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The global steel market is presenting a complex picture this week. While some regions experience slight price increases, a concerning trend of softening demand and declining prices is taking hold in others. This update will delve into the details, exploring price movements and potential implications across key steel-producing and consuming regions.
Japan
Japanese export scrap prices continued their downward trend this week, standing at JPY 47,000/t ($318/t) FOB Tokyo Bay on Aug.16. This marked a decline of JPY 500/t ($3/t) compared to the previous week, reflecting the weakening demand from major overseas markets. Meanwhile, domestic scrap prices remained stable at JPY 47,500/t ($323/t) from the previous week.
China
HRC prices in China took a sharp downturn this week, plummeting by Yuan 240/t ($33/t) to reach Yuan 3,150/t ($440/t) on Aug.17, driven by a decline in Shanghai Futures Exchange (SHFE) futures. Similarly, export HRC price offers also saw a weekly decrease, now standing at $480/t, marking a $15/t drop. Both overseas and domestic demand remained sluggish, with inventory levels remaining high.
Vietnam
In Vietnam, the import price of HRC from China ranged from $505 to $510 per metric ton CFR at the main ports, showing a $10 decrease compared to the previous week. Furthermore, a prominent steel market in Vietnam has announced adjustments to their HRC prices for September and October deliveries. Following the revision, prices now stand at $520 to $530 per metric ton CIF at the main ports for SAE1006, non-skin-passed material, marking a $40 decrease. Despite these changes, domestic demand in Vietnam remains constrained.
Europe
In Europe, HRC prices remained relatively stable week after week. In Northern Europe, HRC prices stood at EUR 613/t ($671/t) on Aug.15, showing a slight decrease of EUR 6/t ($7/t) compared to the previous week. Similarly, HRC prices in Southern Europe maintained the same level at EUR 613/t ($671/t), also experiencing a decrease of EUR 6/t ($7/t). The market remained quiet, with buyers cautious about replenishing inventory levels during the summer holiday season.
America
HRC prices in the US showed a soft performance this week, experiencing a week-on-week decrease to $656/MT, down by $16/MT. In contrast, import rebar prices in the US remained relatively stable during the same period. Additionally, US rebar prices saw a slight decline despite scrap prices holding steady in August.
The domestic scrap price in Mexico stood at $425 per ton, showing a $5 increase compared to the previous week. Meanwhile, export slab prices in Brazil remained stable from the previous week, standing at $520 per metric ton FOB at the main ports. However, there was a noticeable downward trend in the high-grade iron ore prices in Brazil for this week.
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