The price declined due to weak demand in the Chinese domestic market. Due to the upcoming Golden Week vacations, there will be fewer events in Japan and demand is still low. The demand in Vietnam is still low, but there is good news in that the transport minister plans to enhance the railway lines, which will likely result in creating a signal to boost the steel sector.
Let us support and share with you in this blog for your business decision during this up-trend market around the world in Apr 2023.
China
Export HRC prices keep stable at $665/t FOB China port during the week. Meanwhile, domestic HRC prices in China downward by Yuan 90/t ($13/t) to Yuan 3,980/t ($577/t) on Apr 22nd. Weak demand in the domestic market caused the price to fall down. Domestic billet prices also decreased by Yuan 80/t ($12/t) to Yuan 3,660/t ($531/t) in one week.
Japan
Japanese export scrap prices (H2 grade) were reduced by Yen 1,306/t ($10/t) at Yen 49,250/t ($368/t) on Apr 21st compared previous week. Domestic scrap prices at Yen 51,000/t ($385/t), also down Yen 500/t ($4/t). Demand is still weak, and fewer activities due to the Golden Week holidays are coming.
Europe
Domestic HRC prices at EUR 845/t in Northern Europe on Apr 18th, decreased EUR 10/t compared to one week previous. And HRC prices at EUR 845/t in Italy, downward EUR 5/t. A big gap with the Import HRC price ( EUR 680-EUR 700/t CFR) makes the buyer think more about the import option.
America
The price of US domestic HRC was at $1,283/MT ($1,166 per short ton) on Apr 20th, down by $15/MT compared with one week ago. Price has an upcoming downward trend. Meanwhile, domestic rebar prices keep stable at $ 1,062/MT ($ 965 per short ton) unchanged for two weeks.
Steel rebar price in Brazil at Real 4,310/t ($876/t) on Apri.14th increased Real 185/t ($38/t) compared to one month previous. Meanwhile, steel slab export prices at $835/t decreased by $5/t from last week. The price drop is following US flat steel market.
Viet Nam
Import HRC prices were at $605/t CFR on Apr 24th, which decreased by $20/t compared to last week. Still weak demand in the domestic market. Steel prices are falling down, and rebar prices are at $648/t, down $24/t from the previous week. Minister of Transport intends to develop the railway systems, which may good signal to improve the steel industry.
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