Recently, affected by the hot rolling prices of Formosa Plastics Steel Plant, India and Russia, the international steel market is being attacked by turbulence, which has caused the steel market to show a situation of “not busy during the peak season”.

In this regard, China Steel Chairman Weng Chaodong said that at present, China, Japan and South Korea's steel mills have joined the ranks of the market, expecting steel prices to reach the bottom, can quickly fall back from November to December.

Weng Chaodong pointed out that he will lead a delegation to Mexico to participate in this year's World Steel Association annual meeting from October 13 to 17, when he will exchange views with the leaders of the steel industry in the world, hoping to turbulent the recent steel market. Propose appropriate solutions, and help eliminate turbulence, so that the steel market as soon as possible.

For the recent steel market environment, Weng Chaodong pointed out that after the former Formosa Plastics Steel Plant lowered the hot rolled products by 51 US dollars per metric ton, India's hot rolling also went all the way down, and now it has encountered Russian low-cost hot rolling to spoil. As a result, the steel market in October did not expect good. The steel market should have entered the “Golden September and Silver 10” since September, and the traditional peak season of the steel market in the fourth quarter is now “the peak season is not prosperous”.

Weng Chaodong said that the market is not prosperous in the fourth quarter, mainly because the market is still full of uncertain factors. Recently, except for the mainland steel mills, the steel mills in Japan and South Korea are also supporting the market. The way of project price, to help downstream customers to support the export price, so that the steel market will not collapse.

Weng Chaodong pointed out that steel prices have fallen successively in recent years, and many steel mills are facing the edge of operating losses, and the international steel raw material prices are still at a high level. As the steel prices have reached the bottom, they are really falling, so look forward to November to December. It can stop falling as soon as possible. Otherwise, there will be only the last two months in the peak season. If it is not stable, the first season of next year will be the off-season, and the holidays such as the Lunar New Year holiday will be long. It is really not easy to expect the steel market to become better. Therefore, we are cautiously optimistic that the steel market will be better as soon as possible, so that upstream and downstream manufacturers can have a good year.