Global steel and raw materials prices staged a marginal recovery in October 2024, as per data available with BigMint, largely due to expectations of a turnaround in steel market sentiments following the Golden Week holidays in China in the first week of the month and announcement of stimulus measures to shore up the Chinese property sector. Chinese monthly average HRC export offers witnessed the sharpest uptick, increasing by 13% m-o-m in October, while Japanese export offers inched up by $5/tonne (t) to reach $495/t FOB Japan. Where steelmaking raw materials are concerned, benchmark HMS (80:20) scrap prices edged up by $11/t m-o-m to around $380/t CFR Turkiye, while iron ore prices witnessed an uptick of 12% m-o-m.
Leave a Reply