Following the cuts in tax rebates for Chinese steel exports, which came as a surprise to many market participants, steel and raw material prices are continuing to rise. Chinese steel prices are expected to increase by up to $250 per ton. New price increases of up to 18% are also reported in Brazil. And in Europe alone, HRC prices increased by at least 20% in April 2021. Although in Europe this is more of a theoretical price increase: there is simply no domestic steel to be had.
ArcelorMittal raises steel prices again
European steelmaker ArcelorMittal has again raised prices. Hot-rolled coil (HRC) has increased in price by about $24 per ton and cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) by more than $60 per ton, according to the report.
The flood of price increases, not only from ArcelorMittal but also from steel mills across Europe, has been quickly absorbed in recent months as material shortages threaten to remain.
Thus, in April alone, there has been an almost 20% increase in HRC prices in Europe.
Soruce: spglobal.com
Brazilian steel prices rise up to 18% in May
Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) will increase domestic flat steel prices by 16-18% in May to follow the upward trend in other global markets and offset raw material cost inflation.
Source: csn.com.br
Chinese steel prices to rise by $250 per tonne
As market sources have told us this morning, Chinese steel producers are planning to raise prices per ton by up to $250. This can already be seen as a result of the drastic cuts in VAT Rebate Cuts in China, announced by the Chinese government on April 28.
In addition, there are many offer stops for steel in Asia.
Source: Market participants
Iron ore prices at over $200 per tonne
Iron ore prices have continued their rally and were partly above $ 200 per ton this morning. Already the last few days analysts had predicted that iron ores could surpass this level.
Source: smh.com
Read also:
- Stainless Espresso: Offer stops in Asia
- Breaking News: China removes VAT rebate on steel exports
- Stainless Espresso: US steel prices higher for longer, Book release
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
