Steel exporters start to chase sales

摘要

The steel market has continued its move out of the panic phase that followed the start of the Ukraine war and as it has done so prices have continued to fall. Global supply gaps from the CIS, some of which at first seemed insurmountable, have been filled through a combination of alternate supply sources, inventory drawdowns and demand delay or destruction. This was an expected move in the market. A deficit cannot in reality be sustained and ways to deal with it are always found. The speed at which it happened has arguably been a surprise and this is now driving price falls that are starting to be comparable in magnitude to the rises that followed the start of war.