Steel I Beam Prices Q1 2022
China’s largest steelmaker, China Steel Corp, announced in the third week of February 2022 an increase in steel prices by 2.44% as the domestic demand improved which accelerated the inventory build-up. Angang Steel Co and Baowu Steel Group Ltd announced price hikes for domestic steel within the range of 31.55-63.11 USD/MT. Limited supply from Japan and South Korea while the demand for steel improved globally caused the market prices to go up in the region.
The steel prices in Europe went up in March and increased dramatically within the first two days of the month by almost 10%. The Ukraine-Russia war increased the metal prices on a global level as input costs like energy shot up amid raw material and input shortages which caused the prices to increase. In Europe the benchmark steel prices increased to 1160 EUR/MT in March as Russia reduced its steel supplies to Europe while exports from Ukraine were disrupted by the war which tightened the market.
Steel market in US witnessed a downward trend in the initial weeks of 2022 after observing record high prices in 2021. Prices for steel went in a downward spiral as supply improved but the prices went up once again during the Ukraine-Russia war situation as a result of global supply chain disruptions. In US raw material prices went up as pig iron supplies dwindled causing producers to hike the steel prices.
In Brazil, steelmakers announced price hikes in March for the next quarter to compensate for the weak margins during the Ukraine-Russia war which increased raw material and input costs. FOB prices for steel slab in Brazilian ports were recorded at 1100 USD/MT on March 11, rising by 250 USD/MT from the previous week.
Steel I Beam Prices (Q4 2021)
In the final quarter of the year, the Chinese steel I beam market price was recorded at 840 USD/MT in October which reduced to 731 USD/MT in December. The rise of the Indian steel industry had been aided by the availability of raw materials such as iron ore and low-cost labour. As a result, the steel sector's contribution to India's manufacturing output expanded dramatically.
In 2022 and beyond, China's crude steel production will most likely be restricted, limiting the annual output to levels close to those in 2021. This action is designed to provide the steel industry with more flexibility as it transitioned to a low-carbon economy, as well as to quiet market speculation about its production reduction, which had caused price volatility.
Prices continued to rise due to a lack of supply. End-user customers were not ready to accept the hikes, while stockists were forced to lower their inventory levels due to limited credit lines. The prices were recorded in the range of 700-1000 EUR/MT.
The market price of the beam was recorded at 1355 USD/MT in the fourth quarter. Imports of some steel products, such as hot-rolled coil, increased in the second half of 2021, as rising US prices made lower-cost imports more tempting despite taxes. As long as regional costs remain much higher than global pricing, imports will continue to play a large role in the US market.
Following a year of strong domestic steel demand in 2021, which drove prices to all-time highs, the Brazilian steel sector is projected to suffer downward pressures in 2022 as a result of the economic downturn, full inventories, and diminishing end-user demand.
Steel I Beam Prices (Q1-Q3 2021)
China's market price of the beam was recorded at 638 USD/MT at the start of the year, which then rose to 796 USD/MT in September. Prices continued to soar, with benchmark hot-rolled coil (HRC) commodities reaching an all-time high of 58,000 INR/MT (ex-Mumbai) as a result of supply constraints and increased demand from the construction, automotive, and white goods industries. In Mumbai commodities market in January 2020, the same grade of HRC was selling for 37,500 INR/MT. At the end of the fiscal year ending March, domestic flat Hot Rolled Coiled (HRC) prices had climbed by 40% since April 2020. Within this one-year period, prices for long steel, or TMT, were nearly 30% higher.
The market price of the beam in the first three quarters was recorded in the range of 970-1000 EUR/MT. There was a 13.3% rebound in the demand for structural steel. Due to stringent trade restrictions, central and southern European clients' demand increased dramatically, resulting in the highest beam price level in Europe, at 950 EUR/MT. Prices in southwest Europe were 50 EUR/MT lower. However, several consumers in Spain got emails indicating that a major local maker had stopped taking new orders, which some linked to the company's plan to sell at higher prices later.
Steel I beam market price was recorded in the range of 1315-1355 USD/MT in the first half of the year. The huge discrepancy between demand and supply, as well as the time it took for supply to catch up and replenish depleted supplies of the alloy, kept prices high. During the early months of the COVID-19 pandemic shutdowns, several steel factories in the United States halted production, assuming the world was on the verge of a deep recession. Iron ore and steel demand, on the other hand, experienced a temporary decline in demand. The impact of the pandemic on consumer spending habits and consumption patterns resulted in much higher demand in the industry than expected.
The market price in Mexico for the first three quarters was recorded in the range of 9000–9500 MXN/MT. A restocking campaign on the distribution side benefited steel factories in Brazil. In 2021, crude steel production increased 14.7% year over year to 36.03 MT, with the industry operating at 73% of its capacity. Imports accounted for the majority of market replenishment in 2021, accounting for 4.97 MT, up 144.1% from 2020.
Steel I Beam Prices Overview 2020
In 2020, the Chinese steel I beam market price was recorded at 565 USD/MT in January and 570 USD/MT in December. Despite the fact that China's industrial steel production increased by 150% in the same year, the country's imports of the alloy increased by 150% to 38.56 MT. Imports rose as businesses struggled to fulfil increasing demand driven by the government's efforts to pull the economy out of a coronavirus-induced slump. The prices recovered from a deep trough in April 2020, and continued to rise throughout the rest of the year as economic and industrial activity picked up.
The average price of steel I beam was recorded at 425 USD/MT due to decreased consumption. This was the steepest drop in the alloy’s consumption in the EU's history. Imports fell even more in 2020, following a downward trend that began in 2019, but this time owing primarily to the pandemic's influence on domestic demand. The economic and industrial lockdown implemented in response to the Covid-19 epidemic resulted in an exceptionally low demand for the alloy in the second quarter of 2020. After the government's COVID restrictions were partially lifted in the third quarter, industrial activity restarted, and prices dropped. The average weekly price assessment for domestically delivered steel reinforcing bar (rebar) in Northern Europe was 573 EUR in December 2020, according to the upstream market.
In 2020, the price of the beam was recorded on an average of 500-800 USD/MT. During the coronavirus epidemic, the demand dropped at first, but swiftly rebounded.
In response to the COVID-19 pandemic, the Mexican government introduced a USD 14.2 billion infrastructure investment plan with private sector enterprises for 29 projects in October 2020 as a part of the Economic Recovery Agreement. Brazilian steel I beam market price were recorded at 4.29 USD/kg.
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Steel I Beam is basically a beam with an I shaped cross-section. The horizontal or parallel section of this beam are called flanges while its vertical section is known as a ‘web’. Steel I Beam is represented by dimensions of web and flange. Further, in I-Beam, the size of web is greater than the size of flange unlike the H-beam. Steel I Beams are usually made of structural steel and are widely utilised in construction and civil engineering. It is commonly termed an “I” beam because of its shape, which provides great load bearing support when used horizontally or standing as columns.
In order to fabricate Steel I Beam, beam parts are assembled and SAW welded on an on-line assembly machine and corimpex welding machine. Welding is often carried out using submerged arc welding machines as this enhances the quality of weld.
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The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).