The nationwide price of steel products rose slightly last week (November 14-20)

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in July 2022, a 6.5% decrease compared to July 2021.

Of the 50 major goods monitored by the government, including seamless steel tubes, gasoline, coal, fertilizer, and some agricultural products mainly used for processing.

Offers were heard in a wide range between $1,150-1,300/st, with most in the $1,200/st range.

The reading, released every 10 days, is based on a survey of nearly 2,000 wholesalers and distributors in 31 provincial-level regions.

It is understood that the current U.S. steel plant capacity utilization rate is only 75%, far below last February 82% level.

Ratings agency Fitch Ratings has revised some of its metals and mining price assumptions in line with what it sees as commodity prices being set to benefit in the short term from returning demand, as well as slow supply response and low inventories.

American bulk scrap prices have risen sharply in the East Asian market, consistent with rising and bullish sentiment in the international market.