2022.12.01

Remaining Unchanged Rate Trend of Steel Market, Dec 01st 2022

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Due to competition from Indian goods with no customs duties, China's HRC exports fell from the preceding week. While HRC prices in Southern Europe remain unchanged compared to the previous week. Japanese scrap freight rates were constant from the previous week, with the minimum figure coming from September. Vietnamese imported scrap rates continue to fall due to little market, while buyers remain inactive.

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 

The price of domestic HRC in China slightly increase by just Yuan 10/t ($1/t) from last week's level of Yuan 3,770/t ($530/t) on Nov 26th. China's HRC export offer at $550/t FOB China port, decreased by $20/t from the previous week due to competition from Indian products with no export duty. Some mills cut production capacity due to weak demand in the international market.

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Japan 

Japanese scrap export prices were unchanged from last week at JPY 44,000/t ($314/t) FOB on Nov 26, the lowest level from SEP. Japan's major EAF plant has reduced scrap purchase prices to JPY 500/t ($4/t) for all its plants and purchased at JPY 46,750/t ($337/t) on average.

Europe

Domestic prices for HRC in Northern Europe were at EUR 605/t Ex-work mills on Nov 24th, down by EUR 20/ton from last week (or down 33% since the beginning of 2022). While the price for HRC in Southern Europe keeps stable from the previous week EUR 600/t Ex-works mills in Italy. Additional Mills will be closed in near future due to a mismatch between supply and demand.

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America 

HRC price has fallen to the lowest price after two years $704/MT ( $640 per short ton), reduced by $16/MT ( $15 per short ton) from a week earlier. Buyers believe this is the price floor but just buy the quantity which they really need.

Brazilian ferrous scrap prices remain stable at Real 1,250/MT FOT ($230/MT) on Nov. 21. Scrap dealers said that the foundries will cut down production capacity due to price decrease in the long steel market, which lead to more pressure scrap deals because foundries will buy more expensive materials.

Viet Nam

Vietnamese Imported scrap prices are still going down due to weak demand and the buyers are still keeping silent. Meanwhile, Vietnam's pilot price is up $15/ton at $ 480/ton FOB. Almost steel mills cut down production capacity due to difficulty with output.

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Remaining Unchanged Rate Trend of Steel Market, Dec 01st 2022