SMM Analysis: Review of the Silicon Steel Market in 2023 and Outlook for 2024

Overall, SMM expects that in 2024, non-oriented silicon steel prices will fluctuate within a narrow range, with the 50W800 price running in the range of 4850-5400 yuan/ton and the 50W470 price running in the range of 5300-5800 yuan. The prices for the whole year are expected to continue the trend of rising first and then falling seen this year. At the same time, due to the rapid expansion of high-grade production capacity and the tightening of low-grade resources by steel mills, we expect the price difference between high-grade non-oriented silicon steel and low-grade non-oriented silicon steel to further narrow. The supply and demand fundamentals for mid-to-low grade non-oriented silicon steel in 2024 may perform better than high-grade products.