That was the view according to panellists at Metal Bulletin sister title AMM’s Steel Survival Strategies XXXII conference in New York this week.
More intense protectionism will probably reverse the gradual trend toward a global trade in steel, with ripple effects that place more stress on broader economies because of higher material costs and retaliation between nations, speakers said on Tuesday June 27.
“The steel trade is becoming more and more regional,” Basak Turgut, chief marketing and sales officer at Turkey’s Erdemir Group, said during the session dubbed “Steel cage price ring: no permanent knockouts.”
Downstream steel prices usually have a rather direct correlation with input costs, including iron ore, coking coal and scrap, Turgut noted. A good example of this was seen last year, when the two sets of prices moved in tandem, she said.
“This year, the correlation [has] completely changed, and there is even a negative correlation between...