German steel price expectations have risen significantly for March after market-leading steel producer Arcelor Mittal raised its price level significantly in February and steel costs were driven up by supply bottlenecks and longer delivery times. This is shown by the latest S&P Global Platts survey.
Signs of generous steel price development
In the survey of German producers, distributors and traders conducted in early March, the steel price development index was 73, indicating generous expansion (an index of 50 indicates stability), significantly higher than in February when the index was 65.
German steel inventories falling faster than production rate
With German inventories at a 33-year low, the sentiment survey showed that respondents expect a further decline in available inventories. Manufacturers and traders were fairly congruent in their expectations at 39 and 40, respectively.
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Other results of the German steel price survey
- The trend continues to point upward
- Material remains in short supply
- Expansion of production capacities in summer 2021 at the earliest
- EU delivery times currently the biggest problem
- Prices will continue to rise
- Fear that stockholders will run out of material
You can read the full results of the survey here:
Source: spglobal.com
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