Export prices for Chinese steel plate increase on war-fueled active buying

Export prices for Chinese heavy plate increased in the week to Tuesday March 8 amid active trading, which was partly fueled by fears over tightening supply amid the ongoing Russia-Ukraine war

Fastmarkets’ weekly price assessment for April/May-shipment steel heavy plate, export, fob China main port was $870-895 per tonne on Tuesday, up by $30-35 per tonne from $840-860 per tonne a week earlier.

Yingkou Medium Plate issued an offer of $895-900 per tonne fob for May-shipment plate in the week to Tuesday, a trading source in Beijing and another in Shanghai said on the same day.

During the past week, a trading source in Zhejiang province said he had sold over 10,000 tonnes of April/May-shipments plate, mostly to Southeast Asia and some to South America, at $870-890 per tonne fob.

The trading source in Zhejiang said that trading was good in the past week, partly because the Russia-Ukraine war caused panic buying among overseas clients who could not procure steel products from Russia or Ukraine – with the former under economic sanctions – due to supply chain disruptions and potential risks.

Jiangsu Shagang issued an offer price of $915 per tonne fob for early May-shipment plate on Monday, the trading source in Shanghai said.

Inner Mongolia’s Baotou Iron & Steel and Shandong Iron & Steel did not issue any plate export offers.

A source at Shandong Iron & Steel said on Tuesday that the mill was preoccupied with orders from China’s domestic market.

Fastmarkets’ weekly price assessment for steel plate domestic, delivered whs Eastern China was 5,140-5,200 yuan ($814-823) per tonne last Friday, up by 100 yuan per tonne from 5,040-5,100 yuan per tonne a week earlier.

To keep up with steel price trends throughout 2022, visit our steel and raw materials page.

What to read next
Fastmarkets’ European green steel price was published earlier than scheduled due to an error.
Chinese buyers are showing strong demand for barley and corn, with significant purchases from France, Australia, and Ukraine
This week marks two years since Russia invaded Ukraine on February 24, 2022, but despite the resulting threats and challenges thrown up by the war, the Ukrainian steelmaking sector has managed to adapt. Here, Fastmarkets recaps the key changes
Amid inflation and a global economic slowdown, BHP's outlook for the steel industry in China, the world's largest steel producer, has become less optimistic
Fastmarkets is inviting feedback from the industry on the pricing methodology for its steel billet import, cfr Manila, $/tonne, assessment, as part of its announced annual methodology review process.
Despite auto manufacturers' clear demand and willingness to pay a premium for green steel, understanding of the product varies widely in the industry, with larger OEMs like Ford, General Motors, and Volvo actively competing for its limited supply