2022.03.17

Market Trend of Steel Prices - Mar 17th, 2022

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Energy price is soaring recently and affecting all industries and production globally. Let's see how the current steel prices are moving with our update news this week.

China

Chinese HRC prices rise on March 16 after futures prices rallied due to better-than-expected economic data.

Domestic HRC prices in Eastern China was offered at 5,040 yuan/ton ($794/MT), up by $11/MT. Meanwhile, Baosteel announced on March 10 to raise its domestic base prices for most flat steel products by 200 yuan/ton ($32/MT) on month for April bookings.

Japan

One major Steel Producer will raise prices of all carbon steel pipe products for domestic sales by JPY 20,000/ton ($170/MT) for April 22 deliveries and has already started to offer at similar prices to distribution companies. The hike is attributed to a rise in raw material prices, prices of auxiliary materials, logistics and other costs.

Europe

Prices in Italy rose as some factories raised their asking prices, while the Nordic market was largely quiet. In Italy, a mill is offering HRC at 1,320 Euro/ton ($1,436/MT), cold rolled coil at 1,420 Euro/ton for delivery and HDG at 1,470 Euro/ton for delivery. Buyers confirm these prices, saying that with no other alternatives, they will have to buy at this level.

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America

HRC prices in the USA rose above $1,200 per short ton ($1,320/MT) for the first time in more than a month, partially driven by uncertainty about impacts from the war in Ukraine. HRC index increased by 1.91% in just 2 days as of Monday, March 14. Trading in the Brazilian domestic flat steel market has slowed amid uncertainty in the pricing outlook while most producers were said to be planning price increases amid soaring steelmaking costs. A Brazillian top steel producer is planning to increase prices for flat and long products by 8-10%.

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In other words, the steel market is likely to become tight temporarily and prices will rise in the future. 

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Market Trend of Steel Prices - Mar 17th, 2022