China's COVID lockdowns and the Ukraine war were 2 major price-driving events in global steel markets.
Steel prices endured long-term declines throughout 2022. However, with so many geopolitical events and supply chain pinches, it is important to note that the market in general was quite volatile., rising over 12% between January and February. China’s climate efforts caused iron ore futures to drop, as the country’s steel production sector makes up nearly 15% of all Chinese carbon emissions. Meanwhile, Mexico’s steel sector returned to pre-pandemic production levels.
In March, prices rose once more, this time by a considerable 4.9%. At the time, the surge was mostly due to plate prices. However, HRC saw a steady descent, dropping almost 47% below its October 2020 levels.The steel price index started Q2 with another bang, rising over 15% in April. By then, it was clear that there would be no swift end to the War in Ukraine and that steel prices would react accordingly.
In September, steel prices declined again, with HRC officially falling beneath the $800 mark. The energy crisis heavily impacted European-sourced steel as energy cuts reduced production. Large plants in Austria, France, and Spain all felt the pain of the energy crisis, and U.S. HRC fell beneath European HRC prices. All of these factors had a tremendous effect on both futures and demand.October 1 marked a slight decrease in price declines. However, prices still slipped 3.04%.
Nucor also finally dropped plate prices after numerous complaints about the enormous price gap between plate and HRC prices.
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