Flat and long steel prices showed big falls on Friday March 23 when end-users’ demand for hot-rolled coil, wire rod, ferrous scrap and steel billets practically vanished while buyers waited for further declines.
Fears of a trade war between the two economies have rattled the stock markets since China threatened to retaliate with tariffs on US-origin goods and services, including steel pipe, after US President Donald Trump announced possible tariffs worth as much as $60 billion on Chinese goods.
Commodity futures in China were similarly affected. They fell sharply during the morning of March 23 and have not recovered since.
Market sources told Metal Bulletin that the potential effects of tariffs on the Chinese market for US-origin steel pipes were minimal because of the small volumes imported by China each year. But the plunging futures have led to corresponding falls in Asian...