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2024.03.08

Rebar Price in China Remains Unchanged, 8th March 2024

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The steel industry is a constantly evolving landscape, shaped by a multitude of factors that span across continents and industries. From the bustling markets of Asia to the industrial powerhouses of Europe, the dynamics of the steel market are in a constant state of flux. In this article, we delve deeper into the recent developments and trends in the global steel industry, shedding light on the stability of pricing, the forces that drive the market, and the delicate balance of supply and demand.

China 

The domestic prices for HRC in China held steady at Yuan 3,920/t ($545/t), showing no significant movement compared to the previous week, thanks to the stable pricing of SHFE Futures. On the other hand, export prices for HRC dropped by $5/t, reaching $555/t, as buyers remained cautious and kept their stock levels low due to concerns about the price trend. Similarly, the price of rebar in China remained unchanged at Yuan 3,850/t ($535/t) compared to the previous week.

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Japan 

Export scrap prices in Japan saw a slight uptick on Mar. 01, with prices at JPY 52,100/t ($347/t) FOB Tokyo Bay. Compared to the previous week, there was a modest increase of JPY 100/t ($0.6/t). Similarly, average domestic scrap prices also rose by JPY 100/t, reaching JPY 49,100 ($326/t). The slow demand from overseas markets has led to a slowdown in consumption, which in turn is limiting trading activities.

Market Trend 3

Europe

There was a slight decrease in HRC prices in Europe this week. In Northern Europe, HRC prices stood at EUR 716/t ($777/t) on Feb. 28, marking a decrease of EUR 7/t ($8/t) compared to the previous week. Similarly, HRC prices in Italy also saw a decline, with prices at EUR 712/t ($772/t), down by EUR 9/t ($10/t). Despite higher production levels, slow demand has contributed to the recent downtrend in prices.

America 

The HRC price in the US stood at $780/MT on March 4th, experiencing a decrease of $35/MT for the week. In January, HRC imports to the US saw a slight increase of 0.2% compared to December 2023, totaling 183,110 MT valued at $159.40 million. The largest import market for HRC in the US is Canada, with 95,979 MT, followed by Japan in second place with 24,297 MT.

The domestic scrap prices in Mexico showed a softer performance this week, with a significant drop to $403/MT on Mar. 01, marking a dramatic decrease of $36/MT compared to the previous week. Similarly, the export price for slabs in Brazil also experienced a decline of $15/MT, now priced at 645/MT. Additionally, high-grade iron ore in Brazil saw a decrease of $5/MT, now priced at $130/MT.

Market Trend 7

Viet Nam

Imported Hot Rolled Coils (HRC) were priced at $595/t CFR on Feb. 28, showing a $15/t decrease compared to the previous week. Furthermore, a significant announcement was made last week by a major steel mill in Vietnam, reducing the price of HRC (SAE1006, non-skin skin pass) for March/April delivery by $45/t. The revised price now ranges from $598-$611 CIF Ho Chi Minh. Both the domestic and export markets are experiencing a slowdown in downstream sales as a result.

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Rebar Price in China Remains Unchanged, 8th March 2024

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