Price Analysis of China’s Marine Steel Plates in 2024

The cost of steelmaking has fundamentally increased the price of marine steel plates. From a cost perspective, the prices of raw materials such as iron ore and coke have risen strongly, steel mill production costs are high, and steel plate prices have strong cost support. Since May 2023, the supply of iron ore in Australia, Brazil and other countries has continued to be insufficient, causing the iron ore inventory of domestic steel plants to bottom out, which in turn has caused domestic iron ore prices to fluctuate and rise.

The rapid development of the shipbuilding industry supports steel plate prices. From the perspective of demand for marine steel plates, domestic new ships will be delivered intensively in 2024-2025. my country is expected to deliver 48.54 million deadweight tons of new ships in 2024. Rigid demand for ship plates and other raw materials will continue to support steel plate prices.

Overall, on the one hand, domestic macroeconomic policies are conducive to the recovery of steel demand. On the other hand, the amount of steel used in ship construction is rising, while steel production capacity is still in the tightening stage. The tight relationship between supply and demand has helped steel prices rise. In addition, the cost of steelmaking raw materials has stabilized. It is expected that the price of marine steel plates will be "easy to rise but difficult to fall" in the future.

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