Blog

2024.08.08

Steady HRC Prices in Europe, 08th August 2024

Market Trend 13

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 took a hit this week, dropping to JPY 48,900/t ($329/t) FOB Tokyo Bay on Aug. 02. This significant decrease of JPY 1,100/t ($7/t) from the previous week was influenced by the recovery of the JPY against the US dollar. Additionally, domestic scrap prices also saw a decline of JPY 1,000/t ($7/t), now standing at JPY 49,500/t ($333/t).

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China 

In China, the domestic price of HRC dropped to Yuan 3,460/t ($483/t) on Aug. 03, marking a decrease of Yuan 50/t ($7/t) from the previous week. This decline mirrors the downward trend of SHFE HRC futures prices. Similarly, the export price of HRC also saw a decrease, falling by $5/t to reach $495/t for the week. The combination of a seasonal slowdown and economic uncertainties has intensified the pressure on prices due to weak end-user demand.

Market Trend 3

Vietnam

In Vietnam, a prominent steel manufacturer has recently announced a reduction in their price for Hot Rolled Coil (HRC) SAE1006, by $25 per ton for deliveries in September and October. Following this adjustment, the revised price now stands at $530 per ton CFR HCM port. One of our valued customers, Bien Hoa Steel, has shared that their current production capacity is operating at just 60%, producing around 8,000 tons per month with almost continuous night shifts. They are currently facing strong competition from other domestic steel plants.

Europe 

HRC prices in Europe have remained steady this week. In Northern Europe, HRC prices stood at EUR 621/t ($671/t) on Aug. 02, showing a slight decrease of EUR 4/t ($4/t) compared to the previous week. Similarly, HRC prices in Southern Europe were reported at EUR 621/t ($671/t), experiencing a $4/t decline for the week. The market has been notably calm during the summer season.

Market Trend 7

America

HRC prices in the US saw a week-on-week increase, reaching $681/MT and rising by $3/MT within just one week. Additionally, there is potential for scrap prices in the US to increase by $20/t in August due to a shortage in supply. Despite this, import rebar prices in the US have remained stable compared to the previous week. Market participants are also expressing beliefs that flat steel prices may have reached their lowest point.

In Mexico, the domestic scrap prices have seen an increase, now standing at $420/t, rising by $16/t from the previous week. On the other hand, export slab prices in Brazil have remained relatively stable week on week, maintaining at $525/MT FOB for main ports. Additionally, the price of high-grade iron ore in Brazil has experienced a slight decrease to $116/MT, down by $1/MT compared to the previous week.

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Steady HRC Prices in Europe, 08th August 2024

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