Rising imports coupled with a significant drop in exports are impacting steel prices globally. The influx of cheaper steel from countries like China has led to increased competition, forcing prices down in various markets.
As domestic production struggles to keep pace with the volume of imports, local producers face challenges that may further depress prices. This dynamic highlights the interconnected nature of global trade and its direct influence on local economies and pricing structures in the steel industry.
Citations:
[1] https://westfieldsteel.com/2024/02/what-factors-impact-steel-supplier-pricing-and-value/
[2] https://www.fastmarkets.com/insights/surging-exports-of-cheaper-chinese-steel-send-shockwaves-through-ferrous-markets/
[3] https://agmetalminer.com/2024/03/04/india-chinese-imports-steel-prices/
[4] https://www.meadmetals.com/blog/how-market-volatility-affects-steel-prices-and-order-quantities
[5] https://gmk.center/en/news/growth-in-chinese-exports-leads-to-a-drop-in-global-steel-prices/
[6] https://www.sciencedirect.com/science/article/abs/pii/S0301420719301795
[7] https://tradingeconomics.com/china/imports-of-logs-lumber
[8] https://www.yahoo.com/news/bulgaria-ask-eu-suspend-egg-190615617.html