Stable Domestic Finish Steel Prices in Vietnam, 04th January 2024


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.


The price of HRC in China stood at Yuan 3,980/t ($562/t) on December 30th, experiencing a slight decrease of Yuan 10/t ($2/t) compared to the previous week. This dip can be attributed to subdued demand during the year-end holidays. Conversely, export HRC prices remained at a similar level of $575/t FOB China last week, reflecting low booking activity. The sluggish demand also had an impact on the domestic rebar price, which decreased by Yuan 20/t ($3/t), reaching Yuan 3,660/t ($517/t).



Export prices for scrap in Japan, standing at JPY 50,400/t ($357/t) FOB on December 29th, continued to decline by JPY 600/t ($4/t) compared to the previous week due to sluggish demand during the year-end holiday season. Additionally, the export of iron and steel from Japan in November experienced a 4% decrease compared to October. However, from January to November, the export volume reached 30.1 million tons, indicating a 1.7% increase compared to the same period last year.

Market Trend 3


Towards the end of December 2023, the price for HRC in Europe remained stable. In Northern Europe, the domestic HRC price stood at EUR 695/t ($750/t), while in Italy it was EUR 688 ($743/t). Throughout the year, HRC prices experienced an upward trend, similar to the previous year, supported by the automotive market. However, due to the economic recession and declining real demand, the future direction of prices seems uncertain.


In the United States, the price of HRC reached $1,109/MT on Jan. 2nd, marking a decrease of $17/MT compared to the previous week. Additionally, the import of steel in the US saw an 8.2% reduction in November compared to October, with a total of 1,832,143mt valued at $2.19 billion. The primary markets for imports included Canada with 484,510mt, Brazil with 344,769mt, Mexico with 224,636mt, South Korea with 127,717 mt, and Japan with 77,683mt.

The export price of HRC in Brazil remained stable at $890 per ton on December 27th, showing no change from two weeks ago. On the other hand, there was a slight increase of $1 per ton in the price of high grade iron ore, with a 65% Fe content, at $153 per ton CFR China main ports, compared to the previous week. Additionally, in Mexico, the domestic scrap price stood at $515 per ton.


Viet Nam

Overall, there has been an increase in domestic HRC prices, with prices ranging from $600 to $635 for delivery in February and March 2024. The domestic automotive industry is currently facing challenges, with subdued sales due to weakened demand and an ongoing increase in inventory. On the other hand, domestic finish steel prices have remained relatively stable compared to the previous week, with the price of rebar at $575 per ton.

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Stable Domestic Finish Steel Prices in Vietnam, 04th January 2024