The export prices for HRC at the China port have decreased in comparison to the previous week, primarily due to sluggish demand on a global scale. However, there has been an increase in Japanese export scrap prices (H2 grade) on June 30th, attributed to the depreciation of the Yen against the US dollar. Meanwhile, the domestic HRC market in Vietnam has remained stable for two consecutive weeks.
Let us support and share with you in this blog your business decision during this down-trend market around the world at the end of May and starting July 2023.
China
After a decrease of Yuan 30/t last week, domestic HRC prices in China increased from Yuan 20/t ($3/t) to Yuan 3,820/t ($527/t) on Jul 01st. However, export HRC prices at $550/t FOB China port, decreased by $7/t compared to last week due to slow demand worldwide. Chinese domestic rebar also downward Yuan 10/t ($1/t) at Yuan 3,840/t ( $529/t).Japan
Japanese export scrap prices (H2 grade) at Yen 50,000/t ($345/t), increased Yen 500/t ($3/t) on Jun.30th due to depreciation of Yen against US dollar. But it's not too much activity both the domestic market and overseas. Besides that, Japanese scrap prices are under pressure from a downtrend from scrap prices in the US.
Europe
HRC in Europe keeps stable during the week, reaching EUR 673/t ($720/t) in Northern Europe on Jun 29th and EUR 650/t ( $695/) in Italy. Shortage of material will keep the price stable in the coming week due to a major steel mill in Germany declaring force majeure on steel deliveries and one in France temporarily closing regarding environmental issues.
America
Price of US domestic HRC at $1,019/MT ($926 per short ton) on Jun 27th, increased $23/MT ($21 per short ton) compared previous week. Manufacturers effort to increase their prices and buyer still accepted new level due to low inventory and fear of a new wave increase.
Ferrous scrap price in Mexico at Pesos 7,300/t ($426/t) on Jun.27th, contiued to fall down by Pesos 350/t ($20/t) compared one week before due to affected by decline in US market. Price trend to lower in the coming weeks because of stronger in Mexico Pesos and downtrend in US market.
Viet Nam
Vietnam domestic HRC kept stable at $565/t for two consecutive weeks while imported HRC price from China also kept stable at $585/t. Many steel manufactures cut down 50% capacity due to slow demand on finish products. Government announced to reduce VAT by 2% as a measure to support the domestic economy at this moment.
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