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Global steel wire rod prices fluctuate amid diverse market conditions

Steel wire rod prices are experiencing dynamic fluctuations worldwide, reflecting varying market conditions across major economies.

Global steel wire rod prices fluctuate amid diverse market conditions

Towards the end of March, the USA witnessed a decline in steel wire rod prices due to reduced demand and lower raw material expenses. The American Iron and Steel Institute (AISI) reported a decrease in steel imports, indicating economic challenges and geopolitical tensions impacting demand. Cautious purchasing behaviours, particularly in automotive and construction sectors with high inventory levels, contributed to an overall price decrease. Similarly, Germany saw a downturn in domestic steel wire rod prices, driven by cheaper raw materials and reduced demand before the Easter holiday. Surplus production and high inventory levels among European producers further exacerbated the decline, resulting in cautious trading activities and decreased prices.

In contrast, China experienced a significant uptick in steel wire rod prices attributed to lower inventory levels, post-Lunar New Year recovery, and strong demand driven by its robust automotive industry. Additionally, reduced raw material stocks and increased freight costs contributed to the upward price trajectory.

Looking ahead, a positive outlook for steel wire rod prices is projected globally, with increased demand expected from downstream sectors such as construction, driving market growth.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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