As the price of HRC and other steel products is on a rising trend, we expect the steel prices will strengthen further after the Chinese new year. In Europe, domestic prices for HRC in Northern Europe increased compared to the previous week. Major Steel plant in Viet Nam re-active five blast furnaces, which shut down in NOV & DEC 2022.
Let us support and share with you in this blog for your business decision during this up-trend market around the world starting the motivation year 2023.
China
The price of domestic HRC in China at Yuan 4,080/t ($597/t) on JAN 07th increased by Yuan 20/t ($4/t) from last week's level due to property supportive policies having side effects on the Steel market. China's HRC export offer at $610/t FOB China port, increased by $5/t from the previous week.
Japan
Japanese scrap export prices at JPY 50,000/t ($377/t) FOB on Dec 30th, unchanged from the previous week. Domestic scrap at JPY 49,000/t ($360/t), unchanged from last week. The inventory level for HRC in Japan reduce by 1.7% compared with Nov, at 170.000 t but still higher than last year's 13.3%.
Europe
Domestic prices for HRC in Northern Europe at EUR 700/t Ex-work mills on Jan 05th, increase EUR 20/t from the previous week. Price for HRC in Southern Europe at EUR 700/t Ex-works mills in Italy, increase EUR 30/t with previous week. Production is down and imports are limited but the market may be positive.
America
HRC price at $780/MT ( $710 per short ton) on Jan.05th, an increase of $15/MT ($14 per short ton ) from the previous week. Meanwhile, the ferrous scrap price at $442/t ($435 per long ton), raises by $51/t compared with last week. The market still keeps quite because the buyer still has enough stock from DEC purchases, they also have not to hurry with transactions for FEB delivery.
The largest steel and iron ore producer in Brazil announced an increase of 10% for all steel products including flat and long steels from Jan 01, 2023. In the same manner, other major steel producers in the country also buyers to lift the prices by 9 - 12% for all products including HRC and CRC in Jan 2023.
Viet Nam
Vietnamese imported HRC price at $615/t, unchanged from the previous week. Meanwhile, the Price for Steel scrap is at $410/t, an increase of $10/t from last week due to a shortage of material. Due to the nearly Tet Holiday, import scrap activities seem quiet. Major Steel plant in Viet Nam re-active five blast furnaces, which shut down in NOV & DEC 2022.
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