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For the past two weeks, the export prices for HRC have remained stable at the FOB China port. Additionally, the prices for Japanese export scrap (H2 grade) on September 8th have not shown any significant changes from the previous week. However, it is worth noting that the construction and vehicle manufacturing sectors in Europe are currently experiencing reduced demand, leading to fewer orders this week.
Let us support and share your business decision with you in this blog during the fluctuating in price trend in the steel market around the world in opening Sep 2023.
China
Domestic HRC prices in China at Yuan 3,890/t ($534/t) on Sep 09th, slightly decreased Yuan 10/t ($1/t) compared to one week ago amid weakened demand. Meanwhile, export HRC prices kept stable for two consecutive weeks at $550/t FOB China port. Domestic rebar inched down by Yuan 10/t ($3/t) at Yuan 3,680/t ($503/t) during the week.
Japan
Japanese export scrap prices (H2 grade) at Yen 50,500/t ($343/t) on Sep.08th, remain stable compared previous week. Overseas market and domestic demand are still weak. Meanwhile, domestic scrap prices at Yen 50,000/t ( $340/t) reduced Yen 500/t ($3/t) compared to last week due to high inventory levels.
Europe
America
US domestic raw steel production was 1,271,000 net tons, dropped by 0.5% week on week on Sep 09th while the capacity utilization was down by 0.35 from 76% on Sep 02nd to 75.7% on Sep 09th. But this is 2.2% higher than the production in the same period of last year. HRC price is stable at $760/MT.
Brazilian domestic rebar prices were stable at the range of $756-796/ton delivered on Sep 08th amid low sales and increasing import volumes.
No price discount is expected since the current high costs but sales are not high enough to support price raises.
Viet Nam
A major steel maker adjusted HRC (SAE1006, non-skin passes) price for end Oct/ early Nov delivery at $589/t CIF HCM, slightly decreased $1/ton due to competitive with Import HRC from China and limited transactions. Meanwhile, domestic rebar price at $ $571/t, unchanged for three consecutive weeks.
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