The global steel market is showing signs of improvement, driven by a combination of macroeconomic factors and regional developments. With the European debt crisis easing, Japan implementing loose monetary policies to boost exports, and the U.S. increasing shale oil and LNG output, economic growth is expected to rise in the coming months. Despite excess steel production capacity in mainland China, growing environmental awareness is prompting stricter regulation of steel production, which could help improve the supply-demand balance. As a result, both the global economy and the steel market are anticipated to perform better this year compared to last.
In Taiwan, rising iron ore prices and increased production costs have led to upward adjustments in steel prices. Current order levels remain stable, and while the steel market hasn’t seen a boom yet, there is optimism for the first half of the year.
Globally, the steel market has shown slight improvement following price increases in the U.S., Turkey, Japan, South Korea, and Taiwan. As temperatures rise in the northern hemisphere—where most steel is produced and consumed—the market is expected to experience an upward trend.
Steel mills worldwide are raising prices to offset high raw material costs and improve profit margins. In the U.S., despite weak demand, recent price hikes have helped stabilize the market. Turkish steel prices continue to climb, supported by strong domestic and export demand. Japanese steelmakers have also increased prices due to higher costs and a weaker yen, while South Korean producers face rising costs but limited price gains due to weak demand.
In the U.S., flat product prices have been declining since late last year, with plate prices hitting a low of $690–710 per short ton in February. However, steel mills have recently raised prices by $30–60 per short ton, marking the first increase since November 2023. This move, combined with lower import pressure and planned maintenance at mills, has sparked hopes for a gradual recovery in the U.S. market.
In Turkey, warmer weather has boosted domestic demand, and with tight supply and high import prices, buyers expect further price increases. Hot coil prices have risen to $645–660 per ton, while cold rolled and galvanized prices have also climbed. Market activity is picking up, with increased inquiries and restocking efforts.
Japan’s steelmakers have continued to raise prices in March and April due to rising raw material costs and a weaker yen. Domestic construction demand and recovering export markets have also contributed to price increases. With ongoing cost pressures, further price hikes are likely in the coming months.
South Korea saw a price increase in January, followed by additional hikes in February and March. While steelmakers are preparing to resume production, supply is expected to increase, limiting future price gains. Demand remains weak, so any price rises will likely be modest.
In Taiwan, the depreciation of the local currency and rising international steel prices have led to improved export orders and higher domestic prices. Major steel producers like Taiwan Steel and Chung Hung Steel have raised prices, with export prices increasing by $30–40 per ton. The market shows steady growth, with positive expectations for the remainder of the year.
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