The global steel market exhibits a mix of trends in various regions. In China, a surge in domestic Hot Rolled Coil (HRC) prices is attributed to production cuts and government support policies. Japan sees modest increases in scrap prices, albeit with uncertain stability due to low demand. Europe experiences reductions in HRC prices, driven by concerns over market demand and inventory. And other additional updates on the steel market in the USA, Brazil, and Vietnam that we are excited to share with you in this blog post here.
China
Domestic HRC prices in China at Yuan 3,900/t ($536/t) on Sep 16th, a slight uptick Yuan 10/t ($1/t) compared a week earlier. Domestic production cuts and government support policies have improved prices. Export HRC prices at $555/t FOB China port, increased $5/t. Similarly, domestic rebar also increased over the week, by Yuan 80/t ($11/t) at Yuan 3,760/t ( $517/t).
Japan
Japanese export scrap prices (H2 grade) at Yen 51,000/t ($345/t) on Sep.15th, move up Yen 500/t ($3/t) compared previous week. Domestic scrap prices at Yen 51,000/t ( $345/t) also rais up Yen 1,000/t ($7/t). The price increased is not stable because real domestic and foreign demand is still low.
Europe
America
HRC prices at $751/MT ($683 per short ton) on Sep.14th descrease $9/MT ($8 per short ton) over the week amid lack of active interest from buyers and effected by strike at major auto factories. Meanwhile, domestic rebar prices at $935/MT ($850 per short ton), remain at similar level two consecutive weeks.
Export iron ore (65% Fe) prices in Brazil at $132/t CFR Qingdao on Sep.15th, slightly rose up $2/t compared earlier week. Total export volumn increased 17% from 32.05 milion ton to 37.51 milion ton compared between Aug and Jul 2023, and increased by 12% compared the same time last year.
Viet Nam
Import HRC (SAE1006) from China at $565-570/t CFR main ports, reduced $5/t compared previous week. Meanwhile, domestic rebar price at $ $571/t, remaining consistent over week. Vietnamese steel manufactures have been still facing with a significant drop in production amid a weak domestic steel market.
Conclusion
Navigating the fluctuations in the steel market can be complex, but staying informed and making strategic decisions are crucial for businesses. If you have any questions about purchasing methods, delivery dates, or would like to request a quotation for lance products, please click the link below to complete the inquiry form. Our team is dedicated to providing prompt responses and assisting you in any way possible.
