Electrical Steel Prices

Electrical Steel Prices September 2024

The electrical steel prices in the United States for Q3 2024 reached 5895 USD/MT in September. The prices of electrical steel in the country exhibited a sustained upward trajectory throughout Q3, reflecting a favorable market environment. Year-over-year price growth highlighted this positive momentum, with prices increasing in the second half of Q3 in comparison to the first. Although prices remained stable compared to the preceding quarter, the period ended with a robust and gradually improving market sentiment.

The price trend for electrical steel in Japan for Q3 2024 settled at 1400 USD/MT in September. The leading Electric Arc Furnace (EAF) steel manufacturer in Japan, Tokyo Steel, has decreased its scrap buying costs due to shifting industry dynamics and to stay viable. This price cut could reduce manufacturing expenses for businesses dependent on Tokyo Steel for their supplies, but it may also influence the global pricing of ferrous products. In spite of changes in international markets, the electrical steel industry in Japan has remained consistent, demonstrating durability and flexibility to shifts in the market.

In Germany, the electrical steel prices for Q3 2024 reached 1810 USD/MT in September. The country remained stable in its domestic market throughout the quarter. Notably, prices stayed relatively constant during this period, demonstrating a phase of equilibrium in prices. By the end of Q3, electrical steel prices reflected the existing environment of stability despite underlying variabilities, decreased need, and shifting industry dynamics. Even with these issues, pricing conditions held firm, highlighting the resilience of the German market in a complex and fluctuating economic environment.

Electrical Steel Prices June 2024

During the second quarter of 2024, the electrical steel prices in Japan reached 1453 USD/MT in June. The market observed a consistent downturn in prices during Q2 of 2024, largely due to reduced demand from the construction and automotive industries. A seasonal dip in production prices alongside declining demand further pressured prices downward. This persistent drop highlights a challenging economic landscape, reflecting uncertain market sentiments and a strategic response to changing supply and demand dynamics.

In Q2 2024, the prices for electrical steel in Germany reached 1878 USD/MT in June. In addition, the market maintained steady prices due to a balance between demand and supply and a focus on sustainable production methods. The market experienced no considerable price fluctuations, illustrating a stable market condition. This equilibrium was supported by consistent industrial demand and strategic adaptation to ongoing economic pressures, maintaining market stability throughout the period.

Electrical Steel Prices December 2023

The price trend for electrical steel in the USA for Q4 2023, reached 5711 USD/MT (M15-C5 coil) in December. The US electrical steel market witnessed significant volatility in prices in Q4 2023 as a result of plant shutdowns and supply-demand balance. The market experienced a small increase in pricing, indicating resilient growth. The market's capacity to adjust to shifting conditions is exhibited by a modest gain from Q2 and a price variation between the 1st and 2nd halves.

The price trend for electrical steel in Germany for Q4 2023, reached 2180 USD/MT (50 WW-800 coil) in December. The market witnessed major price changes, with prices for electrical steel (50-WW-800 coil) dropping marginally. This indicates market flexibility and the cost discrepancy concerning the 1^st and 2^nd halves. Furthermore, the dynamic nature of the market was mirrored in the current market condition, with the price of an electrical steel (50 WW 800) coil in Germany.

Regional Coverage

The report provides a detailed analysis of the electrical steel market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast, and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the electrical steel price trend.

Global Electrical Steel Price

The report offers a holistic view of the global electrical steel pricing trends in the form of electrical steel price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into electrical steel historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into electrical steel price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed electrical steel demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Electrical Steel Price

Q3 2024:

During the third quarter of 2024, electrical steel prices remained stable in Europe, influenced by several key factors. The market faced numerous challenges, which included issues in the automotive industry and a downturn in the construction industry, resulting in low purchasing activity. Despite weak demand, construction industry premiums held steady on account of limited supply. Prices stayed unchanged throughout Q3 2024, demonstrating a stable pricing interval despite these obstacles.

Q2 2024:

In Europe, electrical steel prices remained consistent in Q2 of 2024, influenced by lower demand in key industries including construction and automotive, coupled with growing imports from Asia. The European Commission's (EU) consideration of import defense actions helped stabilize prices by possibly capping imports from major steel producers. The price environment was characterized by steadiness, with little fluctuation observed, reflecting a market adapting to evolving external conditions while maintaining core market dynamics.

Q1 2024:

The European market faced downward pressure on prices in the first quarter, primarily due to a slump in requirements from the construction sector, notably in Germany, and an observant buying atmosphere amidst worsening monetary conditions. The reduced consumption and the broader economic downturn significantly influenced market sentiment, resulting in a progressive decline in prices as the quarter unfolded.

Q4 2023:

In Q4 2023, the European electrical steel market had an unusual landscape with no recorded plant shutdowns, maintaining uninterrupted operations. Germany, which saw major price changes, had an important role in establishing the regional narrative. The market's flexibility to diverse forces was obvious, as Electrical Steel (50 WW 800) Coil prices fell from the previous quarter.

This analysis can be extended to include detailed electrical steel price information for a comprehensive list of countries.

North America Electrical Steel Price

Q3 2024:

During the third quarter of 2024, the prices of electrical steel in the North American market experienced a slight rise, with the most notable changes occurring in the United States. This price rise was due to numerous circumstances. A steady supply of materials and growing requirements in the renewable energy sector and the automotive industry contributed substantially to the upward trend. The year-over-year comparison highlighted this growth, with the pricing environment remaining positive throughout Q3.

Q2 2024:

Electrical steel prices in North America observed a steady price during the second quarter of 2024, mostly due to robust requirements from industries such as transformers and home appliances and constant raw material costs. There were no notable disruptions to the supply chain, indicating a condition of balanced supply and demand. Moreover, new manufacturing capabilities and fluctuating levels of import further added complexity; however, they also helped to keep prices stable. Price movements were rather stable, especially in the United States, mirroring historical seasonal patterns in manufacturing and infrastructure demand. This constancy demonstrated how well the market handled earlier instability.

Q1 2024:

The electrical steel market showed a noticeable upward trend in pricing in North America during Q1 2024, driven by steady steel output as well as a spike in requirements for infrastructure and industrial fabrication projects. Additionally, the revival of the industrial sector and rising building material costs have led to price hikes, especially in the USA. However, consumers' cautious buying habits have resulted from economic uncertainty, which may limit further price hikes.

Q4 2023:

The North American electrical steel market in Q4 2023 was marked by dynamic shifts and pricing volatility, with no announced factory shutdowns. The United States was an important market, with prices increasing slightly over the previous year, further demonstrating the market's flexibility. The market's trend was marked by a minor price difference between the first and second half of the quarter.

Specific electrical steel historical data within the United States and Canada can also be provided.

Middle East and Africa Electrical Steel Price

The report explores the electrical steel pricing trends in the Middle East and Africa, considering factors such as regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Electrical Steel Price

Q3 2024:

Electrical steel prices in the Asia Pacific region remained steady throughout the third quarter of 2024 due to a range of factors, such as balanced supply and demand, a positive industry environment, and international economic trends. Japan, which experienced the most notable fluctuation in prices, experienced a decline in contrast to Q3 2024, highlighting issues within the steel sector. Quarter-on-quarter analysis underscored the resilience and stability of the market despite external challenges. Additionally, prices stayed consistent throughout Q3 2024, demonstrating a stable pricing trend during the period.

Q2 2024:

In Q2 2024, the Asia Pacific market observed falling pricing, mostly as a result of overstock and decreased requirements from fundamental industries. This decline was exacerbated by important exporters' aggressive pricing. Sluggish economic growth and regulatory restraints tempered market reaction, prompting buyers to handle inventories cautiously. Moreover, Japan experienced sharp price cuts resulted by a decline in requirements from the construction and automobile industries. This ongoing price reduction during the quarter highlighted the difficulties the market was facing due to supply and demand constraints.

Q1 2024:

Throughout the Asia-Pacific region, electrical steel pricing trends have varied, particularly in Japan, where market dynamics were less favorable in the initial months due to diminished requirements from construction and automotive sectors and inventory surpluses. Despite these challenges, a spike in local demand for coal in March, alongside rising costs for fuel, materials and shipping, pointed to a potential stabilization in pricing as the quarter progressed, driven by innovation in the electric vehicle sector spearheaded by major corporations.

Q4 2023:

The Asia Pacific or APAC electrical steel market fluctuated significantly in the fourth quarter of 2023, driven by factors such as supply chain dynamics, regulatory complexities, and raw material pricing. Japan, a prominent actor in regional market disruptions, implemented distinctive price modifications. The market's adaptation was apparent in correlation analysis, with Japan's electrical steel coil closing the quarter at a typical price, demonstrating the region's tenacity in managing market complexities. No recorded plant shutdowns disrupted market dynamics, ensuring a consistent supply and demand flow.

This electrical steel price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Electrical Steel Price

The analysis of electrical steel prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Electrical Steel Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Electrical Steel Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of electrical steel pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of electrical steel at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of electrical steel price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing electrical steel price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Electrical Steel Market Analysis

The global electrical steel industry size reached US$ 39.9 Billion in 2023. By 2032​, IMARC Group expects the market to reach US$ 64.5 Billion, at a projected CAGR of 5.30% during 2023-2032​.

• The increasing demand for energy-efficient transformers and electrical appliances is a significant factor bolstering the market growth, as electrical steel's high magnetic permeability and low core loss enhance the efficiency of these devices, reducing energy consumption.
• Besides this, the widespread adoption of renewable energy sources including wind and solar power necessitates the expansion of electrical infrastructure, driving the demand for electrical steel in transformers and generators.
• Rapid urbanization and industrialization are fueling the construction of new power transmission and distribution networks, boosting the demand for electrical steel. As per Our World in Data, it is anticipated that 1 in 7 individuals will live in urban areas by 2050.
• Additionally, stringent government regulations aimed at improving energy efficiency and reducing carbon emissions are compelling manufacturers to use high-quality electrical steel in energy-efficient transformers and motors, creating a positive outlook for market expansion.
• Concurrent with this, ongoing technological advancements in electrical steel manufacturing processes, such as grain-oriented and non-grain-oriented electrical steel, are enhancing the material's magnetic properties, thereby strengthening the market growth.
• The flourishing automotive industry, particularly the increasing production of electric vehicles (EVs), is driving the demand for electrical steel in motors and batteries, as it offers superior magnetic properties crucial for EV performance.
• Furthermore, the thriving electronics industry, driven by the proliferation of smart devices and IoT (Internet of Things) technology, is boosting the demand for electrical steel in the production of inductors, transformers, and other electronic components.
• In addition, the development of smart grids and digitalization in the energy sector is driving the need for advanced electrical infrastructure, bolstering the demand for electrical steel in transformers and power distribution equipment.
• According to data from IEA, an investment of USD 24,234 billion is expected to be pumped between 2014 and 2035 with the aim of net addition of 24.2 million kilometers of power distribution lines. Such extensive investments in infrastructure projects, spurring the demand for electrical steel in construction applications such as power plants, substations, and transmission towers, are projected to create new growth avenues for the market.

Electrical Steel News

The report covers the latest developments, updates, and trends impacting the global electrical steel industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the electrical steel price trend.

Latest developments in the electrical steel industry:

• In December 2023, Thyssenkrupp Steel commissioned a new slitting line in Italy, tripling its capacity to produce high-efficiency electrical steel for the automobile sector. The line, which is intended for processing thin electrical steel, can slice up to 500 meters per minute. The investment is consistent with Thyssenkrupp Steel's Strategy 20-30, which aims to convert Bochum into an electric mobility center. The business also launched a new steel grade called NO25 for electric cars.
• In March 2023, Baosteel completed its first professional high-grade non-oriented silicon steel manufacturing line for the new energy vehicle sector, producing 500,000 mt of high-grade silicon steel per year.
• In January 2023, Nucor Corporation launched Elcyon™, a sustainable heavy gauge steel plate product for offshore wind energy applications. Elcyon, manufactured in Nucor's Brandenburg, Kentucky factory, is a clean, advanced steel product that emits lesser greenhouse gas than standard steelmaking techniques. It is aligned with the stringent requirements of offshore wind energy designers and fabricators. Nucor intends to provide Elcyon in a variety of plate grades and sizes.

Product Description

Electrical steel, commonly known as silicon steel or transformer steel, is a kind of steel alloy with certain magnetic characteristics required for electrical purposes. It is usually used to manufacture electromagnetic equipment such as transformers, electric motors, generators, and inductors.

Electrical steel usually includes silicon, which works as a magnetic flux enhancer, improving the material's magnetic characteristics. Furthermore, it is frequently made with particular grain orientations and narrow-gauge thicknesses to improve its magnetic performance.

Electrical steel has high magnetic perviousness and minimal core loss, proving it to be extremely efficient in converting electrical energy. This lessens energy losses in every part of the conversion process, resulting in better performance and sustainability of electrical systems. It is critical to contemporary electrical infrastructure as it allows for efficient power transmission and consumption.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of electrical steel pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting electrical steel price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The electrical steel price charts ensure our clients remain at the forefront of the industry.