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 rebounded this week following last week’s decline, reaching JPY 41,100/t ($280/t) FOB Tokyo Bay as of July 16—a rise of JPY 600/t ($4/t), primarily attributed to the yen’s depreciation against the US dollar. Trading activity remained limited amid slow bookings. On the domestic front, scrap offers decreased by JPY 500/t ($3/t) in both Utsunomiya and Tokyo Bay, settling at JPY 40,000/t ($273/t) and JPY 40,500/t ($276/t), respectively.
China
Domestic hot-rolled coil (HRC) prices in China rose by Yuan 60/t ($8/t) compared to the prior week, reaching Yuan 3,140/t ($438/t) on July 12, in alignment with an upward trend on the SHFE futures market. The price increase was largely supported by government measures to stimulate real estate demand and a reduction in production output. Export HRC prices also advanced by $5/t week-on-week, settling at $450/t.
Vietnam
Domestic hot-rolled coil (HRC) prices in China rose by Yuan 60/t ($8/t) compared to the prior week, reaching Yuan 3,140/t ($438/t) on July 12, in alignment with an upward trend on the SHFE futures market. The price increase was largely supported by government measures to stimulate real estate demand and a reduction in production output. Export HRC prices also advanced by $5/t week-on-week, settling at $450/t.
Europe
Northern European hot-rolled coil (HRC) prices decreased by EUR 12/t ($14/t) over the week, standing at EUR 546/t ($640/t) as of July 11. In Southern Europe, HRC prices declined by EUR 9/t ($11/t) to EUR 526/t ($616/t). Market sentiment remains weak, with inventories at minimal levels and buyers exhibiting little inclination to replenish stock amid persistent demand softness and elevated market uncertainty.
America
Hot-rolled coil (HRC) prices in the United States declined by $8/t from the previous week, reaching $877/t. Import prices for rebar and wire rod remained relatively stable, reflecting subdued activity in international trade channels. Scrap pricing within the US market held steady, supported by balanced local supply and restrained export demand. Domestic rebar prices registered a modest uptick, while flat product pricing demonstrated mixed trends amid ongoing tariff uncertainties.
In Brazil, high-grade iron ore (65% Fe) rose by $2/t week-on-week, reaching $106/t CFR. Export slab prices remained unchanged from the previous week at $475/t FOB. Import cold-rolled coil (CRC) also held steady from two weeks prior, recorded at $650/t CFR.
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