2025.08.06

Steel Market Trend | Northern Europe HRC Jumps Quietly Amid Market Slumber

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

Export scrap prices in Japan maintained stability amid subdued trading conditions, recorded at JPY 40,700/t ($271/t) FOB Tokyo Bay as of August 1. The equilibrium between supply and demand continued to underpin price consistency. Domestic scrap prices also remained steady, ranging from JPY 38,000 to 40,500/t ($253–270/t), reflecting a stable market environment.

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China

Domestic HRC prices in China decreased by Yuan 50/t ($7/t) from the previous week, settling at Yuan 3,240/t ($449/t) on August 2, driven by a decline in SHFE futures. Conversely, export HRC prices increased by $12/t over the same period, reaching $490/t. Given continued price volatility, buyers have adopted a wait-and-see approach. Market projections indicate that prices will find support in the near term, fueled by anticipated production cuts and rising demand.

Vietnam

Vietnam’s leading steel producer has announced an increase of $16/t in HRC prices for September deliveries, bringing the post-adjustment level to $518/t (SAE1006, non-skin-passed). This price adjustment is driven by stronger domestic demand and a decline in import competition. Import scrap prices from Japan fell by $2/t, settling at $313/t CFR main ports. Current market activity remains subdued with limited trading volumes.

Europe

HRC prices in Northern Europe edged up by EUR 2/t week-on-week, reaching EUR 560/t ($655/t) as of August 4. Southern Europe’s HRC prices remained stable at EUR 528/t ($618/t) during the same timeframe. Trading volumes across both regions are limited due to the onset of the summer holiday period, with industry participants expecting a potential uptick in prices once seasonal activities resume.

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America

US HRC prices declined by $16/t this week, reaching $855/t compared to $871/t in the prior period. Domestic rebar and wire rod prices remained stable. The flat-rolled segment continues to trend mostly steady to slightly lower on a weekly basis. Similarly, scrap prices in the US showed little fluctuation and are anticipated to remain range-bound throughout August.

In Brazil, export HRC prices were reported at $760/t, reflecting a marginal decrease of $20/t compared to two weeks prior. Export slab prices remained steady week-on-week, holding at $470/t FOB. Meanwhile, the price of high-grade iron ore (65% Fe) experienced a slight uptick of $3/t, reaching $118/t CFR main ports.

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