Stable Domestic Scrap Prices in Japan, 07th December 2023


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 Chinese domestic HRC experienced an upward trend, reaching Yuan 3,960/t ($549/t) on Dec 1st. This marked an increase of Yuan 90/t ($13/t) compared to the previous week. Additionally, export HRC prices rose by $5/t, reaching $550/t FOB China. These price movements were driven by the support of SHFE HRC futures prices and a tight supply resulting from reduced production levels. Furthermore, rebar prices also saw an increase of Yuan 30/t ($4/t), reaching Yuan 3,920/t ($544/t).



Scrap export prices in Japan surged to JPY 51,200/t ($348/t) FOB Tokyo Bay on December 1st, marking a significant increase of JPY 1,200/t ($8/t) compared to the previous week. This boost in prices can be attributed to the improved demand from the overseas market. Meanwhile, domestic scrap prices have remained mostly stable for three consecutive weeks, averaging JPY 47,100/t ($320/t) across the three regions.

Market Trend 3


In Germany, the import of scrap witnessed a significant decline of 22% during the period of January to September, compared to the same period in 2022, reaching a total of 2.6 million tons. However, there was a slight increase in scrap prices in November due to the recovery in exports. The prices ranged from EUR 320/t to EUR 330/t ($345/t to $356/t). On the other hand, HRC prices in Europe showed an upward trend over the week, despite low consumption from end users.


HRC prices in the US surged to $880/MT- $910/MT on November 23rd, marking a $10/t increase compared to the previous week. This is the highest price seen since July of this year. Market participants are optimistic about the future, as they estimate that with low inventory levels and stable demand from the automotive industry, prices could potentially surpass $1,000/MT - $1,100/MT in the near future.

The export price of HRC in Brazil remained stable two weeks ago, holding at $880 per ton on November 29th, FOB main ports. Meanwhile, HRC consumption in Mexico experienced a remarkable 22% increase in September compared to the same period last year, reaching a total of 417,000 tons. This marks the fourth consecutive year of annual growth in HRC consumption in Mexico.


Viet Nam

In a significant development, a major steelmaker in Vietnam has announced a $30/t increase in HRC prices (SAE1006, non-skinpasses) for March 2024 delivery. As a result of this revision, the new price stands at $600/t CIF HCMC. This positive price change can be attributed to the surge in domestic demand, indicating a promising outlook for the steel industry in Vietnam. Additionally, the domestic rebar price is also on an upward trend, currently priced at $567/t, showing a slight increase of $6/t compared to the previous week.

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Stable Domestic Scrap Prices in Japan, 07th December 2023