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 saw a week-on-week increase, reaching JPY 45,000/t ($289/t), rising by JPY 500/t ($3/t) FOB Tokyo Bay on November 15 compared to the previous week. This was mainly due to stronger bids and limited supply from other countries. Meanwhile, domestic average scrap prices across three regions remained stable over the week at JPY 38,100/t ($245/t).
China
On November 16, domestic HRC prices in China were reported at Yuan 3,440/t ($476/t), reflecting a decrease of Yuan 60/t ($8/t) in line with the drop in SHFE HRC futures. Similarly, export HRC prices fell by $15/t during the week, settling at $495/t due to competitive pricing from other countries. The Chinese steel industry is expected to experience weak demand due to the seasonal slowdown and global economic uncertainties.
Vietnam
In Vietnam, a leading steel manufacturer announced a reduction in their HRC prices for December/January 2025 delivery. The revised prices are reported at $534-548/t (SAE1006, skin-pass) CIF Ho Chi Minh, influenced by lower domestic supplier prices and competitive import HRC prices from China. Meanwhile, Chinese import HRC prices at $510/t-$515/t CFR main port decreased by $15/t compared to the previous week. Demand remained weak.
Europe
In Northern Europe, HRC prices remained consistent with the previous week, recorded at EUR 558/t ($598/t) on November 12, with a slight increase of EUR 1/t ($1/t) compared to the prior week. Similarly, the HRC price in Southern Europe was reported at EUR 552/t ($592/t), unchanged from the earlier week. Trading activities are currently limited due to persistently weak demand.
America
The reference price for HRC in the US was $686/t, showing a gradual decline of $21/t compared to the previous week. In contrast, prices for US flat steel and scrap remained steady. Similarly, domestic rebar and wire rod prices were largely stable week over week, with a trend expected to rise by the end of the year.
The export HRC price in Brazil was $830/t, a decrease of $10/t compared to two weeks earlier. Domestic scrap prices in Mexico also fell by $5/t, now at $333/t compared to the previous week. Similarly, high-grade iron ore (65% Fe) in Brazil was calculated at $112/t, showing a reduction of $8/t over the week.
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