2022.10.06

HRC Prices Remain Consistent in a Slow Market - Oct 06th, 2022

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China's HRC export offers remained unchanged, however, the demand is kept low. The European HRC market's activity remained sluggish as customers were delaying the signing of new contracts and steel producers were reluctant to offer discounts because of their high production costs. HRC prices in the US remained stable, although many mills were shut down for maintenance and there was little import competition,

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 

Chinese domestic HRC prices climbed up by RMB 10/t ($1/t) from a week ago in Northern provinces to RMB 3,970/t ($558/t) amid active stocking activities by buyers. HRC export offers remained unchanged at $575/t FOB China but the demand is still low. Meanwhile, steel billet prices increased by RMB 30/t ($4/t) and stood at RMB 3,680/t ($517/t), including 13% VAT on Sep 30th.

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Japan 

A major EAF steelmaker in Japan has lowered scrap buy prices for the first time this week with JPY 500/t ($3/t) down for H2 scrap. After the revision, prices for H2 stand at JPY 49,000 - 50,000/t ($339 - 346/t) delivered to the steel plant, effective on 29 Sep.

Europe

European HRC market activity remained slow on as buyers were holding back from making new deals while steel makers were reluctant to give discounts due to high production costs. The price of HRC in Northwest Europe was stable at around EUR 750/t Ex-works on Sep 29th though offers were at EUR 800-850/t Ex-works.

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America 

HRC prices in the US remained steady at around $857/MT ($777 per short ton) although many mills stopped for maintenance and a lack of import competition. Meanwhile, hollow structure section prices in the US were transacted at around $1,760/MT ($1,600 per short ton) on Sep 29th, narrowing downward 0.63% from last week.

Viet Nam

Vietnam's domestic construction steel remained stable on Sep 29th after the third consecutive increase during September with a total of $85/t. The current price level of rebar is about $649/t while the price for steel wires stands at $639/t.

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HRC Prices Remain Consistent in a Slow Market - Oct 06th, 2022