2023.03.16

HRC Inched Up Again On Uptrend Price, Mar 16th 2023

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Domestic rebar price in China increased together with domestic HRC prices from one week earlier. Prices rose for three consecutive months and reached the highest level since April last year. In the US, ferrous scrap is in strong demand. Steel Mills pays more attention to scrap due to HRC prices have increased recently.

Let us support and share with you in this blog for your business decision during this up-trend market around the world starting a motivation Y2023.

China 

The price of domestic HRC in China at Yuan 4,270/t ($618/t) on Mar 11th, rose up to Yuan 40/t ($6/t) compared with last week. China's HRC export offer at $695/t FOB China port increased by $20/t from the previous week. Prices raised up due to strong domestic demand. Domestic rebar price at Yuan 4,240/t ($614/t), also increased by Yuan 10/t ($1/t) from one week earlier.

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Japan 

Japanese H2 scrap export prices at JPY 55,500/t ($406/t) FOB on Mar 09th, increased JPY 1,500/t ($11/t) from the previous week and rose up JPY 2,070/t ( $15/t) compared with Feb. Prices rose for three consecutive months and reached the highest level since April last year. The reason is a shortage of material, high demand from Turkey area, and the depreciating Yen. Domestic scrap prices at  JPY 55,500/t ( $406/t), raised up JPY 2,000/t ($15/t) after one-month hiatus.

Europe

Domestic HRC in Northern Europe at EUR 825/ton on Mar 07th, increased by EUR 5/ton compared to last week and keep stable at EUR 800/ton Ex-work Italy mills in Southern Europe. Buyers believe prices will more stable in the near future because automotive, as well as construction demands, are not increased and some plants will recover their capacity in Q2, leading to more abundant HRC supply.

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America 

US domestic HRC price at $1,243/MT ($1,130 per short ton) on Mar.10th, increased by $143/MT ($130 per short ton) from the previous week. Buyer forced to accept this price level for fear of a new bull run. Ferrous scrap is in strong demand. Steel Mills pays more attention to scrap due to HRC prices have increased recently.

High demand from the US, leading Slab export from Brazil at $815/ton FOB main ports of Brazil on March 10th, rose up $15/ton from one week earlier. And due to the higher slab price, Brazil's export HRC market has still been quiet recently, at $740/t. Meanwhile, HRC prices at $720/t CFR main ports in South America increased $10/t compared to a week before.

Viet Nam

Domestic rebar price at $671/t, unchanged from one week earlier. One major steel mill announced to raise HRC price for April and early May by $30/t to $683/t CIF HCM. And there will be more steel rolling mills in North Central Region of VN with a new investment to build new HRC plant has been announced.

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HRC Inched Up Again On Uptrend Price, Mar 16th 2023