You are here: Home > Steel News > Interviews > Hellenic...

Hellenic Halyvourgia: We expect to see more trade measures in 2024

Wednesday, 17 January 2024 10:54:59 (GMT+3)   |   Istanbul
       

Petros Korkovylos Hellenic Halyvourgia Chief of Trade

2023 was another year that proved that in the steel markets nothing ever stays the same and constant change is the only sure prediction. 

In Europe, we saw actual demand declining across the board and prices remaining on a downward to stabilizing path. This was normal after prices had reached high levels in 2022 during the energy crisis and the war in Ukraine, which had prompted increased buying activity. Moreover, inflation bit hard, and this was detrimental to physical demand. In addition to all that, we also had the Gaza conflict in the last quarter, which has been another negative factor for demand and which creates extra confusion, especially in the Mediterranean steel market. 

In Asia, things were not great, partly also due to the substantial increase in Chinese exports. This was not very much expected and also led to lower prices of steel products, especially in Asia. India was probably the best performer, having seen important increases in demand and in production. The US also witnessed reduced production rates and demand levels, but still at very healthy levels. 

Concerning 2024, we expect to see some demand stabilization in Europe and prices to stabilize as well, at higher levels than pre-2022. Of course, the developments in the two wars currently happening will also determine energy costs, which in turn will affect demand and pricing. 

In Asia, we also expect to see some better demand, due to Chinese policies taking effect. India will also play a crucial role, if they can keep up with their excellent performance of 2023. The US market also looks promising, and, being an election year, we expect demand to be strong. 

Apart from the above, we continue to see more trade restrictions both in finished products and raw materials across the globe, since governments want to protect their steel production. Europe is trying to push hard on its environmental policies and others are following suit in order to be able to also access the European market. This is encouraging as we all work for the protection of our planet. 


Similar articles

Southern European longs market still unchanged

19 Jul | Longs and Billet

Longs prices in southern Europe remain stable

14 Jun | Longs and Billet

Price hike attempts in southern European longs market

07 Jun | Longs and Billet

Southern European longs market faces weak demand, falling prices

15 Mar | Longs and Billet

Southern European longs market fails to improve, some import offers may attract interest

09 Feb | Longs and Billet

Southern European mills seek to consolidate longs price rises before holidays

07 Dec | Longs and Billet

CRC and HDG suppliers in Europe target further rise, but trade still slow amid weak demand

17 Nov | Flats and Slab

Corinth Pipeworks to supply pipes for natural gas pipeline in Black Sea

15 Nov | Steel News

Italy’s rebar price hike attempts fail for now, import offers remain active

13 Oct | Longs and Billet

Southern European longs market unchanged, but sellers hope for increases

29 Sep | Longs and Billet