2023.02.02

Impact of Lunar New Year to Global Steel Price, Feb 02nd 2023

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Due to the extended vacation, the price of domestic HRC in China fell on January 21st. Almost all North American manufacturers are operating at 70% capacity. On January 27th, domestic HRC prices in Brazil were steady from the previous week. On January 23rd, Vietnamese imported HRC was priced at $655/t, notwithstanding the Tet holiday.

Let us support and share with you in this blog for your business decision during this trending market around the world due to the impact of the Lunar New Year holiday passing.

China 

The price of domestic HRC in China at Yuan 4,100/t ($604/t) on Jan.21st decreased by Yuan 10/t ($1/t) from last week's level due to the long holiday. China's HRC export offer at $645/t FOB China port, increased by $20/t from the previous week. Meanwhile, domestic steel billet at Yuan 3,820/t ($563/t), decreased by Yuan 30/t ($3/t). 

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Japan 

Japanese scrap export prices at JPY 51,500/t ($396/t) FOB on Jan.27th, unchanged from the previous week. Domestic scrap keeps stable at JPY 51,000/t ($387/t). Major Steel Maker has increased HRC by about $50/ton, for March delivery, due to factors of improvement in demand and rising global prices.

Europe

Domestic prices for HRC in Northern Europe at EUR 720/t Ex-work mills on Jan.25th, increase EUR 5/t from the previous week. Price for HRC in Southern Europe at EUR 745/t Ex-works mills in Italy, increase EUR 10/t with previous week. Price trend to increase due to domestic steel maker's full orders in Q1 2023.

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America 

HRC price at $858/MT ( $780 per short ton) on Jan.27th, an increase of $46/MT ($42 per short ton ) from the previous week. Mean while ferrous scrap price at $432/t ($425 per long ton), unchanged compared with last week. Almost manufacturers are running at 70% capacity.  

Brazil's domestic HRC price at Real 4,700/MT ($920/MT) on Jan.27th, keep stable from the previous week. Mean while rebar price at Real 4,300/MT ($841/MT), unchanged from the last week. Prices are expected to increase after a long holiday in China.

Viet Nam

Vietnamese imported HRC price at $655/t on Jan.23rd, keeping quiet amid Tet Holiday. One customer in Southern Viet Nam reported that they faced a bad situation in Q4 2022, stopped production from the end Nov and did not operate in Jan 2023. All workers and staff stayed at home. They also cut off 50 workers from Dec. (~15%). 

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Impact of Lunar New Year to Global Steel Price, Feb 02nd 2023