Unchanged Domestic Ferrous Scrap Prices in Japan, 10th November 2023

Market Trend 1

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 steel prices in the Chinese market are continuing to rise, driven by the influence of SHFE HRC futures prices. Domestic HRC prices have reached Yuan 3,830/t ($525/t), showing an increase of Yuan 50/t ($7/t) compared to one week ago on Nov 04th. Furthermore, export HRC prices have also risen by $10/t, reaching $530/t FOB China. Similarly, domestic rebar prices have seen an increase of Yuan 50/t ($7/t), now standing at Yuan 3,780/t ($518/t).

Market Trend 5


Export prices for ferrous scrap have been continuously declining for three consecutive weeks, dropping by JPY 200/t ($1.3/t) and reaching JPY 48,300/t ($321/t) FOB on Nov. 3rd. This decline is primarily due to a lack of active interest from major buyers. On the other hand, domestic ferrous scrap prices have remained unchanged at JPY 50,500/t ($333/t) throughout the week. The recovery of the automobile manufacturing industry poses challenges in increasing scrap prices.

Market Trend 3


The recent surge in European HRC prices has been nothing short of remarkable, with prices skyrocketing to EUR 630/t ($669/t) in Northern Europe and EUR 615/t ($653/t) in South Europe on November 3rd. This represents a significant increase of EUR 15/t ($16/t) compared to the previous week. The surge can be attributed to a combination of rising input material costs and a reduction in production capacity, both of which have played a pivotal role in driving prices upwards. Additionally, there has been a notable improvement in purchasing sentiment throughout the week, further fueling the upward trajectory of prices.


On November 2nd, the HRC prices in the US reached $935/MT ($850 per short ton), marking a significant increase of $77/MT ($70 per short ton) compared to the previous week. This surge in prices can be attributed to stronger demand and limited supply, causing the price to inch up. In contrast, domestic rebar prices have remained steady for two consecutive weeks at $913/MT ($830 per short ton), albeit under limited transactions.

In Brazil, the export prices for Hot Rolled Coils (HRC) stood at $855 per tonne, FOB main ports, on November 3rd, experiencing a reduction of $15 per tonne compared to the previous week. On the other hand, the export prices for Slabs in the country witnessed a slight increase of $10 per tonne over the week, reaching $530 per tonne, FOB main ports. Additionally, iron ore exports in Brazil reached a staggering 33.81 million tonnes in October, showing a remarkable 27% rise compared to the same period last year.


Viet Nam

In Vietnam, the steel import market is gradually making a comeback, with HRC prices imported from China ranging from $555 to $560 per tonne CFR mains port. Meanwhile, domestic HRC prices remain stable at $570 per tonne CIF Ho Chi Minh. Additionally, the price of rebar has remained consistent with the previous week, holding steady at $562 per tonne despite weak demand.

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Unchanged Domestic Ferrous Scrap Prices in Japan, 10th November 2023