On August 26th, the domestic price of Hot Rolled Coil (HRC) in China experienced a marginal decline compared to the previous week. Japan has implemented measures to curb excessive exports, especially given the Yen's weakness against the US dollar. In Vietnam, market conditions indicate a decrease in the demand for finished steel.
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 opening Sep 2023.
China
As of August 26th, the domestic cost of HRC in China was Yuan 3,890/t ($534/t), representing a slight decrease of Yuan 10/t ($1/t) from the previous week. It is worth noting that demand for this product remains low. Furthermore, export HRC prices have also decreased by $10/t, now priced at $550/t FOB at the Chinese port. In contrast, the domestic rebar price has increased by Yuan 20/t ($3/t) during the same week, now priced at Yuan 3,670/t ($503/t).
Japan
On August 25th, the export scrap prices in Japan for H2 grade remained steady at Yen 50,000/t ($343/t), maintaining the same level as one week ago despite weakening demand. In contrast, domestic scrap prices increased by Yen 1,000/t ($7/t) to Yen 50,500/t ($343/t) after staying stable for six weeks. This increase limits excessive exports, especially when the Yen is weak against the US dollar.
Europe
America
The price of US domestic HRC at $820/MT ( $745 per short ton) on Aug 23rd, continued to decrease $11/MT ($10 per short ton), compared to a week before amid slow demand. Meanwhile, carbon steel plate prices at $1,650/MT ($1,500 per short ton), remain at a similar level last week.
Steel hot dipped galvanized coil import in South America at $755/t CFR main ports, on Aug 11th, declined $12/t with previous week. Meanwhile, export pig iron in Brazil at $410/t FOB main port on Aug.21st, raise up $10/t with strong demand from the US market.
Viet Nam
The current market conditions in Vietnam continue to show a decline in demand for finished steel, as both the import price of HRC from China decreases by $10/t compared to the previous week, now priced at $570/t, and the domestic rebar price drops by $4/t in just one week, now priced at $571/t. This can be attributed to the construction area and real estate sector not yet fully recovering, resulting in weak demand for finished steel in the market.
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