North American and Asian steel prices are on the rise

As it's happening in Europe, the trend for strip mill product steel prices in the US is going upwards. According to MEPS’ researches local steelmakers achieved at least part of their proposed increases. Surging raw material expenditure supported their efforts, and the ongoing trade defence measures restrict supply from offshore sources.

Many believe Donald Trump’s victory will have positive implications for the US steel industry. His ‘America First’ policy will likely feature increased infrastructure spending, which means boosted steel demand from the construction sector. The expected greater use of import protection measures, meant to safeguard the interests of US steelmakers against the dumping of cheap imports, could lead to price increases. By limiting offshore supply options, steel buyers are likely to struggle to purchase their material at competitive prices.

According to the South East Asian Iron and Steel Institute, driven by the same dynamics pushing steel prices higher in North America, the Asian market has seen price announcements suggesting that the trend will remain upward for the rest of this year. Tokyo Steel announced it would raise the prices of all its products up to 11 pct for December delivery.

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