On May 13, domestic HRC prices in China fell but FOB China port export HRC prices were constant compared to the previous week. Rising import volumes from Asia and Europe cause prices to decline in the US. Turkey's lowering of import scrap prices from Japan had an impact on the global market.
Let us support and share with you in this blog for your business decision during this up-trend market around the world in May 2023.
China
Export HRC prices at $580/t FOB China port keep stable compared to last week. Meanwhile, domestic HRC prices in Chinadecreased from Yuan 30/t ($4/t) to Yuan 3,690/t ($531/t) on May 13th. Price was down due to slow demand in the domestic market. Domestic rebar prices lightly increased from Yuan 10/t ($1/t) to Yuan 3,730/t ($536/t) in one week.
Japan
Japanese export scrap prices (H2 grade) at Yen 46,000/t ($340/t), downward Yen 1,500/t ( $15/t) in one week, on May.10th. Domestic scrap prices at Yen 47,000/t ($347/t), also decrease Yen 2,500/t ($22/t) from last week. Import scrap prices in Turkey falling down affected on the worldwide market.
Europe
Domestic HRC prices at EUR 770/t ($832/t), downward EUR 50/t ($54/t) in Northwest Europe on May 15th. HRC prices in Italy also decreased by EUR 50/t at EUR 750/t($810/t). Even though major mills in Northwest Europe have not been offering due to maintenance but domestic HRC price still fell sharply this week.
America
Price of US domestic HRC at $1,210/MT ($1,100 per short ton) on May 10th, down by $41/MT compared with the previous week. Increasing import quantities from Asia and Europe lead prices to fall down. Meanwhile, steel plate prices at $1,716/t ($1,560 per short ton), unchanged for two weeks consecutive with stable demand.
HRC price in South America at $640/t CFR main ports on May 5th was reduced by $25/t compared to one week earlier. Meanwhile, Steel slab export prices in Brazil at $805/t FOB main ports, decreased by $30/t compared to last week. Market demand starts to downward.
Viet Nam
Import HRC prices in Vietnam were at $575/t CFR on May 15th, which decreased by $30/t compared to one week earlier. Major domestic steel mills offered HRC price for Jul delivery at $611/t, a drop of $70/t compared to May & Jun delivery. Prices fall due to falling steel demand. Domestic rebar prices are at $633/t, unchanged compared to last week.
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