Tokyo - Steel prices are heading in opposite directions, depending on what part of the globe you are on. Since late April, steel prices in Asian markets have plunged 20%, while those in the U.S. have surged 30%, mainly due to drastic tariff increases. Spot contract prices of hot-rolled coil, used in automobiles and home appliances, have fallen to the upper range of $300 per ton in Asia.
China’s steel exports have been expanding since last year, and the trend could accelerate, according to a representative from a trading house dealing with steel products. The U.S. and European countries are wary of China’s glut. The U.S. has imposed anti-dumping measures, including higher tariffs on goods from China, which have helped to lift steel prices there. In Europe, too, steel prices are on a steady incline... continue reading