International Steel Prices
March 17, 2022
CRU: War in Ukraine and Covid Create Divergent Sheet Price Paths
Written by Ryan McKinley
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 16
Global sheet prices took notably different directions this week as the war in Ukraine caused record w/w increases in Europe and the USA, while a fresh outbreak of Covid-19 in China pushed domestic prices lower and prevented increases in other Asian markets. Large European price increases prompted Indian exporters to target buyers in that region, resulting in notably higher domestic prices in India. However, domestic buyers in other parts of Asia have been hesitant to accept higher offers after Chinese domestic prices underwent their most significant weekly decline in months. We expect to see high levels of price volatility in the coming weeks as a result of these two developments.
