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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
In Japan, the export scrap market saw an 8% drop in volume during the first nine months of 2024 compared to the same period last year, amounting to 4.49 million tonnes versus 4.88 million tonnes in 2023. This reflects a global decline in demand and increased competition from other countries. Domestic scrap prices also faced lower offers, and construction activity remained limited.
China
HRC prices in China are expected to rise in the coming week, indicating a positive market outlook. Rebar and wire rod prices remained mostly stable throughout the week. Inventory levels have decreased, and additional economic policies from the government are anticipated to support price levels. China's export market is showing encouraging signs, with steel exports reaching 10.15 million tonnes in September, a 26% increase compared to the same period in 2023.
Vietnam
In Vietnam, a leading steel producer has announced a reduction in their HRC prices for January and February shipments next year by $13/t. After the adjustment, the price is set at $537/t (SAE1006, non-skinpassed), mainly due to a weakening domestic market and competitive pressure from imported HRC from China. Demand in the real estate and construction sectors remained sluggish.
Europe
HRC prices in Europe are on an upward trend this week, influenced by a weakened import market amid subdued demand. In Northern Europe, HRC prices reached EUR 558/t ($606/t) on November 4, marking an increase of EUR 9/t ($10/t) over the past week. Similarly, HRC prices in Southern Europe aligned with those in Northern Europe, reported at EUR 558/t ($606/t), rising by EUR 12/t ($13/t).
America
HRC prices in the US remained mostly stable throughout the week, with a reference price of $705/t, showing a slight increase of $1/MT compared to the previous week amid sluggish demand. Similarly, domestic and imported rebar prices were reported to be steady over the week. Meanwhile, wire rod prices continued to maintain a premium. On the other hand, scrap prices in the US are projected to remain flat or decrease in November.
Export HRC in Brazil was priced at $840/t, having decreased by $25/t over two weeks. Similarly, the export slab price in Brazil dropped by $5/t during the same period, reaching $530/t FOB main ports. Meanwhile, high-grade iron ore (65% Fe) in Brazil was valued at $120/t, marking a $5/t increase over the past week. Concurrently, domestic scrap prices in Mexico rose by $5/t to $328/t after remaining stable for four weeks.
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