Flange Japan
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More price rises likely for steel products
Prices for most steel products , including the benchmark hot rolled coil (HRC), are expected to record more increases for the rest of this year on the back of continued improvement in demand.
Global price increases for a variety of steel products have been recorded in key markets in North America and Asia in recent weeks, pushing prices up. ArcelorMittal, the world's largest steelmaker, has already indicated further price increases for the fourth quarter, with increases of 3-4% on flat steel products planned for South Africa in August.
While steel demand has improved in the past few weeks, uncertainty remains as to how sustainable the recovery – attributed to buyers rebuilding their stocks rather than a marked recovery in end-user demand for steel products – will be.
The extent of further price rises is also unclear. Indications are that single-digit percentage increases are most likely, and that the record price rises and price levels seen in 2007 and 2008 will not be repeated any time soon.
A number of steel companies in Europe, Japan, Korea and the US have announced in the past few weeks that they will be restarting blast furnaces as the demand outlook starts to improve. This improvement in supply, coupled with the record levels Chinese mills are currently operating at, is expected to keep a lid on steel prices for the time being.
However, fears of an oversupply of steel products are likely to be unfounded. Chinese demand, particularly for long steel products , is expected to improve further in the second half of the year, driven mainly by continued increases in infrastructure and construction spending. As the biggest steel producer and customer in the world by far, China plays an important role in the market and has a massive influence on the prices of steelmaking raw materials.
About the Author
Reshall Jimmy is a freelance writer.
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