The global steel market is showing signs of recovery, driven by improved economic conditions and shifting supply-demand dynamics. In Europe, the debt crisis has eased, while Japan continues to implement loose monetary policies to boost exports. The U.S. is also benefiting from increased shale oil production, which is expected to drive growth through higher oil and LNG exports. Meanwhile, in mainland China, despite excess steel capacity, growing environmental awareness is leading to stricter regulations, which could help reduce overcapacity and improve market balance.
In Taiwan, rising iron ore prices and increasing production costs have forced steelmakers to raise prices. Although demand remains stable, the market hasn’t seen a significant surge yet this year. Globally, steel prices have risen in several key markets, including the U.S., Turkey, Japan, South Korea, and Taiwan. With the onset of warmer weather in the northern hemisphere, steel production and consumption are expected to pick up, potentially pushing prices higher.
Steel mills worldwide are responding to rising raw material costs by increasing prices to maintain profitability. In the U.S., flat product prices had been declining since late last year, but recent price hikes by producers are expected to stabilize the market. In Turkey, demand is gradually recovering, and with tight supply and high import prices, buyers are anticipating further price increases. Japanese steelmakers have also raised prices due to rising input costs and a weaker yen, while South Korean steel companies followed suit, citing higher electricity and scrap prices.
Despite these increases, some traders remain skeptical about the sustainability of higher prices, suggesting that production cuts may be more effective than price hikes in balancing the market. However, with improved demand expectations and favorable market conditions, many analysts believe steel prices will continue to rise in the coming months.
In Taiwan, the depreciation of the local currency has helped boost export orders, leading to higher prices for steel products. Major steel producers like Taiwan Steel and Chung Hung Steel have raised prices, with domestic sales seeing a steady upward trend. Overall, the steel market is showing positive momentum, with expectations of continued improvement throughout the year.
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