According to market participants, the short-term steel prices will be supported by high prices of coal and iron and recovered market demand in China, although the US inflation is still higher than market expectations.

Besides, three major steel mills in Asia, including Taiwan’s China Steel Corporation (CSC), China’s Baoshan Iron & Steel (Baosteel), and Vietnam’s Formosa Ha Tinh Steel Corporation (FHS), all announced price hikes.

Based on the current market situation, market participants said that although the strengthening US dollar is not conducive to the price trend of iron ore and metals, China’s demand has improved gradually. Besides, the cost of raw materials for steelmaking remains high, which will uphold steel prices to keep going firmly.

18 Feb 2023 11:57 reported by Joy Liu