The price increased due to people believing the market will recover, meanwhile, raw materials such as iron ore were declining this week. European scrap prices are predicted to raise in March compared to Feb level due to strong demand & shortage availability.
Let us support and share with you in this blog for your business decision during this up-trend market around the world starting the motivation year 2023.
China
Price of domestic HRC in China at Yuan 4,230/t ($608/t) on Feb 25th, rose up Yuan 80/t ($11/t) compared with last week. China's HRC export offer at $675/t FOB China port, increased by $15/t from previous week. The price increased due people believe the market will recovery, meanwhile raw materials such as iron ore was declining this week.
Japan
Japanese H2 scrap export prices at JPY 52,000/t ($385/t) FOB on Feb 24th, descreased JPY 750/t ($7/ton) from previous week. Domestic scrap prices at JPY 53,500/t ($396/t), unchanged two weeks. Meanwhile rebar price at JPY 100,000/t ($746/t) raised up JPY 3,000/t ($22/t) due domestic construction demand is expected to increase.
Europe
Domestic prices for HRC in Northern Europe at EUR 766/t Ex-work mills on Feb 22nd, increase EUR 10/t from previous week. And HRC in Southern Europe keep stable at EUR 770/t Ex-works mills in Italy. Demand is increasing a little bit. Other hand, European scrap price predit to raise up EUR 20-30/t in March compared to Feb level due to strong demand & shortage availability.
America
HRC US Midwest price at $926/MT ($842 per short ton) on Feb.21st, slightly increase $8/MT ($7 per short ton ) from the previous week. Steel Mills in US still try to push up the price, especially, two major steel mills noticed HRC increase to $1,100/MT ($1,000 per short ton) this week. Some sources said price boost up too much, but the others think the market will accept with this price level.
Mexico goverment announced to apply the anti -dumping duty to coated steel originating from Viet Nam on Feb 24th.
Viet Nam
Domestic rebar price at $671/t, drop by $7/t from earlier week. Meanwhile, HRC (SS400) import from China at $680/t CFR main ports, rose up $15/ton. The other hand, billets export price at $630/t FOB, keep stable from last week. Real Estate Industry is still under pressure due to high interest rates, the market has been quiet recently.
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