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
Export scrap prices in Japan continued their downward trend, indicating a less optimistic outlook for international markets, and were recorded at JPY 42,800/t ($299/t), FOB Tokyo Bay on April 11, marking a decrease of JPY 700/t ($5/t) from the previous week. Nonetheless, the strengthening of the JPY offered some price stabilization. Meanwhile, the average domestic scrap prices across three regions remained relatively steady at JPY 42,500/t ($294/t).
China
Domestic HRC prices in China decreased by Yuan 80/t ($11/t) from the previous week, reaching Yuan 3,250/t ($445/t) on April 12, mainly due to a downward trend in SHFE HRC futures. The persistent US-China tariff tensions are adding further pressure on domestic prices and demand. In contrast, export HRC prices remained steady at $465/t. Domestic rebar prices were recorded at Yuan 3,230/t ($443/t), showing a reduction of Yuan 90/t ($12/t) over the week.
Vietnam
In Vietnam, a prominent steel producer has announced a $6/t increase in their HRC price (SAE1006, non-skin-passed) for May delivery, setting the new price at $523/t. This change may be attributed to the effects of anti-dumping duties on imported HRC from China. Import scrap prices remained consistent throughout the week at $330-340/t CFR Vietnam, despite subdued domestic market demand. Stakeholders are anticipating governmental decisions regarding tariff negotiations with the US.
Europe
Overall, HRC prices in the EU market saw minimal fluctuations over the past week. Prices experienced a modest increase of EUR 3/t ($3/t), reaching EUR 655/t ($727/t) in Northern Europe and EUR 631/t ($700/t) in Southern Europe as of April 11. Trading activity remained limited, with the primary market challenge stemming from US-imposed tariffs.
America
HRC prices in the US rose by $20/t compared to the previous week, reaching $940/t. This week, US flat prices showed a varied trend amidst falling scrap prices. Domestic rebar prices fell on a weekly basis due to low demand and ample supply. In contrast, import rebar prices and wire rods stayed the same or slightly decreased, affected by restricted import activities.
Slab export prices in Brazil fell to $490/t FOB, marking a $15/t decrease from the previous week. Additionally, high-grade iron ore prices in Brazil dropped by $4/t to $108/t, affected by US tariffs. In March, automotive production in Brazil saw a 13% decline compared to February, with output falling to 190,000 units from 217,400 units in February 2025.
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