The surge in prices reflects the growing demand for hot-rolled coil in the Chinese market. On the other hand, Japan is experiencing limited trading activity on scrap due to the sluggish demand for finished steel products across the globe. This slowdown in demand has affected the overall steel industry and has created challenges for scrap traders in Japan. Despite these challenges, the market continues to evolve, and it is essential for businesses to make informed decisions during this downturn in the global steel market.
Let us support and share with you in this blog your business decision during this down-trend market around the world at the end of May and starting Jun 2023.
China
Domestic HRC prices in China at Yuan 3,820/t ($535/t) on Jul 15th, increased Yuan 30/t ($4/t) from the previous week. Conversely, export HRC prices decreased $10/t, at $550/t FOB China port. Chinese domestic rebar also downward Yuan 10/t ($1/t) at Yuan 3,820/t ( $535/t), with poor demand and limited transactions.Japan
Japanese export scrap prices (H2 grade) at Yen 49,740/t ($354/t) on Jul.11th, increase by $9/t compared with the tender one month earlier. Similarly, domestic scrap prices at Yen 49,500 ($352/t), rose up Yen 1,000/t ($7/t). However, the trading activity on scrap is limited due to the slow demand for finished steel products worldwide.
Europe
HRC in Northwest Europe keep stable on the week at EUR 680/t ($728/t) on Jul 14th. Meanwhile, HRC in Italy at EUR 655/t ($ 700/t), lightly decreased EUR 5/t ($ 6/t) compared previous week. Slow demand dampens efforts to raise prices from factories. Buyers keep a low stock level and wait to see the price trend.
America
The price of US domestic HRC at $977/MT ($888 per short ton) on Jul 10th, dropped by $7/MT ($6 per short ton) with limited activities due to the national holiday. Meanwhile, the US rebar price at $990/MT ( $900/MT), keep stable during the week. Rebar import activities are also active recently in the US.
Import HRC in Brazil at $610/t CFR main port on Jul.07th, unchanged from last week. Slab export price in Brazil also keeps stable at $595/t due to stabilizing of the flat steel market in the US. Buyers believe that is a bottom price and demand will be more stable next week.
Viet Nam
A major steelmaker in Viet Nam announced a new price of HRC (SAE 1006, skin pass) at $ 605/t for Aug delivery, which rose up $13/t. Meanwhile, domestic rebar prices were reduced by $8/t in one week to $590/t, under weak demand and slow recovery in production.
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