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
The export scrap prices in Japan decreased by JPY 400/t ($3/t), settling at JPY 41,600/t ($274/t) FOB Tokyo Bay on February 7. There remains a lack of active interest from major overseas markets. Similarly, the average domestic scrap prices in three key regions also fell by JPY 300/t ($2/t), reaching JPY 37,300/t ($246/t). Domestic demand continued to be sluggish.
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China
Domestic billet prices in China saw a week-on-week decrease, falling by Yuan 30/t ($4/t) to reach Yuan 3,040/t ($416/t) on Feb. 11. The combination of low demand and high inventory levels also contributed to declines in finished steel prices and rebar futures. Meanwhile, the iron ore spot price slightly increased by $3/t, reaching $108/t over the week, despite weak demand. Chinese steelmakers are considering reducing their production capacity to help stabilize prices.
Vietnam
In Vietnam, a leading steel producer announced a $13/t decrease in their HRC prices (SAE1006, non-skin-passed) for delivery in April and May 2025, adjusting the prices to $506/t. This move was driven by subdued domestic demand and competitive pricing from China. Meanwhile, imported HRC (SAE1006, 50% 2mm) from China experienced a modest week-on-week rise, increasing by $10/t to $485/t-$490/t.
Europe
Compared to the previous week, HRC prices in Northern Europe continued to rise, increasing by EUR 10/t ($10/t) to reach EUR 599/t ($619/t) on Feb. 11. Similarly, HRC prices in Southern Europe rose to EUR 593/t ($613/t), reflecting an increase of EUR 5/t ($5/t). Meanwhile, import HRC prices from Asia ranged between EUR 560/t and EUR 580/t ($577/t - $599/t) CFR Italy. Trading activity remained quite limited.
America
HRC prices in the US increased by $6/t compared to the previous week, reaching $760/t. US flat prices also rose in the second week due to tariffs. Import rebar and wire rod prices remained largely stable or low because of reduced demand amid tariff concerns. Meanwhile, domestic rebar and wire rod prices were also impacted by new tariffs but remained unchanged throughout the week.
Export HRC prices in Brazil were reported at $800/t, maintaining stability over the past six weeks. Meanwhile, export slab prices in Brazil decreased by $5/t over the week, reaching $535/t FOB main port. Conversely, high-grade iron ore (65% Fe) was noted at $121/t, marking a $3/t increase compared to the previous week.
Export rebar price in Brazil offers $20/t decrease, at $870/t CFR main ports against four weeks ago. At the same time, high grade iron ore (65% Fe) edge up $ 3/t compared earlier week, presented at $118/t. The same, export slab prices also upturn $5/t on week, performed at $535/t FOB main port.
