Qinhuangdao Fuge Science & Technology Co., Ltd.Qinhuangdao Fuge Science & Technology Co., Ltd.
Steel prices drop back to normal

Steel Market Update (SMU) checked the market the week of Jan. 10 and it showed the benchmark price for hot-rolled steel dipping below $1,500/ton ($75/cwt) for the first time since April 2021.

From then, the price has been decreasing rapidly back to earth. as far to second week in January, the rocket-high price had lowered $475/ton, or almost 25%, from its peak to $1,480/ton. reading from all signs, that downturn is most likely to continue for months as supply and demand need balance.

A bunch pipeline expansions that will add some 18.6 million tons of new steelmaking capacity to North America by 2025—12 million tons of it this year—with little chance of a comparable increase in consumption. Such overcapacity for production of flat-rolled steel promises a “sheet storm” in the years ahead that bodes ill for steel prices, contends Tanners. Wolfe Research predicts hot-rolled steel could end the year with a price as low as $750/ton. That’s not good news for anyone with inventory, but not all bad for fabricators and manufacturers, who will almost certainly see their cost of materials decline this year.

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