World market of long products: July 23-30

China has once again demonstrated how quickly it can make a difference. At a meeting of the Politburo on July 30, Chinese President Xi Jinping said that there can be no campaign in such a matter as the fight against excess carbon dioxide emissions, and criticized those who start to promote such plans too early. For metallurgists, this means that the pressure on them in order to reduce steel production must be drastically reduced. As a result, prices for rolled products on the stock exchange on August 2 showed the sharpest decline in the last ten weeks.

Falling prices for metal production in China

The cheapening of long products in China, which now looks quite probable, should pull down the marketable billet. At the end of July, it reached the highest level since the first half of May of this year, but now it is obviously awaiting a downward correction. In general, due to coronavirus restrictions, the Asian market is currently not in the best condition.

Scrap metal prices have fallen in Turkey over the past week. Oversupply was the main reason for this decline. Accordingly, Turkish metallurgists had to reduce the cost of rebar, while Russian billet exporters failed to try to raise quotations before the introduction of duties. However, according to local experts, the Turkish market may recover slightly in the second half of August.