[SMM Analysis] Global Steel Market Weekly Review, Issue 4

[SMM Analysis] Global Steel Market Weekly Review, Issue 4

Last week, China's steel export prices fluctuated rangebound by $1-3/mt. By sheet & plate variety, HRC prices edged down $1-2/mt, while medium-thickness plates, cold-rolled products, and silicon steel remained in the doldrums. In the Thai market, mainstream product prices held steady mid-week, with galvanizing CFR Thailand traded at $610-620/mt and wire rod CFR at $520-525/mt. According to local traders, supply of some galvanizing resources is somewhat tight, overall shipment sentiment is average, and mills refuse to budge on prices.

Globally, last week saw most steel market prices in the doldrums, with significant fluctuations observed in India and the EU. Affected by weak global demand and concerns over emerging policies, market sentiment for HRC exports in India weakened, putting prices under pressure, and transaction prices subsequently declined. In the EU, end-user purchasing demand remained sluggish. Although traders recently pushed for price increases due to CBAM and tariffs, these were not fully realized, leading to a correction in HRC prices, while some specialty steel prices saw increases. Looking ahead, with the National Day holiday approaching, uncertainties regarding the implementation of customs policies in October are increasing. Chinese export offers are expected to remain in the doldrums. The EU market still holds potential for price increases, with significant fluctuations anticipated around mid-October. In India, due to increased risks in exports to Europe, the focus has shifted to markets like the Middle East and Southeast Asia, potentially leading to further price cuts to capture market share.

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