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Yesterday, U.S. Nucor announced that it plans to increase its low-carbon wire rods by US$60/short ton (1 short ton=0.91 tons) from April 1st, while medium-carbon, high-carbon, and wire rods for welding rose by US$70/short ton.
On March 16th, Hyundai Steel, South Korea’s second-largest steel company, announced that its steel export prices for April/May shipments will be increased by US$70-80/tonne from the March/April level, with the plate price adjusted to 780. -800 US dollars / ton, construction steel prices are adjusted to 630-640 US dollars / ton.
In the EU market, the price of coils continued to rise due to rising raw material costs and relatively low inventory levels. The price of hot rolled coils for the latest May delivery rose to 460-480 euros/ton, up by 20-30 euros/ton from last week's 440-450 euros/ton, a record high in 12 months.
On March 8, the World Steel Association stated that the outlook for the global steel industry is increasingly clear, and this year's global steel demand growth is expected to increase from the original 9% to 10%. The “BRICs†of emerging markets will account for 60% of global steel demand this year, up from 58% in 2009 and 50% in 2008. Global steel demand in 2010 will return to 2008 levels. The year-on-year growth rate of demand in old industrialized countries in Europe is expected to increase by about 20%, but the pace of recovery will be relatively slow, and it will only return to the level of 2007.
Regarding the export situation in the domestic market, my steel network monitoring showed that many steel mills exported in March reached the highest export level since 2009, and the market’s overall expectations were optimistic, which in turn promoted the positive rise in market prices.
Data from the General Administration of Customs of China showed that in February China exported 2.49 million tons of steel, which was 400,000 tons less than that in January and an increase of 59.62% over the same period of last year. In January-February, it exported 5.38 million tons of steel, an increase of 55.1% year-on-year.
Affected by the rising cost of iron ore and the expected further improvement in market demand, the prices of steel products, including the European Union, the United States, and Japan and South Korea, have generally risen significantly.