The global steel landscape presents a tale of contrasting fortunes this week, with regional markets displaying divergent trends that reflect underlying economic pressures and policy interventions. From Japan's inventory challenges to China's government-backed recovery, here's our comprehensive analysis of the latest developments.
Japan
Japan’s export scrap prices registered a marginal uptick, reaching JPY 41,600 per tonne ($282/t) FOB Tokyo Bay as of September 12—a week-on-week increase of JPY 100/t ($1/t). Overseas demand, particularly from markets such as Vietnam and Taiwan, remained soft. On the domestic front, scrap prices were stable throughout the week, holding within the JPY 37,000–39,000/t ($249–$263/t) range.
China
China’s domestic hot-rolled coil (HRC) prices maintained stability compared to the previous week, holding at Yuan 3,180/t ($447/t) as of September 13, even as SHFE futures demonstrated upward momentum. The market remained supported by steady underlying demand. Export HRC prices posted a $5/t increase, reaching $480/t. On the domestic front, billet and rebar prices rose by Yuan 30/t ($4/t) week-over-week, closing at Yuan 3,010/t ($423/t) for billet and Yuan 3,250/t ($456/t) for rebar.
Vietnam
In Vietnam, domestic HRC prices were quoted at $528/t for SAE1006 non-skin-passed and $519/t–$528/t for SAE1006 skin-passed, based on October delivery CIF Ho Chi Minh City. This marks an increase of $10/t–$12/t from the previous month, driven by buyers’ expectations of rising demand fueled by forthcoming government infrastructure and construction initiatives. Additionally, steel imports into Vietnam rose by 17.4% in August versus July, reaching 1.35 million tonnes.
Europe
Northern Europe’s domestic HRC prices continued on an upward trajectory this week, reaching EUR 583/t ($684/t) as of September 11—an increase of EUR 8/t ($9/t) from the prior week. In Southern Europe, HRC prices rose modestly by EUR 1/t ($1/t), standing at EUR 549/t ($644/t). With factories resuming operations following the summer period, restocking activities are expected to drive further price gains throughout the month.
America
In the United States, hot-rolled coil (HRC) prices advanced by $9/t week-over-week to $808/t, accompanied by further gains in flat steel product pricing. Domestic scrap prices remained largely steady or trended downward through September, reflecting muted trading and ongoing weak demand. Export scrap values declined in response to subdued international buying interest. Throughout the period, domestic rebar and wire rod prices held firm, showing minimal fluctuation.
In Brazil, export hot-rolled coil (HRC) prices remained unchanged over the last two weeks at $750/t, while export prices for hot-dipped galvanized (HDG) steel declined by $20/t to $900/t in the same period. Ongoing import competition continues to constrain domestic production, with local mills operating at just 30–35% of capacity. In Mexico, rebar demand weakened further amid persistent supply constraints.
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