How much have steel prices gone up?

How much have steel prices gone up?

As of mid-May, the average price per ton of eight types of steel in the national steel market exceeded 6,600 yuan, nearly 400 yuan higher than the peak of 6,200 yuan in 2008, a rise of 2,800 yuan per ton compared with the same period last year, or a 75 percent year-on-year increase, CCTV Finance reported.

CCTV Finance pointed out that with the domestic steel prices rose at the same time as the international steel prices, and the rise is much higher than the domestic steel prices. For example, steel prices in the United States, once the world’s largest steel producer, have soared due to supply shortages. According to the World Steel Association, in mid-May, the price of hot-rolled coil in the Midwest of the United States was $1,644 (about 10,526 yuan) per ton, while the price of hot-rolled coil in Germany was $1,226 per ton. On May 14, steel bars with a diameter of 10 millimeters in South Korea reached 970,000 won (about 5,540 yuan) per ton, up nearly 50 percent from the end of 2020.

According to the data of the World Iron and Steel Association, in mid-May, the price of hot-rolled coil from steel mills in the Midwest of the United States was 1,644 US dollars per ton, equivalent to 10,570 yuan per ton, 4,800 yuan higher than the Chinese market, while the price of hot-rolled coil from Germany in the EU was 1,226 US dollars per ton, 2,116 yuan higher than the Chinese market. According to the data provided by China Iron and Steel Association, China’s economy continues to stabilize recovery, steel demand increased significantly, so far, China’s steel price index than at the beginning of the year rose 23.95%, and the same period, the international steel price index rose by 57.8%, the international market steel price rise significantly higher than the domestic.