May 2022

Steel industry left dismayed as Chinese Premier warns of worsening economy but offers no further financial support

Steel industry market participants were left dismayed after Chinese Premier Li Keqiang called on local governments across China to implement policies to stabilize and support market growth, but offered no new fiscal support for the industrial sector.

Five key stories from May 25

Here are five Fastmarkets stories you might have missed on Wednesday May 25 that are worth another look.

German metalworkers' trade union calls for strike action after collapse of pay talks

German steelworkers’ trade union IG Metall has called for strike action across the steel sector after the collapse of the second round of collective pay bargaining in the iron and steel industries in the north-west and east of the country, Fastmarkets heard on Wednesday May 25.

European HRC prices move down with trading still limited

Prices for hot-rolled coil in Europe have moved lower in a quiet market, sources told Fastmarkets on Wednesday May 25.

Steel plate prices in Italy slip on slow trading, cheap imports

Low levels of buying activity, cheap imports and feedstock issues were taking a toll on Italian steel plate prices, sources told Fastmarkets on Wednesday May 25.

Chinese HRC prices edge up after two days of decline

Spot prices for hot-rolled coil prices in China’s domestic market moved higher on Wednesday May 25, after falling for two consecutive days amid persistent concerns over demand.

Export prices for Chinese steel plate narrow downward amid thin trading, domestic downtrend

Export prices for Chinese heavy plate narrowed downward in the week to Tuesday May 24 amid thin trading, with the downtrend in China's domestic steel market continuing, sources said.

Finished steel inventories at Cisa member mills up by more than 6% in mid-May

Finished steel inventories at member mills of the China Iron & Steel Association increased by 1.23 million tonnes (6.55%) in mid-May compared with the preceding 10 days, data published by the association on Tuesday May 24 showed.

Brazil lowers import duties by another 10%; steel cut to 9.6%, aluminium to 4.8%

Brazilian foreign trade chamber Camex has decided to cut import duties by an additional 10% until the end of 2023 after having already reduced tariffs by 10% in November 2021, according to a document published in the country’s official gazette on Tuesday May 24.

Brazilian flat steel distributor sales down 12% in April

Sales volumes from Brazilian flat-rolled steel distributors decreased by 11.77% in April, compared with the same month last year, amid milder activity in the market and steep price rises during the month, national distributors’ association Inda said on Tuesday May 24.