A Significant Surge of Iron Ore Exports in Brazil, 11th January 2024


The steel industry is a constantly evolving landscape, shaped by a multitude of factors that span across continents and industries. From the bustling markets of Asia to the industrial powerhouses of Europe, the dynamics of the steel market are in a constant state of flux. In this article, we delve deeper into the recent developments and trends in the global steel industry, shedding light on the stability of pricing, the forces that drive the market, and the delicate balance of supply and demand.


On January 6th, the price of HRC in China stood at Yuan 4,000/t ($562/t), showing a slight increase of Yuan 20/t ($3/t) compared to the previous week. This upward movement can be attributed to the stability of SHFE HRC futures. However, the export HRC prices remained largely unchanged at $575/t FOB China as buyers continued to wait for the price trend to emerge after the holiday season. Meanwhile, the domestic rebar price in China saw a modest rise of Yuan 20/t ($3/t), reaching Yuan 3,900/t ($545/t).



The scrap export prices in Japan remained relatively stable at JPY 50,400/t ($357/t) FOB on Jan. 5th, with minimal movement in a quiet market due to an extended holiday period. However, there was a significant decrease of 29% in scrap exports in November 2023 compared to the previous month, totaling 0.47 million tons. Despite this decline, there has been an overall increase of 7% in scrap exports from January to November, reaching a total of 6.02 million tons compared to the same period last year.



In the aftermath of the holiday season, HRC prices in Northern Europe have maintained their steady position at EUR 695/t ($760/t). However, the market in Italy has seen a subtle uptick, with HRC prices inching up by EUR 2/t ($2/t) to reach EUR 690/t ($752/t). This week has been relatively quiet in terms of trading activity, and import HRC prices have remained stable at EUR 650/t ($709/t) CIF Antwerp. Market experts anticipate a potential recovery in the second week.


In the United States, the HRC price continued its downward trend, reaching $1,045/MT on Jan. 8th, which was $64/MT lower than the previous week. The import of HRC to the US in November 2023 experienced an 8.6% reduction compared to October and a 13% decrease compared to the same period in 2022, totaling 132,200 MT and amounting to a total of $106.1 million. Among the countries exporting to the US, Canada had the highest volume with 76,107 MT.

In December 2023, Brazil experienced a significant surge in iron ore exports, with a remarkable 24% increase compared to the same period in 2022. The export volume reached an impressive 39.7 million tons, rising 26% from the 31.6 million tons exported in November 2023. Moreover, the average price of iron ore stood at $88.50 FOB in December, marking a substantial 36% increase compared to the same period the previous year.


Viet Nam

In Vietnam, there has been a notable increase of $15/t in domestic rebar prices within just one week, reaching a new high of $590/t. Similarly, the import price of HRC from China has also seen a slight rise of $8/t during the same period, now standing at $613/t. Despite these price movements, the domestic steel market remains relatively quiet, with many of our customers maintaining their production capacity at 50-60%. This cautious approach can be attributed to the slow recovery of the real estate industry, which has led to a more conservative approach to steel demand.

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A Significant Surge of Iron Ore Exports in Brazil, 11th January 2024