Demand for high-strength steel was slightly lower compared to the start of 2023, mainly within segments related to the construction industry in Europe and North America.
Demand for standard steel in Europe was relatively weak during the quarter and among other things, the restocking was less pronounced than normal.
Market prices for strip and heavy plate in Europe took a downturn during the first quarter following the recovery that took place at the end of 2023. Distributors adopted a cautious approach during the quarter and import volumes increased compared to a year earlier. Inventory levels in the market are estimated to be normal.
In North America, demand for heavy plate was lower and market prices fell during the first quarter. Inventory levels at North American distributors were still low, but they were generally cautious against a backdrop of lower market prices.
Market prices in China for strip and heavy plate fell during the first quarter.
Compared with the first quarter of 2024, SSAB Special Steels’ shipments are assessed to be higher during the second quarter, whereas prices are expected to be somewhat lower.
SSAB Europe’s shipments are assessed to be higher and prices to be stable during the second quarter of 2024 compared to the first quarter. The estimate includes the effects of political strikes in Finland in March and April.
SSAB Americas’ shipments are assessed to be somewhat higher and prices somewhat lower.
The costs of raw materials are expected to be somewhat lower compared to prior quarter.
| Q2 2024 vs. Q1 2024 | ||
|---|---|---|
| Shipments | Realized prices | |
| SSAB Special Steel | Higher | Somewhat lower |
| SSAB Europe | Higher | Stable |
| SSAB Americas | Somewhat higher | Somewhat lower |
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)