Due to sluggish liquidity and adverse market attitudes, China's HRC export offers have decreased a week ago. In response to recent increases in energy and electric costs, some Japanese rebar producers are considering boosting pricing for November 2022 agreement. There is the focusing on reducing inventory levels due to market forces from consumers, notably the auto sector.
Let us support and share with you in this blog for your business decision during this down-trend market around the world closing 2022.
China
Price of domestic HRC in China increased Yuan 70/t ($10/t) to Yuan 3,720/t ($523/t) on Nov 11th. However, China's HRC export offers dropped to $515/t FOB China port, down by $55/t from a week ago, due to weak demand and bearish market sentiments. Meanwhile, price of rebar in Chinese domestic market recovered Yuan 14/t ($2/t) on week to Yuan 3,922/t ($560/t) including the 13% VAT as of Nov 11th.
Japan
Following the Kanto tender bids, Japan's major EAF steelmaker has further lowered scrap buy prices to JPY 48,000/t ($339/t) delivered to mills, down by JPY 500/t ($4/t), effective from Nov 12th. Meanwhile, some rebar manufacturers in Japan now consider raising prices for November 2022 contract due to the rise in energy and electricity costs recently.
Europe
Domestic prices for HRC in Northern Europe were stable at EUR 650/t Ex-work mills in Germany on Nov 10th. And the same price for HRC in Southern Europe with EUR 650/t Ex-works mills in Italy. Due to weak demand from end users, including the automotive industry, they focus on reducing inventory levels.
America
HRC price in the US fell to $704/MT ($640 per short ton), down by $32/MT or 4.3% from a week earlier. This is the lowest price after two years but nobody sure about the market trend ahead, so purchasers are avoided buying due to worry about a falling market.
Prices for slab export from Brazil remained unchanged at $570/t FOB on Nov 11th amid the global steel market uncertainty. While sellers were trying to maintain the price at a higher level, it's reported that no deals were confirmed. But the demand was steady for January shipments.
Viet Nam
Prices for domestic construction steel products in Vietnam remained stable at around $590/t - $595/t on Nov 11th. The Vietnamese biggest steelmaker announced to stop two blast furnaces this month and planned to decommission a third blast furnace next month due to a large amount of inventory amid the construction and real estate sectors not being recovered.
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