The largest steel manufacturer in Eastern China has opted to maintain the same list pricing for wire rods and rebar for the first half of October. Due to distributors' substantial stocks and end users' hesitation to make fresh purchases in the automobile industry, demand for HRC has remained poor throughout Europe. Due to low demand, the American market is expected to continue declining through the end of the year.
Let us support and share with you in this blog your business decision during this upmarket trend around the world in the final Quarter of the Year 2022.
China
Domestic HRC and CRC prices in China increased by RMB 40/t ($6/t) and RMB 80/t ($11/t) respectively on Oct 10th due to higher HRC futures for Jan 2023 delivery. The latest price offered for HRC was RMB 4,010/t ($561/t) Ex-work mill Northern China, including 13% VAT. Meanwhile, a leading steel producer in Eastern China has decided to keep its list prices of rebar and wire rod unchanged during the 1st half of October.
Japan
Japan's scrap export tender witnessed a fall in steel scrap prices for October shipment. The average price for H2 scrap at around JPY 49,865/t ($340/t) FAS, down by JPY 1,175/t ($8/t) from the bid result for Sep shipment.
Europe
Demand for HRC has remained weak across Europe as distributors have high inventories while end user in automotive was hesitant to make a new purchase. Due to weak demand, steel mills attempt to give discounts to get orders. Domestic HRC prices in Europe moved down by EUR5/t on Oct 06th to EUR730/t Ex-works level.
America
Price for HRC in the United States slightly moved up by 1.6% on Oct 07th from the day earlier to reach $817/MT ($743 per short ton). However, that price was still 4.5% lower than the price level of the previous week at $856/MT. And the market is likely to keep falling through the end of the year with weak demand.
Viet Nam
Steel producers in Vietnam started to adjust the price for construction steel products on Oct 07th with a reduction of $8/t for wire rods and $13/t for rebar. After the reduction, the prices were offered at $625/t for wire rods and at $629/t for rebar. Meanwhile, the imported HRC market has turned quiet as buyers high preference for domestic HRC and expectations of competitive announcing prices for Dec sales from local mills.
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