In our latest study, we have gathered comprehensive information on the current steel market trends worldwide. Our goal is to provide you with an insightful overview of recent developments in the global steel market across multiple regions. We explore a range of shifts, from the fluctuating Japanese export scrap prices to changes in the Chinese export HRC market, as well as the dynamics of the European and North/South American steel sectors.
Have a look at the blog and explore the in-depth analysis we have conducted on the steel market trends across the globe here!
China
Following the Golden week holiday, the steel market has experienced a soft performance. The domestic HRC prices are currently at Yuan 3,770/t ($536/t), witnessing a drop of Yuan 70/t ($1/t). Additionally, the export HRC prices in China have reduced by $15/t, now standing at $530/t FOB China port. The domestic rebar price has also seen a slight decline of Yuan 30/t ($8/t), reaching Yuan 3,680/t ($510/t). These changes can be attributed to high stock levels and a sluggish demand, impacting the overall price levels.
Japan
The Kanto region's export tender prices have seen a decrease of Yen 1,080/t ($7/t), now standing at $348/t-$350/t compared to one month ago. This decline is a result of strong demand from Bangladesh. Despite this downtrend in export prices, major steel mills in the region have maintained the same level for domestic purchase prices, currently at Yen 51,000 ($342/t). The markets in Vietnam and Korea, however, remain relatively quiet with limited transactions taking place.
Europe
In the steel market of Northern Europe, the price of HRC has experienced a slight decline, dropping by EUR 3/t ($3/t) on October 12th and now standing at EUR 617/t ($642/t). Similarly, in Italy, the price of HRC has also decreased, with a drop of EUR 12/t ($13/t) and a current price of EUR 593/t ($617/t). Despite these changes, the market has remained relatively quiet. In response to the downtrend in prices, some steel mills have made the decision to reduce capacity. It is worth noting that the import HRC from Asia is priced similarly to the domestic HRC, ranging from EUR 580 to EUR 600/t CFR Italy.
America
In August, the export of ferrous scrap from the US saw a significant increase, rising by an impressive 58% to reach a total of 1.41 million tons. The largest import market for this scrap material was Turkey. Additionally, the export of aluminium scrap in August experienced a slight uptick of 2.9% compared to the previous month, with India being the main market, importing 45,210 tons and witnessing a 5.4% increase from the previous month.
In September, the export of iron ore from Brazil experienced a slight decline of 1%, reaching a total of 35.73 million tons compared to the same period last year. The average price for this export stood at $76.30/ton FOB main port, slightly lower than the price at the same time last year, which was $76.40/t. Furthermore, when compared to August, the export quantities had reduced by 5% from 37.51 million tons.
Viet Nam
The prices of domestic HRC remain steady at $572/t - $597/t, showing little change week on week. Similarly, import HRC prices from China remain largely unchanged at $555-$560/t in a relatively calm market. Meanwhile, domestic rebar prices have slightly decreased by $2/t due to the weak exchange rate between VND and USD.
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