Iron and steel prices on March 2, 2022: Steel rose to the highest level in more than 2 weeks

The price of hot rolled coil for delivery in May 2022 on the Shanghai Commodity Futures Exchange rose 2.1% to CNY 5,138 (US$814.06)/ton, after touching CNY 5,158/ton in previous trading session, the highest level since 11/2/2022.

Russia is facing an unprecedented wave of economic sanctions from its Western allies for its invasion of Ukraine, which accounts for about 10% of the total global steel trade, analysts say. accounted for 4%.

Rising steel prices have boosted the prices of steelmaking raw materials.

The supply disruption will force some major investors to look for alternative sources, and "only China can fill this huge market gap for now".

Rebar price increased 1.8% to CNY 4,860/ton, after peaking at CNY 4,893/ton, the highest level since February 14, 2022.
Ahead of China's annual congressional meeting on Saturday, the prospect of rising Chinese steel demand has supported prices, as China is likely to announce more stimulus measures to ease growth. .
Rising steel prices have spurred interest in steelmaking raw materials such as iron ore and coke.

The May iron ore contract on China's Dalian Commodity Exchange jumped 5.9% to its highest level since February 15, 2022.
On the Singapore Exchange, iron ore contract for delivery in April 2022 increased by 0.5% to 148.80 USD/ton.
Disruptions to iron ore exports from Russia and Ukraine are also believed to have prompted some European buyers to look for alternative sources, potentially tightening global supplies.
However, Dalian coking coal and coking coal prices rose 3.9% and 2.8%, respectively, after hitting their highest levels since October 2021.

VITIC/Reuters