Demand for high-strength steel in Europe was weak, due among other things to seasonality, whereas demand on emerging markets was more stable.
Demand for standard steel in Europe was weak during the quarter and the market was still cautious after the holiday season.
Market prices for strip in Europe weakened further during the quarter. Heavy plate prices decreased somewhat during the quarter. Distributors have continued to adopt a cautious approach. Inventory levels in the market are estimated to be normal or somewhat low, although import volumes were at a high level during the quarter, relative to a very subdued total European steel market.
In North America, demand for heavy plate was lower and market prices saw a negative trend. Inventory levels at North American distributors were still low, but distributors were generally cautious against a backdrop of falling market prices.
Market prices in China for strip and heavy plate saw a slight upswing from low levels towards the end of the third quarter. This was due to announced stimulation of the Chinese economy.
Compared with the third quarter of 2024, SSAB Special Steels’ shipments are assessed to be somewhat lower during the fourth quarter, also prices are expected to be somewhat lower.
SSAB Europe’s shipments are assessed to be somewhat lower and prices are expected to be lower during the fourth quarter of 2024 compared to the third quarter.
SSAB Americas’ shipments are assessed to be higher, whereas prices are expected to be lower.
The costs of raw materials for SSAB Special Steels are expected to be somewhat lower compared to the prior quarter. Raw material costs for SSAB Europe are expected to be stable, whereas for SSAB Americas the costs are expected to be somewhat higher compared to the prior quarter.
| Q4 2024 vs. Q3 2024 | ||
|---|---|---|
| Shipments | Realized prices | |
| SSAB Special Steel | Somewhat lower | Somewhat lower |
| SSAB Europe | Somewhat lower | Lower |
| SSAB Americas | Higher | Lower |
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)