This week we gathered comprehensive information for the steel market trend all over the world to provide an insightful overview of recent developments in the global steel market across multiple regions. From the fluctuating Japanese export scrap prices to changes in the Chinese export HRC market and the dynamics of the European and North/South American steel sectors, we delve into the various shifts that have occurred.
Have a look at the blog and explore the in-depth analysis we have conducted on the steel market trends across the globe here!
China
In China, the export prices for HRC have dropped by $5/t to $545 per ton FOB China port due to low booking. Similarly, the price for domestic billet has also decreased significantly by Yuan 30/t ($4/t), now standing at Yuan 3,450/t ($473/t). This decline can be attributed to the decrease in finish steel price and rebar price during the holiday week. On the other hand, the import iron ore prices have remained steady at $119.50 CFR main ports.
Japan
Following a rise last week, the prices of Japanese export scrap (H2 grade) experienced a decline of Yen 700/t ($5/t) over the course of the week, settling at Yen 50,300/t ($337/t) on Oct. 6th, due to limited transactions from major markets. In contrast, domestic scrap prices remained steady at Yen 46,500/t - 49,000/t ($314/t- $330/t) for two consecutive weeks.
Europe
In Northern Europe, the price of HRC took a slight dip on Oct. 6th, falling by EUR 10/t ($11/t) to EUR 620/t ($648/t). Similarly, in Italy, the price of HRC decreased by EUR 1/t ($1/t) due to weak demand, now standing at EUR 605/t ($636/t). Market participants believe that these prices may continue to decline as production costs rise.
America
On October 9th, HRC prices reached $770 per metric ton ($700,685 per short ton), marking a $17 increase compared to the previous week. In contrast, domestic rebar prices remained steady at $924 per metric ton ($840 per short ton) for two consecutive weeks, despite facing pressure from the dropping import rebar price, which now stands at $770 - $800 per metric ton.
The export price of pig iron in Brazil remained stable at $440-445 per ton on October 6th, showing no change compared to the previous week. However, there was a significant decrease in export quantities, with a drop of 41% from 427,150 tons in August to 251,841 tons in September. Additionally, the export of steel slabs also experienced a decline of 15%, going from 625,614 tons in August to 554,191 tons in September, primarily due to sluggish demand from the main markets.
Viet Nam
The domestic price for HRC stood at $572/t - $597/t, with trading remaining sluggish. Meanwhile, domestic rebar prices increased slightly by $4/t compared to one week ago, reaching $562/t. Unfortunately, our main customers are still grappling with slow business due to a lack of demand for finished steel.
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