While exports of Hot Rolled Coil prices from China's port have taken a dip due to a sluggish demand from overseas markets, the Japanese scrap market is experiencing a surge. The H2 grade export scrap prices have shown a hike as compared to the last week, indicating an upward trend.
Let us support and share with you in this blog your business decision during this down-trend market around the world at the end of May and starting July 2023.
China
While export HRC prices at $550/t FOB China port saw a decrease of $10/t compared to last week due to weak demand in overseas markets, domestic HRC prices in China rose by Yuan 40/t ($6/t) to Yuan 3,830/t ($538/t) on Jun 17th. This was influenced by a future price uptrend caused by higher iron ore and scrap prices.Japan
Japanese export scrap prices (H2 grade) at Yen 49,500/t ($351/t) on Jun.16th, increased Yen 1,000/t ( $7/t) compared one week earlier. Similarly, domestic scrap prices rosed up Yen 1,000/t ($7/t) to reach at Yen 48,500/t ($344/t). Limited activities this week. Domestic demand is still stronger than oversea. Besides that, the major EAF Steel mill has an announcement that the July contract price is going down, such as the HRC price down Yen 10,000/MT ($70/MT) to compete with import steel products.
Europe
Despite limited trading activity, domestic HRC prices in Northwest Europe decreased by EUR 15/t ($26/t) to EUR 690/t ($745/t) on Jun 15th, with a similar trend seen in Italy where prices fell by EUR 10/t to reach EUR 660/t. The downtrend in HRC prices in European countries is slowing down, but the market remains impacted by weak demand.
America
On Jun 14th, the price for US domestic HRC fell to $995/MT ($905 per short ton), a reduction of $28/MT ($25 per short ton) compared to the previous week. However, domestic steel plate prices remained stable at $1,683/MT ($1,530 per short ton) and the demand for it is still strong.
Despite slow demand from construction, packaging, and automotive sectors, domestic aluminum premium prices in Brazil remained unchanged at $280/t compared to the previous week. However, the high rates have been affecting the country's economy, and there hasn't been much activity during the week.
Viet Nam
In Vietnam, the domestic rebar market has taken a hit with prices decreasing by $7/t in just one week, now standing at $610/t. This is largely due to the collapse of the real estate market and weak demand in the construction sector. Meanwhile, imported HRC prices from China have seen a $5/t increase in just one week, now standing at $585/t, thanks to an upward trend in the Chinese market.
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