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China's HRC exporting offers of $580/t FOB China port has climbed by $75/t from the preceding week due to the Chinese currency's strengthening compared to the US dollar and Covid's policy relaxing. Since local demand is stronger than international demand, export price offers in Japan will remain higher. In the United States, the price will likely steady in the next weeks and may even rise somewhat before the end of the year. Buyers are wary of doing business with them because they want to maintain inventories to a minimal.
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 at Yuan 4,000/t ($575/t) on DEC 10th increase Yuan 160/t ($23/t) from last week's level. China's HRC export offer at $580/t FOB China port, increased by $75/t from previous week due to the appreciation of the Chinese currency against the US dollar and Covid's policy easing.
Japan
Japanese scrap export prices at JPY 49,000/t ($360/t) FOB on DEC 09. Meanwhile, domestic scrap is at JPY 46,000/t ($340/t), unchanged from the previous week. Export price offers to keep a higher level due to the demand in the domestic market being stronger than oversea.
Europe
Domestic prices for HRC in Northern Europe were at EUR 630/t Ex-work mills on Dec 07th, increasing by EUR 20/t from last week. Price for HRC in Southern Europe at EUR 630/t Ex-works mills in Italy, increased by EUR 20/t compared with the previous week. The price estimate raise up in Q1 2023.
America
HRC price at $748/MT ( $680 per short ton), after a half-month downtrend. The price will stabilize in the following weeks and might have slightly increased until the end of this year. Buyers are hesitant about their business because they still want to keep inventory at a minimum level.
Mexican steel scrap price at Pesos 6,500/MT ($332/MT) on Dec. 06, an increase of 150 pesos ($8/MT) from the previous week. Buyer accepts higher offers to keep the material source. One major steel maker has only been partially operating due to a shortage of electricity input.
Viet Nam
Vietnamese Imported HRC price at $560/t, unchanged from the previous week. Meanwhile, domestic HRC in VietNam at $540/t, decrease by $10/t due to weak industrial demand. To improve the situation, VietNam's major steel producer decided to increase exports of HRC to oversea markets such as Pakistan, India, and Europe countries.
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