Trending Rise in High-Grade Iron Ore Prices, 1st Feb 2024

Market Trend 9

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.


On January 27th, the HRC price in China surged to Yuan 4,020/t ($565/t), representing a significant increase of Yuan 40/t ($6/t) from the previous week. This surge can be attributed to the upward trend of SHFE HRC futures. Meanwhile, export HRC prices remained steady at $570/t FOB China. Additionally, domestic rebar prices saw an increase of Yuan 50/t ($7/t), reaching Yuan 3,890/t ($548/t), thanks to declining inventory levels.



In January, the scrap price in the Kanto tender experienced an increase, with a price jump of JPY 2,061/t ($14/t) compared to the previous month, reaching JPY 53,081/t ($358/t) FAS. A major domestic steel mill also announced a rise in their HRC(1.7-22mm) price for February delivery, increasing by JPY 2,000/t ($14/t) to reach JPY 107,000/t ($723/t). This price increase can be attributed to the support provided by the rising HRC prices worldwide.

Market Trend 3


Despite limited supply and thin trading, the HRC price in Northern Europe experienced an upward turn during the week. On January 26th, the HRC price reached EUR 751/t ($816/t), increasing by EUR 9/t ($10/t) compared to the previous week. Similarly, the HRC price in Italy rose to EUR 745/t ($809/t), a hike of EUR 10/t ($11/t). Moreover, import HRC was reported at EUR 670-700/t CFR, showing an increase of EUR 15-30/t.


During the week, there was a notable rise in the HRC price in the US, reaching $960 per metric ton on Jan. 30th. This represented an increase of $20 per metric ton compared to one week prior, but also a decrease of $133 per metric ton since the beginning of 2024. 

The export price of HRC in Brazil has remained stable at $900 per metric ton for two consecutive weeks. In contrast, the price of high-grade iron ore (65% Fe) for export has shown an upward trend, reaching $150 per metric ton CFR China, with a slight increase of $2 per metric ton compared to last week. On the other hand, the domestic scrap price in Mexico has declined by $18 per metric ton compared to one week earlier.

Market Trend 7

Viet Nam

As raw material prices continue to rise, domestic steel prices are on the upswing. In response to the increase in raw material costs, factories have had to adjust their steel prices, albeit with low demand. On the other hand, import scrap prices have remained stable and active in anticipation of the Tet holiday, holding steady at $405 per metric ton CFR at main ports.

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Trending Rise in High-Grade Iron Ore Prices, 1st Feb 2024