Overall, the global steel market continues to face a mixture of challenges and opportunities. While some regions experience price increases due to strong domestic demand, others face downward pressure due to sluggish global demand. It is crucial for businesses to carefully evaluate these market trends and make informed decisions to navigate through this period of uncertainty successfully. The price of US domestic HRC on Jul 20th experienced a decrease, despite the fact that demand remains stable. Japanese export scrap prices (H2 grade) on Jul.21st witnessed a decline in value compared to the previous week.
Let us support and share with you in this blog your business decision during this down-trend market around the world at the end of Jul and starting Aug 2023.
China
Domestic HRC prices in China at Yuan 3,850/t ($536/t) on Jul 22nd, continued to increase Yuan 30/t ($4/t) from the previous week. The same, export HRC prices also increased by $5/t, at $555/t FOB China port. Conversely, Chinese domestic rebar was reduced by Yuan 20/t ($3/t) at Yuan 3,800/t ( $528/t) due to weak demand in property and construction areas.Japan
Japanese export scrap prices (H2 grade) at Yen 49,000/t ($346/t) on Jul.21st, fall down Yen 740/t ($6)/t compared to earlier week amid poor demand. Meanwhile, domestic scrap prices at Yen 49,500 ($352/t), were mostly stable during the week. Lower scrap prices from Turkiye affect other countries, especially Japan.
Europe
HRC in EUROPE was downward on Jul 20th. As specific as EUR 660/t ($706/t) in Northern Europe, descreased EUR 20/t ($ 21/t) and EUR 640/t ($ 685/t) in Italy, decreased EUR 15/t ($ 16/t). Even though inventory is at a low level but buyers still hesitate on transactions due to the summer slowdown.
America
The price of US domestic HRC at $924/MT ($840 per short ton) on Jul 20th, dropped by $53/MT ($48 per short ton) even though demand is still stable. However, buyers tend to reduce inventory levels. Meanwhile, the US rebar price at $990/MT ( $900/MT), unchanged performance for the third week.
Scrap price in Mexico at Pesos 6,025/t ( $359/t) on Jul.18th, downward Pesos 375/t ($22/t) compared to one week before. Currently, the supply is more than the demand, causing the price to fall further in the future. On the other hand, export slab prices in Brazil remain stable at $610/t, CFR main port.
Viet Nam
Following the trend of increasing domestic HRC, Import HRC prices in Viet Nam rose to $15/t in one week, reach to $590/t CFR main port. Meanwhile, domestic rebar prices at $586/t, were reduced by $4/t compared to last week. Extremely weak finished products demand due to unrecover from construction & estate area.
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