January 4, 2024
This week, the global steel market showed trading stagnation due to the influence of holidays, and overall prices remained relatively stable. Iranian billet continues to rise, but the price advantage still exists. CIS billet prices fell due to lackluster trading as the holidays approached. Hot coil orders in the United States continue to improve, and the market is relatively stable. It is difficult for hot roll prices to rise in the European market, and the market has stagnated. Mexico's tariffs on Chinese steel products have increased export uncertainty. China's rebar and wire rod export prices are relatively stable, with sufficient inventory. Buyers are waiting and watching, and the market has fallen into calm. Asian rebar transactions have slowed down, Singaporean rebar quotations have declined, buyers are waiting and watching, and market activities have slowed down. Prices of long products in Vietnam are stable. Due to low demand for construction steel, market transactions are poor. Turkish rebar quotations have been slightly lowered, export demand is sluggish, and scrap steel procurement is inactive. The demand in the Indian market is weak, and the Zaizha factory has lowered its rebar quotation, and buyers are in a wait-and-see mood. Rebar prices in the United Arab Emirates are rising, market activity is tepid, and buyers tend to be bearish. Prices may fluctuate and strengthen in the short term. Taken together, the global steel market is generally affected by factors such as inventory backlog and weak demand, resulting in a slowdown in market activity. Rising raw material prices and sluggish export demand have led to loss of profits for steel mills. As the seasonal off-season intensifies and market transactions perform poorly, steel prices are expected to fluctuate in the short term.
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