International Steel Market Daily: Russia reduces steel export prices, Turkey buys large quantities of Chinese HRC (2022.3.29)

[Hot spot tracking]

As of yesterday (28th), the Ukraine crisis continues to escalate, affected by currency sanctions and delivery risks, the export prices of Russian steel products have fallen further, and most overseas buyers have begun to give up Russian resources. According to a buyer from Egypt, global buyers are trying to avoid products from Russia to avoid risks. As export orders remain weak, Russian steel prices may continue to fall.

According to Mysteel research, the current export price of hot-rolled coils in the Common wealth of Independent States is around $960/ton FOB Black Sea, down $20/ton from last week. Turkish buyers have begun to gradually shift their orders to China. Recently, Turkey has signed more than 400,000 tons of HRC orders from China.

[Export from China]

[International Industry Essentials]

Turkish steel mills plan to increase pig iron output

Mysteel has learned that the Turkish Ministry of Industry has called on the local steel industry to increase pig iron production due to the disruption of pig iron supply in the CIS region cause by the Ukraine crisis.

According to data from the Turkish Statistical Institute (TUIK), Turkey imported a total of 1.2 million tons of pig iron in 2021.

United States Steel Corporation announces it will expand the capacity of Gary Works

Recently, the United States Steel Corporation announced that the company will spend $ 60 million to expand the capacity of the Gary Works, State of Indiana.

Australia initiates the first anti-dumping sunset review investigation on Steel Reinforcing Bars from Taiwan, China

On March 28, 2022, the Anti-Dumping Commission of Australia issued notice No. 2022/029, saying that the first anti-dumping sunset review investigation on imported steel reinforcing bars from Greece, Indonesia, Spain, Thailand and Taiwan, China was launched, in response to the application submitted by Australian company InfraBuild (Newcastle) Pty Ltd on March 7, 2022.

[Excerpt from international prices]