The demand for HRC in China experienced a decline, resulting in a decrease in export prices FOB China port. On August 18th, there was a notable increase in the export scrap prices for H2 grade steel in Japan compared to the previous week. Meanwhile, in Europe, the price fluctuations align with the ongoing summer holidays and maintenance period for manufacturers across the region.
Let us support and share with you in this blog your business decision during this down-trend market around the world in Aug 2023.
China
On August 19th, domestic HRC prices in China dropped slightly to Yuan 3,900/t ($536/t), decreasing by Yuan 10/t ($1/t) compared to the previous week. The demand for HRC in China weakened, leading to a $10/t decrease in export prices, which now stand at $560/t FOB China port. However, domestic rebar prices saw a rise of Yuan 20/t ($3/t), reaching Yuan 3,650/t ($501/t) compared to last week.
Japan
On August 18th, Japanese export scrap prices for H2 grade steel reached Yen 50,000/t ($342/t), marking an increase of Yen 1,500/t compared to the previous week. However, due to the depreciation of the yen, the prices remained at the same level in US dollars. On the domestic front, scrap prices remained stable at Yen 49,500/t ($352/t). Despite these developments, both domestic and overseas markets continue to experience weak demand.
Europe
America
In the US, the price of domestic Hot Rolled Coil (HRC) experienced a significant drop on August 18th, reaching its lowest point since January. The price fell by $50 per metric ton ($45 per short ton) compared to the previous week, standing at $830 per metric ton ($755 per short ton). Conversely, the export prices for deep-sea ferrous scrap saw a slight increase of $4 per metric ton, settling at $370 per metric ton CFR.
Moving to South America, the import prices for HRC at the main ports stood at $620 per metric ton CFR on August 11th, marking a reduction of $10 per metric ton compared to the previous week. On the other hand, import steel plate prices experienced an upward trend, increasing by $8 per metric ton during the week due to lower booking. In Brazil, the export prices for slabs witnessed a decline of $10 per metric ton, reflecting weakened demand in the market.
Viet Nam
A major player in the steel industry has recently made adjustments to their Hot Rolled Coil (HRC) prices for delivery in late September or early October. They have reduced the prices by $15 per metric ton, bringing them down to $610 per metric ton CIF. This adjustment was made after a previous price increase just one week prior, taking into consideration the import HRC prices from China. Meanwhile, the domestic rebar prices have remained stable at $575 per metric ton throughout the week. Despite this, the market is still experiencing a slowdown in activity.
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