Steel prices in Europe and Asia are on the rise
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World steel prices have returned to growth after a long fall, according to data from the London Metal Exchange (LME). Thus, prices for hot-rolled steel in Asia on the basis of delivery FOB China since the beginning of November rose by 16% to $610.5/t. This is the highest price level in the last three months. Prices for rolled steel in North-West Europe (NW Europe Argus) rose less significantly – by 2% to $672.5/t. Prices for steel rebar (FOB Turkey) increased by 5% to $658.5/t.
Against the backdrop of the start of the SVO in March 2022, there was a jump in steel prices on the world market. Prices for hot-rolled steel in Asia (FOB China) soared by 25% to $940/t, for steel rebar (FOB Turkey) by 38% to $950/t. Then the quotes began to fall, which continued until the end of October – beginning of November. At that time, the annual minimum price for rolled steel in China, according to the LME, amounted to $526/t, in North-Western Europe – $652.5/t. The price minimum of quotations for steel rebar in Turkey was noted in June – $605/t, by the end of October the price was corrected to $625/t.
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