In 2024, it is expected to observe a slight rise in North American steel demand, with new supply entering the market to meet this growth and further reduce reliance on imports, given the substantial net importing status of the US. Furthermore, it is predicted that the US steel producers will prefer to continue to invest in higher value-added production, aiming to enhance profitability per ton. While US prices are forecasted to decrease from previous highs, they are expected to remain above average.
US steel prices, which have been stagnant for several weeks, were reported this week as follows;
HMS1: 393$
HRC: 1180$
CRC: 1310$
HMS 1/ 2 (80:20): 419$
Pig Iron (Basic): 495$
To look at Brazil, the influx of flat steel imports, notably from China, has intensified price competition. In response, Camex, the trade authority, reinstated import tariffs ranging from 9.6% to 12.8% on 12 different varieties of steel in October 2023. Despite these tariffs, exporting to Brazil remains attractive for Chinese producers compared to domestic prices. The Brazil Steel Institute asked the federal government to increase import tariffs up to 25%. “We are in the midst of a true deluge of incoming steel, predominantly from China,” said Marco Polo de Mello Lopes, the CEO of the Brazil Steel Institute.
Pig Iron (Basic): 455$
Slab: 698$
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