Global flat steel market: July 22-29

Chinese steel companies have increased export quotations for flat steel by $20-30 per ton over the past two weeks. Although most consumers have not yet accepted the new prices, this serves as a signal the market cannot ignore. By the end of July, steel product prices also began rising in other regional markets. Visible demand has picked up, as is often the case after passing the bottom of a downtrend.
However, the duration of the price increase in China remains uncertain. The current visible demand for steel products there is weak. Hot-rolled steel output has slightly decreased, but it's unclear if this will suffice to balance the market. South Korea may introduce preliminary anti-dumping duties on Chinese hot-rolled steel soon. Meanwhile, real consumption growth in China is unlikely until mid-September. Despite uncertainties, all players are optimistic. In Europe, ArcelorMittal announced a €30 per ton increase in base prices for hot-rolled steel. Turkey has resumed activity. Conversely, U.S. steel companies currently see no prospects for price growth. Recent U.S. trade deals, aggressively pursued by President Donald Trump, could have mixed effects on the American steel market.
The next global flat steel market review will be published on August 27.