Uncertain Uptrend in Europe's Prices, 18th January 2024


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 13th, the HRC price in China stood at Yuan 3,970/t ($557/t), experiencing a decline of Yuan 30/t ($4/t) compared to the previous period. This decrease can be attributed to the downward movement of SHFE HRC futures. In contrast, export HRC prices at $580/t FOB China saw a slight increase of $5/t, driven by the attractiveness of overseas demand. With weak demand prevailing, the domestic rebar price dropped by Yuan 30/t ($4/t) to Yuan 3,870/t ($544/t).



During the week of January 12th, scrap export prices in Japan experienced a notable increase, rising by JPY 1,400/t ($10/t) to reach JPY 51,800/t ($357/t) FOB. In contrast, the average domestic scrap price for the Kanto, Chubu, and Kansai regions remained relatively stable, standing at JPY 45,700/t ($328/t). It is anticipated that demand from overseas markets will remain at lower levels in the coming weeks.

Market Trend 3


The price of HRC in Northern Europe saw a welcome increase of EUR 36/t ($40/t) two weeks after the holiday season, reaching EUR 731/t ($800/t) on Jan. 11th. Similarly, HRC prices in Italy also experienced an uptick, reaching EUR 720/t ($785/t) with an increase of EUR 30/t ($33/t). However, buyers are cautious as they evaluate the uncertain uptrend in prices, leading to limited trading in the domestic market.


On January 12th, the price of HRC in the US was $963/MT, experiencing a significant decline of $82/MT compared to the previous week. This decrease was in line with the overall downtrend observed in the steel market. Additionally, rebar imports in the US dropped by 27.3% in November, totaling 69,010 MT and valued at $42.9 million. Notably, Algeria accounted for the highest import volume with 22,967 MT, followed by Canada with 15,128 MT.

Export HRC in Brazil slightly upturn $10/t on Jan.09th, reach to $900/MT, compared one week ago. Other hand, Brazilian slab export price at $750/MT, FOB main ports, also increased $30/MT compared two weeks earlier. Domestic scrap price in Mexico also showing uptrend, performance at $520/MT, up $5/MT one week.


Viet Nam

One of the major steel manufacturers in Vietnam recently announced a price increase of $20 per ton for their HRC (Hot Rolled Coil) products, scheduled for end March and early April delivery. After the revision, the price range for HRC stood at $645-$655 per ton CFR (Cost and Freight) at the Ho Chi Minh port. This increase in domestic prices has led to a positive trend in import prices as well. Importers can now find HRC (SAE1006) from China at a price range of $615-$620 per ton, which saw a slight increase of $10 per ton during the week of January 15th.

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Uncertain Uptrend in Europe's Prices, 18th January 2024