The Global Steel Market Continues to Grow Slowly

In the spring of March, the global steel market continued to push up slowly under the guidance of Asian and Chinese markets. As of March 8, the global benchmark steel price index of 116.5 points increased by 0.2% week by week (increase expanded), 1.3% month by month (unchanged from before), and decresed 6.3% month on month (decrease expanded), 6.3% year on year (decrease expanded). Among them: the flat steel product index was 108 points, which increased by 0.3% on a week-by-week basis (the increase was expanded); The long steel product index was 125.5 points, up 0.2% from the previous week (the increase was enlarged); The Asian index was 117.8 points, up 0.6% on a week-by-week basis. The China index in Asia was 120.1 points, up 0.6% from the previous week (the increase was enlarged); The American index was 139.9 points, which held the line on a weekly basis; The European index was 98.6 points, down 0.4% on a week-by-week basis. According to the fundamentals, it can forecast that the international steel market may continue to pick up slowly in the second half of March.

The utilization rate of U.S. steel production reached a new high in ten years. Up to this week on March 2nd, the steel output in the Great Lakes region of the United States rose to 717,000 tons, an increase of 4.98% compared with the previous week, and the utilization rate of steel production capacity rose to the highest value in more than 10 years. Data show that most of the steel in the Great Lakes region is produced near the south bank of Lake Michigan and Porter County, which account for half of the blast furnace capacity in the United States.

India has become the fastest growing stainless steel market in the world. India Stainless Steel Development Association said recently that India has adopted global infrastructure standards and promoted the use of stainless steel in buildings and infrastructure. It is predicted that the total annual demand for stainless steel in India will be about 3.6 million tons, making it the fastest-growing stainless steel market in the world.

London metal exchange launches hot rolled coil futures contract. On March 11th, the London Metal Exchange launched seven new cash settlement futures contracts, including hot rolled steel coils, alumina and cobalt metal, in order to attract more business and improve the unfavorable situation of profit decline.

Asian steel market continues to rise. The benchmark steel price index of 117.8 points in the region increased by 0.6% on a week-by-week basis (expanded increase), 1.4% on a month-to-month basis (steady increase), 9.1% decrease on a month-on-month basis (steady decrease), and 10.9% on a year-on-year basis.