The Russo-Ukrainian war has led European and American countries, as well as Japan, to impose economic sanctions against Russia, which could cause tension in the global supply chain of raw materials and lead to higher steel prices in the future.
According to statistics, in 2021 Russia produced 76 million tons of crude steel, and Ukraine - 21.4 million tons. The market has analyzed that the two main steel-producing countries will be prevented from exporting steel, and foreign buyers will also tend to be conservative and place orders with domestic plants. The market price was expected to fluctuate greatly.
Therefore, the Taiwanese China Steel Corporation (CSC) planned to reduce export orders and switch to the supply of products from Taiwan's local industry in the event of a risk of war.
Yieh Phui, Taiwan's leading coated steel mill, accounts for 70% of export sales in 2021 and will closely monitor the situation and adjust domestic and export strategies.
The market expects sharp fluctuations in steel prices
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