The steel industry is a constantly evolving landscape, shaped by a multitude of factors that span across continents and industries. From the bustling markets of Asia to the industrial powerhouses of Europe, the dynamics of the steel market are in a constant state of flux. In this article, we delve deeper into the recent developments and trends in the global steel industry, shedding light on the stability of pricing, the forces that drive the market, and the delicate balance of supply and demand.
China
During the course of the week, the Chinese domestic HRC price experienced a slight decrease of Yuan 20/t ($3/t), ultimately reaching Yuan 3,940/t ($555/t) on November 24th. This decline can be attributed to the seasonal activity slowdown and the uncertainty surrounding SHFE HRC prices. On the other hand, the export HRC prices saw an increase of $15/t, reaching $565/t FOB China. Additionally, rebar prices also saw a slight dip of Yuan 20/t ($3/t), settling at Yuan 3,900/t ($549/t).
Japan
On November 24th, the scrap export price in Japan reached JPY 50,000/t FOB Tokyo Bay, experiencing a rise of JPY 1,000/t compared to the previous week. This increase can be attributed to the demand for improving inventory at the end of the year, resulting in an uptrend in prices. Additionally, a major Japanese steel company has recently raised its HRC price for January delivery by $50/t, reaching $700/t CFR at main ports in the EU and $600-$630/t CFR in Asia.
Europe
HRC prices in Northern Europe experienced a modest uptick of EUR 10/t ($11/t), reaching EUR 665/t ($712/t) on November 23rd. Similarly, HRC prices in South Europe showed an increase of EUR 26/t ($28/t) compared to the previous week, settling at EUR 659/t ($705/t). The market is witnessing a surge in transactions, as inventory levels decrease and contribute to the rise in prices throughout the week.
America
In September 2023, the export of structural pipe and tube experienced a significant decrease of 15.30% compared to the previous month, resulting in a total of 8,143 metric tons and a value of $15.5 million. This represents a 35% decline compared to the same period last year. Canada emerged as the top importer with 4,246 metric tons, followed closely by Mexico with 3,229 metric tons. In contrast, the import of merchant bar saw a notable increase of 8.3% compared to August, reaching a total of 13,648 metric tons.
In Mexico, the domestic scrap price reached $423 per metric ton on November 22nd, marking a $27 increase compared to the previous week. Meanwhile, in Brazil, the export rebar prices stood at $820 per metric ton on November 20th, showing a rise of $20 compared to four weeks earlier. Additionally, high-grade iron ore (65%Fe) performed well at $145 per metric ton CFR, demonstrating an upward trend throughout the week with a slight increase of $3 per metric ton compared to the previous week.
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