The HRC Price's Upward Trend Against Sluggish Global Demand, 22nd November 2023


The steel industry is a constantly evolving landscape, shaped by a multitude of factors that span across continents and industries. From the bustling markets of Asia to the industrial powerhouses of Europe, the dynamics of the steel market are in a constant state of flux. In this article, we delve deeper into the recent developments and trends in the global steel industry, shedding light on the stability of pricing, the forces that drive the market, and the delicate balance of supply and demand.


The price of Chinese domestic HRC experienced an upward trend, reaching Yuan 3,960/t ($549/t) on Nov 1st. This marked an increase of Yuan 90/t ($13/t) compared to the previous week. Additionally, export HRC prices rose by $5/t, reaching $550/t FOB China. These price movements were driven by the support of SHFE HRC futures prices and a tight supply resulting from reduced production levels. Furthermore, rebar prices also saw an increase of Yuan 30/t ($4/t), reaching Yuan 3,920/t ($544/t).



One of Japan's leading EAF steelmakers has recently made an exciting announcement regarding the pricing of their steel products for December 2023 delivery. They have decided to keep the prices unchanged, with the price for HRC (1.7-22mm) set at JPY 105,000/t ($708/t). This decision has been influenced by the lower scrap prices and the higher offers for HRC coming from steel mills in China, Taiwan, and Vietnam. It's an interesting development that reflects the current dynamics of the global steel industry.

Market Trend 3


HRC prices in Northern Europe experienced a slight upward movement, increasing by EUR 4/t ($4/t) to reach EUR 655/t ($711/t) on November 16th. Similarly, in South Europe, HRC prices rose by EUR 3/t ($3/t) compared to the previous week, reaching EUR 633/t ($687/t). However, despite these price increases, market demand has been sluggish. Meanwhile, the price of imported HRC at EUR 610 - 650/t CFR main ports continues to trend higher than domestic HRC.


On November 15th, the prices of US domestic HRC saw a significant increase, reaching $1,019 per metric ton ($926.6 per short ton). This surge in price, amounting to a $28 per metric ton rise from the previous week's price of $901.4 per short ton, can be attributed to limited supply. In contrast, the domestic rebar price remained relatively stable at $913 per metric ton ($830 per short ton) compared to the previous week. The rebar price faced pressure from import prices, which ranged from $825 to $858 per metric ton ($750-780 per short ton).

The price of exported HRC in Brazil reached $880 per metric ton on November 16th, marking a $25 increase compared to two weeks prior. Furthermore, high-grade iron ore with a 65%Fe content performed well at $142 per metric ton CFR, showing a slight uptrend of $2 per metric ton compared to the previous week. Conversely, the domestic scrap price in Mexico remained relatively stable at $423 per metric ton.


Viet Nam

A prominent steel manufacturer in Vietnam has increased their offer for HRC (SAE 1006, skinpass) by $20-25/t for delivery in January 2024. The revised price level will now stand at $590-595/t, CIF Ho Chi Minh. This surge in steel prices in Vietnam can be attributed to the influence of the Chinese market, as the future HRC price continues to rise.

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The HRC Price's Upward Trend Against Sluggish Global Demand, 22nd November 2023