Global Steel Prices Continue to Rise

European Prices Surge; Flat-Rolled Posts Another Strong Week. The U.K. and Europe each posted five price increases this week, followed by China and Korea with four, while Japan, the Ukraine, and the U.S. had three increases apiece. The CIS, Taiwan, and Vietnam had two price hikes each, while Southeast Asia, the Middle East, Malaysia, Thailand, Canada, Russia, Turkey, Iran, and the U.A.E. posted one price increase apiece. China had four price decreases while India recorded two price drops.

There were 11 price increases for flat-rolled products, followed by rebar with eight, billet, pipe, and wire rod with five, while plate and beam had four price hikes. Flat-rolled products posted three price cuts, followed by billet with two, and beam with one decline.

Relative Domestic Prices Finish Strong in January. U.S. prices continue to move up with particular strength in plate and rebar. U.S. rebar prices were up 11% from December and have posted increases -- off of near-record lows --- relative to China and Europe where prices have increased modestly, and vs. Japan where prices have fallen 6%. Plate prices rose 16% in January, and are up significantly relative to China and Europe where prices are nearly unchanged from December. Absolute hot-rolled coil prices in the U.S. were up 8% for the month, and were up relative to China and Europe, and up sharply relative to Japan. Domestic beam prices ended January up 5.6% and were up relative to China where prices have risen 2% and up relative to Europe where prices were flat and Japan where prices fell 5%.