World steel prices have plummeted by 28
percent in the past twelve months, according to MEPS.
In November’s release of the International Steel Review, MEPS reports that international market activity for both flat and long products is weak as the influx of Chinese material continues to put downward pressure on global steel prices.
We have noted that Chinese steel fabricators export prices are at record lows. This, along with falling raw material costs, has enabled buyers in Taiwan and South Korea to secure reductions in their local market.
There is growing evidence that European steel mills are looking to fill spare capacity but activity is slow amid market uncertainty in the energy and construction sectors.
In the US, short lead times are being offered by producers as buyers delay purchasing decisions due to falling steel prices. Customers are prioritising their year-end stock positions.
Furthermore, buyers worldwide are expecting further steel price falls with little sign of a market pickup heading into the new year.
In November’s release of the International Steel Review, MEPS reports that international market activity for both flat and long products is weak as the influx of Chinese material continues to put downward pressure on global steel prices.
We have noted that Chinese steel fabricators export prices are at record lows. This, along with falling raw material costs, has enabled buyers in Taiwan and South Korea to secure reductions in their local market.
There is growing evidence that European steel mills are looking to fill spare capacity but activity is slow amid market uncertainty in the energy and construction sectors.
In the US, short lead times are being offered by producers as buyers delay purchasing decisions due to falling steel prices. Customers are prioritising their year-end stock positions.
Furthermore, buyers worldwide are expecting further steel price falls with little sign of a market pickup heading into the new year.
Source: MEPS Steel News
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