Due to sluggish consumption and unfavorable market attitudes, China's HRC exporting proposals have dipped. The scrap supplies in Japan have been kept tight, even though most manufacturers were keeping an eye on the situation. Local rebar prices in the United States stagnated on November 4th, as purchasers anticipated more price declines following the semi-election.
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 fell to Yuan 3,650/t ($508/t) on Nov 04th, down by Yuan 70/t ($10/t) from the previous week amid HRC future increase by Yuan 60/t ($8/t) and lower inventory at stockist and mills. Meanwhile, China's HRC export offers edged down by $5/t in one week to $570/t FOB China due to weak demand and bearish market sentiments.
Japan
The price of Japanese H2 grade scrap for domestic sales remained unchanged at around JPY 50,000/t ($340/t) during the last week of October after rising by Yen 500/t ($3.4/t) in the previous week. Overall, the supply of scrap in Japan has been kept tight, but most mills were monitoring the movement.
Europe
Domestic prices for HRC in Northern Europe were stable at EUR 650/t Ex-work mills in Germany on Nov 02nd. But the price in Southern Europe inched down by EUR 5/t from the previous week to EUR650/t Ex-works mills in Italy. Due to weak demand, steel mills started to give discounts to keep the production lines running.
America
Price for US domestic rebar remained steady at around $1,089/MT ($990 per short ton) on Nov 04th as buyers felt prices could slide further after the mid-term elections. And HRC price in the US was heard at $731/MT (
$655 per short ton).
The price for Brazilian domestic rebar fell to Real 4,300/t ($851/t) Ex-works on Nov 04th, taxes excluded, down by 1.1% from the previous week as the market did not accept the proposed price increase, and mills has to step back. Meanwhile, the Brazilian domestic HRC price was stable at Real 4,850/t ($960/t) ex-works.
Viet Nam
Prices for construction steel products in Vietnam maintained stable at the lowest level for almost 4 weeks with rebar at around $595/t and wire rod at around $590/t on Nov 03rd. However, imported HRC grade SAE1006 offers to Vietnam from China dropped to an almost a 2-year low at $560/t CFR this week amid buyers continued their preference for domestic HRC over imported products.
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