Imported flat-rolled steel and plate prices and volumes both dropped year on year in the United States, Fastmarkets has learned, while shipments of foreign semi-finished steel soared in January and domestic markets saw further softness.
Imported prices have decreased, following the negative trend of global commodity prices - especially as concerns around the Wuhan coronavirus rise, market participants said.
The Wuhan coronavirus outbreak, which has caused almost 30,000 infections and more than 500 reported deaths, has already resulted in a panic effect in the steel sector in China, where a sell-off of Chinese steel futures has taken place during a time when market conditions usually improve.
Sources have anticipated that this worsened steel sector performance in China would have a ripple effect in the steel industry across the globe, the US market included.
Besides the bearish global market trend, recent softness in the domestic flat-rolled and plate markets indicated that products from overseas have to be more aggressive on pricing in order to attract buyers in the US.
Still, sources also noted that the number of foreign offers has been reduced in...