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
On November 29, export scrap prices in Japan were listed at JPY 43,000/t ($287/t), FOB Tokyo Bay, showing a decrease of JPY 2,000/t ($13/t) from the previous week. This price drop was influenced by weak demand from major buyers, high ocean freight costs, and the depreciation of the JPY against the US dollar. Conversely, domestic average scrap prices across three regions remained at JPY 38,200/t ($255/t), with a slight increase of JPY 100/t ($1/t) over the week.
China
On November 30, domestic HRC in China was priced at Yuan 3,470/t ($479/t), marking an increase of Yuan 30/t ($4/t) from the previous week, as SHFE HRC futures remained stable and domestic demand showed signs of improvement. The upward price trend was also supported by rising raw material costs. Similarly, export HRC prices were listed at $510/t, up $25/t from the previous week, although market activities remained sluggish.
Vietnam
In Vietnam, leading steel producers have announced a $12/t reduction in their HRC price (SAE1006, non-skinpassed) for February/March 2025 delivery. Following this adjustment, the price is now $525/t, reflecting a weaker market outlook and increased competition from Chinese HRC. At the same time, the import price of HRC from China has continued to fall by $5/t over the week, ranging between $505/t and $510/t CFT main port. The demand for finished steel in the market remains sluggish.
Europe
Throughout Europe, HRC prices showed minimal fluctuations this week. In Northern Europe, prices were recorded at EUR 560/t ($591/t) on December 2, marking a slight drop of EUR 3/t ($3/t) from the previous week. Conversely, in Southern Europe, prices rose by EUR 1/t ($1/t) over the week, reaching EUR 558/t ($588/t). Trading activity remained subdued during this time.
America
As of December 2, the reference price for HRC in the US increased to $700/t, reflecting a rise of $24/t compared to the previous week. Meanwhile, domestic rebar and wire rod prices remained largely stable in a subdued market. Likewise, US scrap prices held steady due to limited demand. Nonetheless, flat steel prices in the US are anticipated to rise.
The export HRC price in Brazil was assessed at $820/t, reflecting a slight decrease of $10/t over the last two weeks. Concurrently, export slab prices in Brazil at $540/t FOB main ports increased by $10/t compared to the previous week. Meanwhile, domestic scrap prices in Mexico fell by $17/t during the week, settling at $316/t.
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