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2024.09.05

US Upward Trend in Flat Steel, 05th September 2024

MARKET TREND 13 (edit)

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 

In Japan, export scrap prices saw a decrease of JPY 2,000 per ton ($14 per ton) from the previous week, settling at JPY 44,500 per ton ($307 per ton) FOB Tokyo Bay on August 30, driven by sluggish global demand. Additionally, prices had already fallen by JPY 5,500 per ton ($38 per ton) over the course of August. Similarly, the average domestic scrap price also experienced a downward trend, dropping by JPY 700 per ton ($4 per ton) to JPY 45,800 per ton ($315 per ton).

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China 

Domestic HRC prices in China saw an uptick of Yuan 60 per ton ($8 per ton) from the previous week, reaching Yuan 3,220 per ton ($454 per ton) on August 31, driven by a positive trend in Shanghai Futures Exchange (SHFE) futures. Export HRC prices also followed suit, rising by $10 per ton to $465 per ton. This increase reflects promising signals from both domestic and international markets. Additionally, prices for domestic materials such as rebar, billet, and iron ore experienced a similar upward movement.

Market Trend 3

Vietnam

In Vietnam, import HRC prices from China ranged between $485 and $490 per ton CFR at main ports, marking a $20 per ton drop compared to two weeks earlier. Similarly, a major steel manufacturer in Vietnam announced further adjustments for October deliveries, with revised prices falling to $501-$510 per ton CIF main ports (SAE1006, non-skin-passed), down by $17 per ton. The domestic market remained extremely sluggish for finished products.

Europe 

HRC prices in Europe exhibited a downward trend this week. In Northern Europe, HRC prices were recorded at EUR 598 per ton ($668 per ton) on August 29, marking a decrease of EUR 5 per ton ($6 per ton) from the previous week. Similarly, in Southern Europe, HRC prices also fell by EUR 5 per ton ($6 per ton) to EUR 595 per ton ($665 per ton). The market appears to be approaching a potential bottom, with activity remaining notably subdued.

Market Trend 7

America

In the United States, the reference price for HRC climbed to $698 per ton, reflecting a notable increase of $26 per ton over the week. This upward trend is also mirrored in the flat steel market. Conversely, both import and domestic rebar prices held steady compared to the previous week, attributed to sluggish demand. Meanwhile, estimates suggest that scrap prices have either remained stable or experienced a slight decline recently.

The price of high-grade iron ore experienced a modest rise of $4 per ton, reaching $114 per ton compared to the previous week. Meanwhile, in Brazil, export slab prices saw a $10 per ton increase, settling at $530 per metric ton FOB at main ports. In Mexico, domestic scrap prices remained relatively stable at $422 per ton, showing little change from the previous week.

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US Upward Trend in Flat Steel, 05th September 2024

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