Asian Steel Sheet Market Price Shows Continuous Uptrend

Steel sheet market price seems to maintain upward trend in Asia. Local steel makers have launched price hike announcements this year to improve their profitability while their selling stances are even stronger presently. Hot coil market price is approaching CFR US$ 700 per tonne. Market prices is also rising by US$ 30-40 per tonne for cold rolled sheet and surface treated steel sheet for March shipment compared with the prices in early February.

Supply and demand balance is tightening when local steel makers currently started production cut. Steel sheet users are increasing order volumes with recognition the market price hit bottom. In China, steel market prices are expected to upturn when Bao Steel announced the price hike of most steel products for domestic market for March shipment.

On the other hand, it isn’t clear that the market price could continue uptrend with several negative factors such as instability for financial crisis in Europe or oversupply pressures by Chinese and South Korean steel makers.

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