Global hot-rolled steel prices are adjusting after a sharp rise in late 2023 and early 2024. The slowdown in demand for products has kept the downward price trend in major global markets for about 2 months. The North American market suffered the biggest losses. Since the beginning of the year, prices for hot-rolled sheets in the region have fallen by 27%, or $300/ton. At the same time, the Chinese market seems to have hit rock bottom in mid-March.Hot rolled steel prices in Western Europe for the period March 15-22, 2024, decreased by 2.8% compared to the previous week – to €660-700/t Ex-Works. Since the beginning of March, product quotations have fallen by €30/t, or 4.1%, and remained at the same level compared to the beginning of the year, although in January the peak price for hot-rolled plates in this region reached €760/t.

The situation in the Italian market is similar. During March 15-22, prices for hot-rolled sheets fell by €20/t, or 2.9%, compared to the previous week – to €660-670/t. Since the beginning of March, prices have fallen by €40/t, or 5.6%, and since the beginning of the year they have remained at the same level. At the same time, prices also peaked in January at €760/t.

In January, prices for hot-rolled steel in the EU were supported by a low supply of locally produced products and the exhaustion of import quotas. As demand increased and production capacity was limited, some producers were able to raise their target price levels, including ArcelorMittal, but this trend could not be sustained over the long term, so prices gradually declined in early February. Real demand did not support the mills’ intentions to raise prices to €800/t.