The market conditions remain subdued both domestically and overseas in Japan. Meanwhile, in China, there has been an increase in export HRC prices at the FOB price China port compared to last week, despite slow demand. On July 6th, the price of US domestic HRC dropped compared to the previous week due to a lack of transactions.
Let us support and share with you in this blog your business decision during this down-trend market around the world in July 2023.
China
Contrary to last week, domestic HRC prices in China decreased from Yuan 30/t ($4/t) to Yuan 3,790/t ($525/t) on Jul 08th. Meanwhile, export HRC prices increased $10/t, at $560/t FOB China port compared last week with slow demand. Chinese domestic rebar continues to downward Yuan 10/t ($1/t) at Yuan 3,830/t ( $530/t). The real estate market has recovered very slowly.Japan
After increased increased Yen 500/t ($3/t) last week, Japanese export scrap prices (H2 grade) reduced Yen 500/t ($3/t) at Yen 50,000/t ($345/t) on Jul.07th. Both the domestic market and oversea are still quiet. Based on the current market situation, scrap prices estimate to fall down the few next weeks.
Europe
HRC in Northwest Europe slightly increased EUR 7/t (USD 7.5/t) and reach EUR 680/t ($728/t) on Jul 07th. HRC in Italy at EUR 660/t (USD 706/t), also up EUR 10/t ( UDS 11/t). Uncertain price trend as well as almost manufactures will be closed for summer holiday leading limited activites during week.
America
The price of US domestic HRC at $983/MT ($894 per short ton) on Jul 06th, dropped by $35/MT ($32 per short ton) compared previous week due to a lack of transactions. Meanwhile, the US rebar price at $990/MT ( $900/MT), keep stable compared to one week earlier. Domestic demand is still steady with more activities from the construction area.
Import HRC in South America at $605/t on Jul.07th CFR main ports, lightly increased $5/t from one week earlier. Meanwhile, import steel plate decreased $10/t at $660/t compared to before the week. Almost manufactories are interested in importing materials, main reason is the domestic currency rate is higher than the US dollar, which is beneficial for imports.
Viet Nam
Vietnam domestic HRC at $578/t, increased by $13/t for Aug delivery while imported HRC price from China downward by $15/t, at $570/t. With some support measures from the government, domestic real estate expects to recover in the second haft of this year, then the steel market will raise demand.
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