Experts anticipate that steel prices will continue to decline in the near future. This decrease could provide advantages for sectors that utilize steel, such as construction and infrastructure.
In the South Korean domestic steel market, there has been a decline in all major categories. The market indicator, the price of hot-rolled steel produced by POSCO, has dropped by $7 to range between $637 and $644.
The cost of imported products has also decreased by $7 to range between $585 and $592. In dealer stores, the price of domestic SD400, 10mm construction steel, has decreased by $3 to $570, while direct shipments from steel producers have decreased to $562. Prices for Chinese and Japanese products are at $555 and $559, respectively.
The profile steel market has also been affected by the decline. The price of domestically produced H-profiles has decreased by $14 to $807. For general profile steel, domestically produced angles and channels are priced at $644, while imported products are priced at $555; both have seen a $14 decrease.
Experts suggest that steel prices will continue to decrease. The domestic market price, especially for products imported from China, is $74 higher. It is expected that prices in China will further decrease, and the domestic market will adjust to a reasonable difference with imported products.
The decline in domestic steel prices is increasing uncertainties in the sector. The uncertainty regarding when and how much prices will drop can influence the investment plans of both steel producers and consumers.
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