[SMM Analysis] Global Steel Market Weekly Review, Issue 2

[SMM Analysis] Global Steel Market Weekly Review, Issue 2

Last week, China's steel export prices fell by $3-10/mt. In the Thai market, there was a divergence in mainstream product categories; galvanizing prices first increased then decreased, with current CFR Thailand transaction prices at $630-635/mt. Wire rod prices, however, saw a higher increase due to better shipments of mainstream resources this month, leading to a slightly higher increase, with current CFR Thailand transaction prices at $530-535/mt. Local processing enterprises reported moderate transactions last week, mainly as downstream purchase willingness improved after prices followed a downward trend. So far this week, shipments have been flat, and a wait-and-see sentiment among end-users has resurfaced.

In the global major markets, steel prices were stable with a weakening trend last week, dropping by $3-5/mt. By market, trading activity in Turkey has not yet recovered, and as domestic steel prices dropped slightly, export prices also weakened, with a moderate decline, but overall transactions remained weak. Last week, the Indian government announced anti-dumping duties on hot-rolled flat products from Vietnam, and the refusal to grant new BIS specification exemptions to producers from China, Indonesia, and Vietnam boosted market sentiment, supporting price increases. However, due to overly high pricing by Indian mills in early August, which did not meet expectations, they are now offering rebates, leading to an overall price decline MoM. Looking ahead, influenced by news of tightening raw material supply, HRC prices in the Chinese market are expected to rebound slightly this week. Southeast Asia continues to be in the doldrums, while the Indian steel market is seeing a decrease in supply, suggesting that prices will remain firm.

Copyright and Intellectual Property Statement:

This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights.

The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders.

The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties.

Without prior written authorization from SMM, no institution or individual may:

1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating);

2. Disclose the content of this report to any third party;

3. License or authorize any third party to use the content of this report;

4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses.

Data Source Statement:

(Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice.

SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.