The overall steel market is up nearly 3-3.50 percent this week. Metal prices and the steel rebar (reinforcing bar) and the HRC prices have gained quite strongly overnight. The gains are due to China's supply concerns. Tangshan which is known as a steel city in China is looking at temporary lockdowns and therefore there could be a pause or a halt in steel production and this is the reason why steel prices are surging.
Steel-making ingredients like iron ore and nickel have also surged due to the Russia-Ukraine war. There have been reports of transportation disruptions within China that are leading to raw material shortages and that is another reason for steel going higher.
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The World Steel Association report, says that production activity for 64 countries and these 64 countries account for 98 percent for crude steel production in the global markets. So the latest report suggests that for the month of February, the steel production globally has seen declined by nearly 5.7 percent.
Chinese production has declined the most by nearly 10 percent, Japan production has declined by 2.3 percent, Russia is down by 1.4 percent as well. But the uptick in steel production has been seen by US and India actually stands quite tall with nearly 7.6 percent of a jump up in steel production as of now.
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