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
Over the past week, export scrap prices in Japan saw a slight decrease of JPY 200/t ($1.3/t), reaching JPY 41,400/t ($271/t) FOB Tokyo Bay as of February 14. In contrast, domestic scrap prices rose by JPY 1,000/t ($7/t), with the average scrap prices across three regions standing at JPY 40,500/t ($263/t). Participants remained cautious, awaiting future trends.
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China
Domestic HRC prices in China dropped by Yuan 60/t ($8/t), reaching Yuan 3,350/t ($461/t) on February 15, reflecting the downward trend in SHFE prices. Export HRC prices also decreased by $5/t, now at $470/t. The demand for finished steel remains weak due to uncertainties in the domestic market. Similarly, domestic rebar prices fell by Yuan 60/t ($8/t), settling at Yuan 3,260/t ($449/t) over the week.
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Vietnam
In Vietnam, a leading steel producer announced a $21/t decrease in their HRC prices (SAE1006, skin-passed) for March 2025 delivery. Following the adjustment, prices are now set at $494-$506/t. This decision was driven by weak domestic demand and competitive pricing pressures from both the local market and China. Meanwhile, import HRC (SAE1006, 50% 2mm) from China remained relatively stable, priced at $485/t-$490/t.
Europe
HRC prices in Northern Europe experienced a modest increase of EUR 4/t ($4/t), reaching EUR 603/t ($626/t) as of February 14. Similarly, HRC prices in Southern Europe rose slightly by EUR 1/t ($1/t), settling at EUR 594/t ($616/t) during the week. Limited import activities have supported prices for now. With inventory levels at medium-high, buyer sentiment remains very positive in the market.
America
HRC prices in the US increased by $8/t from the previous week, reaching $768/t. US flat prices continue to rise due to higher scrap costs. Import rebar and wire rod prices remained largely stable week over week. Meanwhile, domestic rebar prices showed an upward trend, and wire rods stayed steady until impacted by new tariffs on steel and aluminum.
Export HRC prices in Brazil have held steady at $800/t for the last seven weeks. Similarly, export slab prices in Brazil have remained unchanged from the previous week at $535/t FOB main ports. Import CRC prices in Brazil have also demonstrated stability, calculated at $710/t CFR main ports, and have been stable for six weeks in a row.
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.
