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Germany and other four countries fall into "steel shortage"! China Steel Association proposes to adjust export, iron ore price has dropped 17.5%

Oge: 2021-05-27 Hits: 158

With the gradual recovery of the global economy, the demand for steel in many countries has become more and more vigorous. There is even a "steel shortage" in the United States, Germany, South Korea and Vietnam. China's steel market is also relatively large fluctuations, as of the middle of May, the average price per ton of eight domestic steel varieties exceeded 6600 yuan, up 75% year on year.

In an effort to stabilize the domestic steel market, the China Iron and Steel Association (CISA) has proposed seven self-regulation proposals for the steel industry, China News Service reported on May 27. It is mentioned in the proposal that iron and steel enterprises should adjust their export strategies according to the latest national steel import and export policies, and promote the export of high value-added products on the basis of ensuring domestic supply.

As the world's largest steel producer and exporter, if Chinese steel enterprises adjust their export strategy and reduce the steel supply to the international market, it may have a significant impact on the steel shortage countries such as the United States and Germany. Especially when the United States has proposed a $1.7 trillion infrastructure plan, it is time for the country to urgently need a lot of steel.

However, under China's five official price controls in May, the price of iron ore fell 17.5% on May 26 compared with the highest price in history. In addition, CISA also proposed that iron and steel enterprises should resist vicious competition and bid up prices much higher than the cost during the period of steel price soaring. The phenomenon of chasing up and down in the market has indeed enlarged the fluctuation range of steel prices.

Industry analysts pointed out that in the future, with the adjustment of China's export tax rebate policy and the latest initiative of China Iron and Steel Association gradually play a role, domestic supply will increase, iron and steel prices, iron ore prices will gradually return to a reasonable range.