2022.09.29

Recovering Trend of Steel Prices after Fluctuating Period - Sep 29th, 2022

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In the steel industry worldwide, HRC prices in China increased on Sep 22. Meanwhile, China's domestic rebar prices remained unchanged and weak demand from end-users. Japan's largest rebar producer announed on Sep 21 to keep its domestic rebar base prices unchanged.

We would like to share our up-to-date knowledge to support your business decision during this upmarket trend around the world.

China 

HRC prices in China increased by Yuan 90/t ($13/t) on Sep 22 to reach Yuan 3,920/t ($554/t) due to the rise in HRC futures on the Shanghai Future Exchange but with bearish market sentiment. Meanwhile, China's domestic rebar prices remained unchanged at Yuan 4,130/t ($579/t) in Western China amid a drop in raw material costs and weak demand from end-users.

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Japan 

Japan's largest rebar producer announced on Sep 21 to keep its domestic rebar base prices unchanged for October as the fifth month in a row, though the rise in production costs is evident. The last time this company adjusted its rebar prices was in May when it added Yen 10,000/t ($70/t). With the scrap prices had rebounded lately so it is difficult to forecast the price trend but rebar demand is still weak.

Europe

European HRC market continued with negative sentiment on Sep 20 amid low trading activity and steel mills failed to raise the steel prices. The price of HRC in Northwest Europe was stable at at EUR 740/t Ex-works on Sep 20. In Southern Europe market, rebar prices are beginning to fall by €40/t in Italy compared to last week due to lower demand from construction sector.

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America 

Domestic HRC prices in the United States moved up by 2.5% on Sep 22 to $859/MT ($781 per short ton) FOB mill US. Some steel mills are trying to offer higher prices for spot material, but most buyers are focusing on reducing inventory levels before the end of the year to avoid property taxes.

As the demand for the steelmaking raw material continues to subdued, ferrous scrap prices in Mexico were in mix trend on Sep 20. Most scrap buyers actively participated in buying activity, the price remained as low as 5,800 pesos/ton ($291/t) delivered mill on Sep 20, unchanged for one month.

Viet Nam

Vietnam's Hoa Phat Steel has announced to raise the prices for HRC by $8/t for November delivery to $600/t CIF Ho Chi Minh City. This follows the previous price announcement by Formosa Ha Tinh Steel for keeping the HRC prices unchanged at $610/t CIF Ho Chi Minh City for November sales. Meanwhile, the offers for imported HRC also maintained at the level of $605-610/t unchanged from the previous week.

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Recovering Trend of Steel Prices after Fluctuating Period - Sep 29th, 2022