Due to competition from Indian product reduction of 15% export tariff, China's HRC export offer FOB China port declined from the preceding week. Japanese scrap freight rates were constant from the previous week FOB on November 26th, the lowest level since SEP. Since inventories in Europe are limited and customers will have to plan for next year, the price is projected to rise beginning next week.
Let us support and share with you in this blog for your business decision during this down-trend market around the world closing 2022.
China
The price of domestic HRC in China at Yuan 3,840/t ($547/t) on DEC 03rd increased by Yuan 70/t ($17/t) from last week's level. China's HRC export offer at $505/t FOB China port, decreased by $45/t from the previous week due to competition from Indian product removal 15% export duty. The difference gap between bids and offers leads to limited inquiries from buyers.
Japan
Japanese scrap export prices were unchanged from last week at JPY 44,000/t ($314/t) FOB on Nov 26, the lowest level from SEP. Japan's major EAF plant has reduced scrap purchase prices to JPY 500/t ($4/t) for all its plants and purchased at JPY 46,750/t ($337/t) on average.
Europe
Domestic prices for HRC in Northern Europe were at EUR 610/t Ex-work mills on DEC 01st, increasing by EUR 5/t from last week. Price for HRC in Southern Europe at EUR 610/t Ex-works mills in Italy, increase by EUR 10/t compared with the previous week. Stocks are at a low level and buyers need to prepare quantities for next year, so the price is expected to increase from next week.
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America
HRC price has fallen to the lowest price after two years $704/MT ( $640 per short ton), reduced by $16/MT ( $15 per short ton) from a week earlier. Buyers believe this is the price floor but just buy the quantity which they really need.
"Brazilian ferrous scrap prices remain stable at Real 1,250/MT FOT ($230/MT) on Nov. 21. Scrap dealers said that the foundries will cut down production capacity due to price decrease in the long steel market, which lead to more pressure scrap deals because foundries will buy more expensive materials.
Viet Nam
Vietnamese Imported HRC price at $560/t, an increase of $20/t from the previous week. Meanwhile domestic HRC in VietNam at $550/t due to weak demand in the real estate market and high-interest rates. The price of scrap import at $365/t, an increase of $5/t from last week.
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