Steel Prices Rose after Falling Last Week

Published: Mar 07, 2023 10:18 (GMT+8)

Source: SMM

Save

Steel prices rose after falling last week. Iron ore futures prices fell 2.64% at the beginning of last week as Tangshan and Handan city launched a level II emergency response to heavy air pollution.

SHANGHAI, Mar 7 (SMM) - Steel prices rose after falling last week. Iron ore futures prices fell 2.64% at the beginning of last week as Tangshan and Handan city launched a level II emergency response to heavy air pollution. The MMi 62% Fe index fell 10 yuan/mt to 912 yuan/mt in two days and the market trading atmosphere turned cold. However, the better-than-expected PMI of China’s manufacturing industry in February boosted the market's confidence in China's economic recovery. As such, steel prices bottomed out and SMM rebar price rose 54 yuan/mt to 4,253 yuan/mt.

Market Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 mins ago

[SMM Steel] Turkish Billet Faces Tug-of-War: Domestic Momentum Weakens as Stalled Imports Await Russian Cargo Inflow

[Turkey] Driven by recent regional supply tightness following the disruption of Russian flows and residual support from the earlier domestic rebar rally, Turkish domestic steel billet prices advanced by another 10 USD/tonne to 570 USD/tonne EXW. In the Karabük region, small- and medium-sized buyers reliant on imported volumes and local integrated producers are awaiting a major mill to resume taking orders, with significantly higher offer levels widely anticipated. However, as procurement by buyers has largely been completed and finished steel gains have begun to taper off, upward momentum for domestic billet is showing clear signs of fatigue. In contrast, the import market has ground to a complete standstill. Turkish billet import prices held flat at 515 USD/tonne CFR, with no substantive deals concluded during the week. Chinese billet offers held firm at 460–465 USD/tonne FOB; however, with late-October rolling slots closed due to production and logistical slowdowns ahead of the Golden Week holidays, overseas buyers showed little appetite to chase higher prices for November shipments. An Indonesian mill also trimmed its November offer slightly to 478 USD/tonne FOB. Meanwhile, market expectations regarding the return of Russian supply are heating up. Although transit and logistics costs to Turkey remain considerably higher than the traditional Black Sea route, Russian mills may be forced to accept squeezed margins to defend export volumes. Caught between the potential return of Russian materials and cooling domestic demand expectations, Turkish buyers have broadly adopted a wait-and-see stance.

12 mins ago

1 hour ago

[Steel Mill Maintenance]

[Steel Mill Maintenance] Xingtai Steel shut down a 1,050m³ blast furnace on September 23, with an estimated daily hot metal impact of about 3,000 mt. The shutdown is expected to last until April 2027. [SMM Steel]

1 hour ago

18 hours ago

MMi Daily Iron Ore Report (September 22)

Today, the iron ore futures market opened with strong oscillation but weakened in the afternoon. The DCE main contract I2701 closed at 708 yuan/ton, down 1.05% from the previous trading day. Spot prices fell 3–5 yuan/ton from yesterday,

18 hours ago