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As of September 2nd, the cost of domestic hot-rolled coil (HRC) in China has risen, thanks to decreased inventory and an increase in iron ore prices. Similarly, on September 1st, the export scrap prices for H2 grade in Japan rose due to the depreciation of the yen. However, the price of iron ore with 65% Fe that is exported from Brazil to China increased with CFR Qingdao compared to the previous week.
Let us support and share your business decision with you in this blog during the fluctuating in price trend in the steel market around the world in for Sep 2023.
China
On September 2nd, the prices for domestic hot-rolled coil (HRC) in China were at Yuan 3,900/t ($539/t), which is a rise of Yuan 10/t ($1/t) from the previous week. This increase was due to lower inventory and an increase in iron ore prices. Export HRC prices, on the other hand, remained stable at $550/t FOB China port for one week. Additionally, domestic rebar prices rose by Yuan 20/t ($3/t) to reach Yuan 3,690/t ($510/t) during the week.
Japan
On September 1st, the export scrap prices for H2 grade in Japan were Yen 50,500/t ($347/t), which increased by Yen 500/t ($3/t) from the previous week due to the depreciation of the yen. However, the overseas market continues to be slow because of weak demand for finished steel. On the other hand, domestic scrap prices in Japan remain unchanged from last week, at Yen 50,500/t ($343/t).
Europe
America
As of August 30th, the price of US domestic HRC has experienced a decline, currently sitting at $782/MT ($711 per short ton), which is $37/MT ($34 per short ton) lower than it was just one week ago. This drop has brought the price to its lowest point since December 2022. Similarly, carbon steel plate has also seen a decrease in price, dropping by $11/t ($10 per short ton) to $1,639/MT ($1,490 per short ton) due to weakened demand.
Meanwhile, in Mexico, the scrap price slightly increased by $9/t (150 pesos) to reach $346/t (5,800 pesos) on August 29th as demand began to pick up. In contrast, the price of iron ore with 65% Fe that's exported from Brazil to China has experienced a $1.8/t increase, reaching $128/t CFR Qingdao compared to the previous week.
Viet Nam
The price of HRC imported from China remains consistent at $570 per ton, holding steady from last week. Similarly, domestic rebar prices have remained stable at $571 per ton over the past week. The fourth quarter indicates a positive trend in the real estate market, which may lead to an increase in demand for both raw materials and finished steel.
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