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
Export scrap prices in Japan are currently set at JPY 44,500/t ($292/t), having decreased by JPY 1,700/t ($11/t) FOB Tokyo Bay as of November 8 compared to two weeks prior, indicating weak import demand. Additionally, buyers are anticipating the price trend from the Chinese market and the outcome of the upcoming Kanto tender in November.
China
Domestic HRC prices in China remained largely unchanged from the previous week, standing at Yuan 3,500/t ($487/t) on November 9, despite a slight increase in SHFE futures prices. Similarly, export HRC prices were mostly stable in a quiet market, reported at $510/t. The market remains uncertain, with weak end-user demand causing a slowdown in consumption and limiting trading activity.
Vietnam
In Vietnam, domestic HRC was priced at $537/t (SAE1006, non-skin passed) for December and January delivery. Meanwhile, imported HRC from China was priced between $525/t and $530/t CFR main port. Steel prices have remained stable over the past week, with no significant changes reported. This stability persists despite the backdrop of increasing international iron ore prices and shifts in the global market.
Europe
In Northern Europe, HRC prices reached EUR 559/t ($609/t) on November 7, marking a slight increase of EUR 1/t ($1/t) from the previous week. Conversely, in Southern Europe, HRC prices are on a downward trend this week, recorded at EUR 552/t ($601/t), a decrease of EUR 6/t ($7/t). Demand remains stagnant, and booking activity is very sluggish.
America
HRC prices in the US remained stable, calculated at $707/t, with a slight increase of $1/t compared to the previous week. Domestic rebar prices also saw a slight rise during the week. Meanwhile, wire rod prices remained mostly stable despite a supply shortage. On the other hand, scrap and flat steel prices in the US are expected to remain flat or decrease in the second week of November.
Domestic scrap prices in Mexico increased by $10/t, reaching $338/t compared to the previous week. Meanwhile, the export slab price in Brazil remained largely stable week over week, at $530/t FOB main ports. Similarly, high-grade iron ore (65% Fe) in Brazil was reported at $120/t, maintaining relative stability during the same period.
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