HRC Prices Rise over $100 amid Strong Global Steel Prices

SHANGHAI, Feb 10 (SMM) - In the second half of 2022, affected by sluggish downstream demand and aggressive overseas interest rate hikes, many overseas steel mills either stopped or reduced their production, alleviating the pressure on steel supply to a certain extent. Since late November, major overseas economies released signals of slowing inflation. Coupled with optimised pandemic prevention policy in China, market confidence has gradually improved. The global steel prices ushered in a round of continuous rise amid tight supply. Among them, prices in Europe, America, India, Southeast Asia and China showed sharp increases of $ 90-170 from November 30 to January 31.

On February 6, earthquakes hit Turkey, which had a great impact on the safety of local personnel and infrastructure. As an important part in the international steel trade, the strong earthquake in Turkey will inevitably affect the local import and export trade. Some local steel mills reported some orders being cancelled due to "force majeure". SMM believes that the incident in Turkey may boost overseas steel prices in the short term and divert its exports to a certain extent.