Steel Price Decline Challenges in the USA, 25th January 2024

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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.


On January 20th, the HRC price in China reached Yuan 3,980/t ($559/t), increasing by Yuan 10/t ($1/t) compared to the previous week. This rise can be attributed to the uptrend in SHFE HRC futures. However, the export HRC prices stood at $570/t FOB China, declining by $10/t. Similarly, the domestic rebar price experienced a decrease of Yuan 30/t ($4/t), settling at Yuan 3,840/t ($540/t) due to sluggish activity in the construction sector.



Scrap export prices in Japan reached JPY 53,800/t ($362/t) FOB on Jan. 19th, influenced by higher prices resulting from the Kanto tender outcome, which saw an increase of JPY 2,000/t ($13/t) in just one week. Meanwhile, the domestic scrap price stood at JPY 52,000/t ($350/t), rising by JPY 1,000 ($7/t) during the same period.

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In Northern Europe, the price of HRC reached EUR 743/t ($807/t) on January 18th, showing an increase of EUR 12/t ($13/t) compared to the previous week. Similarly, in Italy, the HRC price stood at EUR 735/t ($798/t), experiencing an uptrend during the week with an increase of EUR 15/t ($16/t). This rise in prices can be attributed to a surge in orders from steel mills, leading to an upward trajectory in prices. Additionally, import HRC was reported at EUR 655-670/t CFR.


The HRC price in the US continued its downward trend this week, reaching $940/MT on Jan. 19th. This marked a significant decrease of $23/MT compared to the previous week, and a total decrease of $153/MT since the beginning of 2024. The decline in price reflects the current market conditions and highlights the challenges faced by the steel industry in the US.

During the previous week, the domestic scrap price in Mexico continued to climb, reaching $537/MT and increasing by $17/MT compared to the previous week. In contrast, the export rebar price in Brazil remained steady for four consecutive weeks, maintaining a value of $870/t. Similarly, the Brazilian slab export price remained stable at $750/MT, FOB main ports, throughout the week.

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Viet Nam

Vietnam's domestic and imported Hot Rolled Coil (HRC) prices are expected to trend upwards in the short term, supported by the construction sector. Following a recent increase, domestic HRC prices are now at $645-$655/t CFR Ho Chi Minh port, while imported HRC (SAE1006) from China is priced at $615/t-$620/t. Additionally, the scrap market is experiencing increased activity as buyers seek to stock up before the Lunar New Year.

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Steel Price Decline Challenges in the USA, 25th January 2024