CRU: War in Ukraine and Covid Create Divergent Sheet Price Paths

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 16

Global sheet prices took notably different directions this week as the war in Ukraine caused record w/w increases in Europe and the USA, while a fresh outbreak of Covid-19 in China pushed domestic prices lower and prevented increases in other Asian markets. Large European price increases prompted Indian exporters to target buyers in that region, resulting in notably higher domestic prices in India. However, domestic buyers in other parts of Asia have been hesitant to accept higher offers after Chinese domestic prices underwent their most significant weekly decline in months. We expect to see high levels of price volatility in the coming weeks as a result of these two developments.

Ryan McKinley

Ryan joined CRU in 2018 and is now the editor of the Steel Sheet Monitor. He also forecasts North American prices, production, demand, and trade for sheet and plate products in CRU's Steel Sheet and Plate Market Outlooks. Ryan has eight years of experience in steel market analytics, covering markets from steel metallics, steel long products, stainless steel, and now steel sheet and plate markets. Prior to joining CRU, he covered a variety of local North American scrap markets at Argus Media. He holds a BA in Political Science from Colorado State University in Fort Collins, Colorado, and an MA in Energy Politics in Eurasia from European University located in Saint Petersburg, Russian Federation. Ryan is based in Denver, Colorado.