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Member mills of the China Iron & Steel Association (Cisa) raised their finished steel production from January 21-31, from the preceding 10 days, according to data published by the association on Wednesday February 3.
Base metals prices on the London Metal Exchange were mainly weaker, while those on the Shanghai Futures Exchange were mainly firmer this morning, Thursday February 4, with the weaker dollar likely weighing on dollar-denominated prices.
Hot-rolled coil prices in the United States have remained in the $57- to $58-per-hundredweight ($1,140- to $1,160-per-short-ton) range, with most market participants indicating that the market has not yet reached its tipping point.
Ferrous markets are volatile, and 2020 marked one of the most up-and-down years for steel pricing in recent memory, but perhaps no year was as unpredictable as 2008.
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