steel circulating in Asia to a certain extent. However, the production enthusiasm of steel mills including China, Turkey, Japan, and Vietnam is also low. In addition, raw material inventory at China's ports is still high. It is expected that the demand side momentum of iron ore and scrap steel will be difficult to sustain in the future.

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