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Strong economy in China & US supports international short-term steel prices at high level

17 мар 2023 17:07 reported by Stanley Wang

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After China adopted a full reopening policy due to the eased Covid-19 epidemic, China’s economy recovered acceleratedly, which increased steel demand.

On March 10, China’s main steel inventories totaled 16.16 million tons, decreasing by about 8.7% year on year, showing a recovery in the economy.

In February, the US nonfarm payrolls increased by 311,000, higher than the estimate of 205,000. The situation showed that the US economic outlook is resuming strongly.

China’s Baosteel and Angang Steel raised their coil and flat product prices for April. On March 9, the US hot-rolled ex-works price index also hiked. Global iron ore and scrap prices maintained high. Because the top two economies are strong, international steel prices would be on the high side in the short term.

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