For the Quarter Ending September 2024
North America
In Q3 2024, the North American region experienced a significant downturn in Steel Plate pricing, with prices declining by 10% compared to the previous quarter. This decrease was influenced by various factors such as weakening demand, impending imports, and a competitive global market. The overall trend in the region reflected a negative sentiment, with prices showing a substantial drop of 34% from the same quarter last year.
The USA, being the most impacted, saw a notable price difference between the first and second half of the quarter, indicating a consistent downward trajectory. The pricing environment in the USA has been predominantly negative, with market conditions softening post-summer and limited transactions reported. The decrease in Steel Plate prices can be attributed to reduced demand from key sectors like automotive and construction, further exacerbating the downward pressure on prices.
Despite some stabilization efforts, the market struggled to find stability amidst challenging conditions, ultimately culminating in a quarter-ending price of USD 1075/MT for Steel Plate (20 mm) Ex Works Texas, highlighting the prevailing negative sentiment in the pricing landscape.
Asia-Pacific
In Q3 2024, the APAC region encountered a difficult period for Steel Plate pricing, characterized by a decline in prices due to various influencing factors. The market dynamics were primarily shaped by weakening demand, concerns about oversupply, and increased global competition. Reduced construction activities and sluggish demand across key sectors, combined with higher imports from competitive markets, contributed to the downward pressure on prices.
Furthermore, uncertainties regarding economic growth, trade disputes, and differing pricing strategies complicated the pricing landscape for Steel Plates in the region. Japan experienced the most significant price fluctuations, with prices noticeably lower compared to the same quarter last year.
The quarter-on-quarter price change was recorded at 1%, highlighting a continued downward trend. A comparison of prices between the first and second halves of the quarter indicated a steady decline, reflecting the ongoing negative sentiment present in the market. The quarter-ending price for Mild Steel (JIS 3101-10 mm) Plate Ex Osaka in Japan was recorded at USD 739/MT, underscoring the prevailing decreasing pricing trend.
Europe
In Q3 2024, the Steel Plate market in Europe experienced a substantial decline in prices, driven by several contributing factors. The downturn resulted from a combination of oversupply, weak demand, and intense competition, which led to significant price reductions. This quarter has posed challenges for the industry, as stagnant demand from critical sectors like automotive and construction has intensified pricing pressures.
Furthermore, difficulties in maintaining market share, incurring financial losses, and managing CO2 emissions allowances have added to the negative pricing environment. Germany faced the most significant price fluctuations, with a notable decrease compared to the same quarter last year and an additional decline of 7% from the previous quarter in 2024. A comparison of prices between the first and second halves of the quarter highlighted a substantial drop overall.
The quarter concluded with Steel Plate (16 mm) FD-Ruhr in Germany priced at USD 803/MT, reflecting the persistent downward trajectory in pricing. Overall, the pricing environment for Steel Plate in Europe during Q3 2024 has been overwhelmingly negative, characterized by continuous price decreases and challenging market conditions.
For the Quarter Ending June 2024
North America
In Q2 2024, the steel plate market in North America experienced a significant downturn, primarily driven by a confluence of factors that fostered a declining pricing environment. A pervasive imbalance between supply and demand emerged as a central theme, with increased production capacity juxtaposed against tepid demand from critical sectors such as infrastructure and automotive. This discrepancy was further exacerbated by an influx of lower-cost imports, which intensified competitive pressures and compelled domestic producers to slash prices to maintain market share.
Focusing on the USA, which witnessed the most pronounced price shifts, the overall trend was decidedly negative. The seasonality of demand typically observed in this period did not manifest robustly, leading to further market softness. Correlating with broader economic signals, the steel plate prices plummeted compared to the same quarter last year, underscoring a stark year-over-year decline. Additionally, prices dropped from the previous quarter in 2024, reflecting persistent market weaknesses and a lack of substantial recovery momentum.
During the quarter, prices experienced a decrease when comparing the first and second halves, reflecting ongoing bearish market sentiments. The quarter concluded with steel plate prices settling at USD 1174/MT Ex Works Texas, illustrating a consistent and significant reduction in value. This downward trajectory signifies a profoundly negative pricing environment, with market dynamics underscoring structural challenges and an overall lack of positive sentiment.
Asia-Pacific
The second quarter of 2024 has witnessed a consistent decline in Steel Plate prices across the APAC region, driven by a confluence of market factors. Key among these were subdued demand from infrastructure and automotive sectors, inventory surpluses, and a slowdown in economic activities. The overall sentiment in the steel market was predominantly negative, exacerbated by sluggish industrial output and mounting production costs. The market grappled with an oversupply problem, intensified by persistent operational capacities that exceeded demand levels. Furthermore, geopolitical tensions and trade uncertainties added layers of complexity, prompting cautious procurement behaviour among buyers and leading to price depreciation. Focusing exclusively on Japan, which experienced the most significant price changes, the quarter was marked by pronounced seasonality effects and a correlation between subdued economic activities and steel prices. There was a significant overall downward trend, with prices dropping compared to the same quarter last year. This decrease highlights a continuous weakness in market fundamentals. In 2024, prices continued to decline from the previous quarter, reflecting prevailing bearish market sentiment. Throughout the quarter, prices contracted between the first and second halves, indicating a consistent downward movement. The quarter concluded with Mild Steel (JIS 3101-10 mm) Plate Ex Osaka in Japan priced at USD 740/MT, reinforcing the persistent negative pricing environment throughout the period.
Europe
In Q2 2024, the European Steel Plate market experienced a notable downturn, driven by multiple factors that collectively pressured prices downward. The quarter was marked by a consistent decline in demand from key sectors such as construction and automotive, compounded by a significant influx of competitively priced steel imports from Asia. The resultant overcapacity in the market led European producers to revise their pricing strategies to remain viable. Seasonality also played a role, with summer holidays in northern Europe further dampening demand. Germany witnessed the most profound price adjustments in the region. The country's steel industry grappled with weakened domestic consumption and heightened inventory levels, exacerbated by intensified competition from imports. The overall trend in Germany reflected a persistent bearish sentiment, underpinned by sluggish trading activities and a cautious approach from distributors wary of market volatility. The price of Steel Plate (16 mm) in Germany decreased compared to the same quarter last year, reflecting broader economic challenges and sector-specific slowdowns. Comparing to the previous quarter in 2024, prices decreased, emphasizing a sustained downward trend. When examining the first and second halves of the quarter, there was an additional decline, signalling continued softening in the market. The quarter concluded with the price of Steel Plate (16 mm) FD-Ruhr in Germany at USD 865/MT, encapsulating the negative pricing environment. This consistent decrease highlights a challenging period for the steel industry, characterized by unfavourable market conditions and persistent downward pressure on prices.
For the Quarter Ending March 2024
North America
The Steel Plate market in the North America region experienced a challenging first quarter of 2024, with prices declining steadily. Several factors contributed to this downward trend. There was an overall decrease in demand from various industries, including construction and automotive sectors. This decline in demand can be attributed to economic uncertainties and reduced consumer spending. Additionally, disruptions in trade routes, such as the Red Sea and Suez Canal, further impacted market prices.
The USA witnessed significant price changes during this period. The overall trend for Steel Plate prices in the country was negative, Manufacturers expressed concerns about imports amidst the already subdued domestic market demand, with the prevalence of large, discounted index agreements given to the large service centres contributing to a slight decline in prices. The sentiment among some market participants indicates a belief that imports will continue to exert downward pressure on prices until there is a substantial demand recovery.
The quarter-ending price for Steel Plate (20 mm) Ex Works Texas in the USA stood at USD 1277/MT, indicating a continued downward trend. Overall, the pricing environment for Steel Plate in the North America region has been negative, with prices consistently decreasing throughout the quarter. This can be attributed to factors such as low demand, trade disruptions, and economic uncertainties.
APAC
The first quarter of 2024 has been a challenging period for Steel Plate pricing in the APAC region. There have been several factors that influenced market prices during this quarter. One significant factor is the overall weak demand from downstream industries, such as construction and automotive sectors. This subdued demand has led to an oversupply of Steel Plate, resulting in a bearish pricing environment. Another factor that has impacted prices is disruptions in international trade routes. The attack by Houthi rebels in the Red Sea and reduced water levels in the Panama Canal have caused trade disruptions, leading to longer lead times and increased freight charges. These disruptions have further contributed to the downward price trend. The pricing dynamics in Japan have seen the maximum price changes. The Japanese spot market witnessed a significant decline in Steel Plate prices during this quarter. The surplus supply in domestic warehouses and reduced demand from both local and overseas downstream industries have resulted in lower prices. Harsh winter conditions in Japan also affected demand from the construction sector. Overall, the pricing environment for Steel Plate in the APAC region has been negative, with prices experiencing a downward trend. There has been a correlation between weak demand, oversupply, and trade disruptions, leading to lower prices. The percentage change from the same quarter last year and the previous quarter in 2024 reflects this negative pricing trend. As of the end of the quarter, the price of Mild Steel (JIS 3101-10 mm) Plate Ex Osaka in Japan was USD 751/MT.
Europe
The Steel Plate market in Europe experienced a challenging first quarter of 2024, with prices witnessing a significant decrease. Several factors influenced the market, leading to the negative pricing environment. The ongoing economic struggles, coupled with subdued demand, played a major role in the declining prices. The lack of confidence in the German housebuilding sector and the overall low economic activities further contributed to the downward pressure on prices. Germany saw the maximum price changes in the Steel Plate market. The overall trend in Germany reflected the decreasing sentiment, with prices experiencing a consistent decline throughout the quarter. Seasonality also had an impact, with the winter weather conditions affecting demand and leading to lower prices. Additionally, changes in political leadership and financial support from the EU affected market dynamics, particularly in Central and Eastern Europe. Moreover, global scrap prices fluctuated, with different regions experiencing varied trends, further contributing to market uncertainties. The quarter-ending price for Steel Plate (16 mm) FD-Ruhr in Germany stood at USD 910/MT, reflecting the overall negative pricing environment in the market. The market conditions remained challenging, with prices consistently decreasing throughout the quarter.
For the Quarter Ending December 2023
North America
The North American steel plate market in Q4 of 2023 showed a plunging trend, driven by over-supply and lowering downstream demand. In early October, despite a global increase in the international dollar price, steel plate prices in the US remained low due to transportation constraints caused by diminishing water levels in rivers and concerns about a potential United Auto Workers strike affecting Hot Rolled Coil purchases. The revocation of countervailing duty orders on steel plates from India, Indonesia, and South Korea by the US International Trade Commission contributed to stable prices in the domestic market, slowing demand amid inflation worries.
In mid-October, steel plate prices declined due to reduced demand from the automotive and construction sectors, coupled with rising input costs and increased inventory levels. The first week of November saw a slight increase in US spot market steel plate prices, driven by Chinese stimulus measures, global market trends, and macroeconomic factors. However, in the third week of November, prices dropped due to rising inventory levels and increased production.
December exhibited price stability, attributed to reduced supply, extended lead times, and optimism fueled by major manufacturers' announcements of price increases. The static prices were also influenced by lower trade rates, harsh weather conditions, and decreased downstream construction industry consumption. The latest price of steel plate (20 mm) ex works in Texas in the USA for Q4 of 2023 was USD 1519/MT.
Asia-Pacific
The APAC regions witnessed a decline in Steel Plate prices in the fourth quarter. Firstly, The Japanese Steel Plate spot market experienced a notable surge in prices initially, fueled by increased demand from the transportation and construction sectors. Russia's shift from Chinese to Japanese Steel Plate mills played a role, driven by the need for stable feedstock crude steel for a Serbian mill. However, the market dynamics changed in November, witnessing a decline in Steel Plate prices due to a boost in domestic production, leading to higher inventory levels. Overseas demand dwindled, with the US and Mexican governments seeking import reductions, and disruptions in the Red Sea and the Panama Canal further impacted trade. The Japanese market faced an oversupply as downstream industries, both local and overseas, reduced consumption. Severe winter conditions in Japan, coupled with global shifts in the automotive sector post-COP28, contributed to a modest decline in demand. Consumer concerns about rebel attacks in the Red Sea further subdued orders in downstream industries like paper, pulp, paint, and glass manufacturing. The latest price for Mild Steel (JIS 3101-10 mm) Plate Ex Osaka in Japan is USD 859/MT.
Europe
The Steel Plate market in the Europe region experienced stability in Q4 2023, primarily due to a slowdown in demand from downstream automotive and construction sectors. In the German steel market, steel plate prices stabilized in October as mills and distributors reduced operations during the holiday break. Initially, prices rose due to restocking, but demand tapered off with reduced activity in the European steel industry. Prices are now stable, though there might be delivery delays due to impending mill closures. Pessimism exists for October, with subdued demand and concerns of a price decline in the following month. Steel plate orders have a lead time of 1.5 to 2 months, and local producers report low inventory. In November, the price remained steady despite lower purchasing activity, attributed to public holidays and high warehouse supply. Automotive demand decreased due to overseas competition and the European Federal Reserve's indication of a potential interest rate increase. In December, the cost remained consistent, but downstream industries saw lower activity. Interest waned in construction, infrastructure, and machinery sectors, influenced by trade slowdowns, adverse weather, and escalating prices. International market uncertainties, including heightened risks in shipping routes, led buyers to adopt a cautious "wait-and-watch" approach, contributing to market uncertainty. The latest price of Steel Plate (16 mm) FD-Ruhr in Germany for Q4 2023 was USD 955/MT.
