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Weekly Steel Market Update, Price Index - 2024/09/20-27

Weekly Steel Market Update, Price Index - 2024/09/20-27

Steel NewsDate: 30-09-2024 by: Ngoc Cam

Welcome to the Weekly Steel Market Update from MRS Steel. In this comprehensive report, we provide a detailed analysis of global steel prices, offering insights into price fluctuations across key markets and product categories. We invite you to explore the latest trends and market developments, keeping you well-positioned in the ever-evolving international steel sector.

Exporting Country

Product

Supplier

Importing Country

Price (USD/MT)

Trade & Shipment Term

China

HRC Q195

Anfeng/Zongheng/Ruifeng/Ganglu/Goutang

Vietnam

495-496 CFR

Early Nov Shipment

China

HRC Q235

Anfeng/Zongheng/Tonghua

Vietnam

496-499 CFR

Early Nov Shipment

China

HRC SAE1006 50% 2mm

Rizhao/Anfeng/Zongheng/Tonghua

Vietnam

500-505 CFR

Oct/Early Nov Shipment

China

Wire rod 6.5mm mesh

Qingdao/Tangshan/Rizhao/Benxi/Shagang

Vietnam

498 CFR

Nov Shipment

Indonesia

Wire rod 6.5mm mesh

Dexin

Vietnam

502 CFR

Nov Shipment

Korea

HRC SAE 1006

Huyndai/Dongkuk/Posco

Vietnam

500-510 CFR

Nov Shipment

Japan

HRC SAE 1006

Nippon/JFE

Vietnam

505-510 CFR

Nov Shipment

Japan

Wire rod 6.5mm mesh

Dexin

Thailand

502 CFR

Nov Shipment

China

Wire rod 6.5mm mesh

Qingdao/Tangshan/Rizhao/Benxi/Shagang

Thailand

480-490 CFR

Nov Shipment

Indonesia

Wire rod 6.5mm mesh

Dexin

Thailand

498 CFR

Nov Shipment

Thailand

Wire rod

Alliance Steel

Thailand

500-505 CFR

Nov Shipment

China

Wire rod

Qingdao/Tangshan/Rizhao/Benxi/Shagang

Philippines

485-490 CFR

Nov Shipment

Malaysia

Wire rod

Alliance Steel

Philippines

500-505 CFR

Nov Shipment

Philippines

Wire rod

Dexin

Philippines

485-490 CFR

Nov Shipment

China

HRC IS2062/E250 BR

JSW/Tata

India

568-580 EXW

EXW Mumbai

India

HRC

Edermir/Borcelik

Turkey

570-575 EXW

EXW Price

Turkey

HRC

NMLK

Turkey

485-495 CFR

CFR Turkey

Russia

HRC

Magnitogorsk/NMLK

Turkey

485-495 CFR

CFR Turkey

India

HRC S235

JSW/Tata

Turkey

530-535 FOB

FOB India

China

HRC SAE 1006

Baowu/Ansteel/HBIS/Shangang

GCC

525-530 CFR

Nov Shipment

China

HRC SS400/S235JR

Baowu/Ansteel/HBIS/Shangang

GCC

515-520 CFR

Nov Shipment

China

HRC A36/Q195/Q235

Rizhao/Tanghan

GCC

500-505 CFR

Nov Shipment

India

HRC SAE 1006

JSW/Tata

EU

585-590 CFR

Nov Shipment

EU

HRC

Thyssenkrupp AG/Salzgitter AG/TaTa Steel Europe/ArcelorMittal Duisburg

EU

625-642 EXW

EXW Germany

EU

HRC

Tenaris/ArcelorMittal Italia/ADI

EU

614-625 EXW

EXW Italy

EU

HRC

Erdemir Group

EU

570 CFR

CFR EU Port

EU

HRC

Çolakoğlu Metalurji

EU

530-550 EXW

CFR EU Port

Turkey

HRC

Erdemir Group

EU

540-560 EXW

EXW Italy

India

HRC

JSW/Tata

EU

530-535 CFR

CFR Antwerp

Taiwan

HRC

Shangchen

EU

575-585 CFR

CFR EU Port

China’s export strategy and price fluctuations

The prices of Chinese HRC for different grades (Q195, Q235, SAE1006) range from $495 to $505 CFR for the Vietnam market, indicating a slight increase over recent weeks. This price rise can be attributed to China's ongoing efforts to stabilize their steel market amidst oversupply and regulatory pressures. However, these adjustments also reflect China's strategy to maintain competitiveness in international markets by keeping prices attractive for key importers like Vietnam​.

The Chinese domestic and export wire rod prices also remain competitive in different ASEAN regions, such as Thailand and the Philippines, with offers varying between $485 and $505 CFR.

Korean and Japanese competitiveness

Korean suppliers like Hyundai, Dongkuk and Posco have set HRC SAE1006 prices in the range of $500-510 CFR for Vietnam, while transactions have been heard at around $490 CFR. This pricing indicates that Korean mills are aiming to stay competitive against Chinese offerings, adjusting prices to maintain market share in Southeast Asia.

Japanese HRC prices for SAE1006 remain slightly higher ($505-510 CFR) with potential transaction prices of $500 CFR for the Vietnam market. This suggests that Japanese suppliers are maintaining a premium over Chinese and Korean offerings, possibly leveraging their perceived quality and consistency.

India’s domestic price drops and anti-dumping measures

India's JSW and Tata have dropped domestic HRC prices (IS2062/E250 BR) to around $568-580 EXW Mumbai, likely due to subdued domestic demand and the impact of regulatory challenges, including import restrictions and BIS licensing issues.

Furthermore, anti-dumping measures against Indian imports in regions like Turkey (11.65% margin on Tata Steel) and the EU are influencing India’s export strategy and competitiveness.

Europe's steel market dynamics

The European HRC market has been under pressure from oversupply, with tradable values declining to around €540-560 EXW Germany and €530-550 EXW Italy. Demand in key steel-consuming sectors remains low and the competition from external imports has pushed European mills to reduce prices. This situation is aggravated by the ongoing anti-dumping investigation against imports from Egypt, India, Japan and Vietnam, which affects the volume and price dynamics of HRC in Europe.

Turkey's Erdemir and other mills are offering at around €510/mt ($570 CFR), indicating their attempt to remain competitive despite the downward pricing trend in the EU.

* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

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