The steel industry is experiencing a series of notable shifts in pricing and demand across various regions. Major steelmakers are adjusting their prices in response to market dynamics, while the real estate and construction sectors remain on the path to recovery. This article explores these developments in the global steel market and their implications.
We are here to provide you with valuable support and guidance as we delve into the fluctuating price trends in the global steel market at the start of October 2023. Let us assist you in making informed business decisions through this blog.
China
On September 30th, domestic HRC prices in China took a dip, standing at Yuan 3,840/t ($527/t), marking a reduction of Yuan 40/t ($6/t) compared to the previous week. Similarly, export HRC prices at $550/t FOB China port saw a slight decline, falling by $10/t. The price for domestic rebar also experienced a drop, decreasing by Yuan 60/t ($8/t) to Yuan 3,710/t ($510/t). The construction sector's weak demand has contributed to the underwhelming market performance.
Japan
Despite limited demand from overseas markets, Japanese export scrap prices (H2 grade) experienced a modest increase of Yen 500/t ($3/t) on September 29th compared to one week earlier. On the other hand, domestic scrap prices remained relatively stable at Yen 46,500/t - 49,000/t ($314/t- $330/t) throughout the week.
Europe
HRC prices in Northern Europe experienced a slight decrease of EUR 4/t ($4/t) on October 3rd, with the current price standing at EUR 630/t ($661/t). Similarly, the price of HRC in Italy decreased by EUR 17/t ($18/t) to reach EUR 606/t ($636/t), reflecting a decline in demand from users. On the other hand, import HRC prices at EUR 590/t - EUR 630/t CFR have narrowed the gap with domestic HRC prices.
America
HRC prices reached $755 per metric ton ($685 per short ton) on October 2nd, marking a $12 per metric ton ($11 per short ton) increase compared to the previous week. This rise can be attributed to the ongoing strike by major automakers, which has had a significant impact on the market. In contrast, domestic rebar prices remained steady at $924 per metric ton ($840 per short ton), showing no change from the previous week.
Imported HRC prices in South America remained relatively stable at $600 per ton CFR at the main ports on October 2nd, maintaining consistency week on week. Similarly, import steel plate prices held firm at $660 per ton. On the other hand, steel slab export prices in Brazil witnessed a decline of $10 per ton from one week ago, as demand from the US market slowed down.
Viet Nam
A major steel manufacturer has recently announced a significant price reduction for HRC, bringing it down to $572 per metric ton. This decrease of $17 per metric ton can be attributed to a combination of low demand and competitive import prices. In contrast, domestic rebar prices have remained relatively stable at $571 per metric ton in a quiet market. The real estate and construction sectors are still experiencing a slow recovery.
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