Weekly Steel Market Update, Price Index - 2024/10/05-12
Steel NewsDate: 14-10-2024 by: Ngoc Cam
Welcome to the latest Weekly Steel Market Update by MRS Steel, where we offer a thorough analysis of the steel industry’s most recent price movements.
This report provides essential insights into the fluctuations observed across global steel markets and various product categories. Stay ahead of the curve by diving into the trends and developments shaping the international steel landscape, ensuring you remain informed and ready for shifts in this dynamic sector.
Exporting Country | Product | Supplier | Importing Country | Price (USD/MT) | Trade & Shipment Term |
China | Q195 HRC 3mm | Anfeng/Zongheng/Ruifeng/Ganglu/Goutang | Vietnam | 520-525 | CFR Vietnam – Nov/Dec shipment |
China | Q235 HRC | Anfeng/Zongheng/Tonghua | Vietnam | 525-530 | CFR Vietnam – Nov/Dec shipment |
China | SAE1006 50% 2mm | Rizhao | Vietnam | 540 | CFR Vietnam – Nov/Dec shipment |
China | SAE1006 50% 2mm | Anfeng/Zongheng/Tonghua | Vietnam | 530-540 | CFR Vietnam – Nov/Dec shipment |
Taiwan | SPHC/SS400/SAE1006 ≥2mm | Shangchen | Vietnam | 575 | CFR Vietnam – Nov/Dec shipment |
Indonesia | SAE1006 | Dexin | Vietnam | 540 | CFR Vietnam – Nov/Dec shipment |
Japan | SAE1006 | Nippon/JFE/Kobe Steel | Vietnam | 545-550 | CFR Vietnam – Nov/Dec shipment |
China | Wire rod 6.5mm mesh quality | Qingdao/Tangshan/Rizhao/Benxi/Shagang | Vietnam | 510 | CFR HP/HCM – Nov/Dec shipment |
Indonesia | Wire rod 6.5mm mesh quality | Dexin | (Not specified) | 520 | FOB |
Indonesia | Wire rod | Dexin | Thailand | 520 | FOB |
China | Wire rod | Chinese mills | Thailand | 530 | CFR Bangkok – Nov/Dec shipment |
India | HRC IS2062/E250 BR | JSW/Tata | India | 575-585 | EXW Mumbai |
Turkey | HRC | Erdemir/Borcelik/other mills | Turkey | 600-620 | EXW – Nov/Dec shipment |
China | HRC | 2nd tier mills | Turkey | 565-575 | CFR Turkey – Nov/Dec shipment |
Russia | HRC | NLMK | Turkey | 550-560 | CFR Turkey – Nov/Dec shipment |
Turkey | Wire rod mesh quality | (Not specified) | (Export) | 620-625 | FOB Turkey |
China | SAE1006 re-rolling grade 2mm | Baowu/Ansteel/HBIS/Shangang | GCC | 600-615 | CFR GCC ports – Nov/Dec shipment |
China | SS400/S235JR 3mm | Baowu/Ansteel/HBIS/Shangang | GCC | 580-590 | CFR GCC ports – Nov/Dec shipment |
China | A36/Q195/Q235 3mm | Rizhao/Tangshan | GCC | 565-575 | CFR GCC ports – Nov/Dec shipment |
Germany | HRC | Thyssenkrupp/Salzgitter/Tata Steel Europe/ArcelorMittal Duisburg | Germany | 613-657 | EXW Germany – Nov/Dec shipment |
Italy | HRC | Tenaris/ArcelorMittal Italia/ADI | Italy | 591-613 | EXW Italy – Nov/Dec shipment |
Turkey | HRC | Erdemir and other mills | EU | 635-646 | CFR EU main port – Nov/Dec shipment |
India | HRC | JSW/Tata | EU | 640 | CFR EU main port – Nov/Dec shipment |
Taiwan | HRC | Shangchen | EU | 602-613 | CFR EU ports – Nov/Dec shipment |
Korea | HRC | Posco/Hyundai Steel | EU | 613-624 | CFR EU main ports – Nov/Dec shipment |
Japan | HRC | JFE/Kobe Steel/Nippon Steel | EU | 607-618 | CFR EU main ports – Nov/Dec shipment |
Egypt | Wire rod | (Possibly EZDK) | EU (Rotterdam) | 635-646 | CFR Rotterdam |
USA | HRC | Cleveland Cliffs | USA | 804 | EXW – Nov/Dec shipment |
USA | HRC | Nucor | USA | 804 | EXW – Nov/Dec shipment |
USA | HRC | Nucor | USA | 793 | EXW |
Korea | HRC | Posco/Hyundai Steel | USA (Houston) | 727-749 | DDP Houston |
Mexico | HRC | Ternium/ArcelorMittal Las Truchas | Mexico | 738 | EXW |
China's steel pricing influence
China's steel prices, particularly for HRC, have seen volatility due to a mix of domestic challenges and export pressures. A slowdown in China’s construction sector, especially in the property market, has led to surplus steel production. Moreover, China's ongoing struggles with excess capacity and slower-than-expected recovery in domestic demand contribute to this downward pressure on prices.
Impact of trade policies
Trade measures like anti-dumping duties are playing a significant role in the steel market. These policies can lead to price hikes for local buyers as they reduce competition from lower-cost imports. Similar duties are being applied in Europe and Turkey, which are affecting trade dynamics and could drive prices up in those regions.
Energy costs and secarbonization
The steel industry globally is grappling with high energy costs, especially coking coal, which has risen by 50% in 2024. Steel producers, particularly in Europe and Japan, are facing squeezed margins as input costs rise while demand softens in construction and manufacturing. This has resulted in price disparities across regions - Europe and Japan have higher prices compared to China and Southeast Asia.
Near-term price trends
Analysts are forecasting a further decline in global steel prices towards the end of 2024 and into mid-2025. This is attributed to both excess capacity, particularly in China, and slower global economic growth. While Europe and the US may see some price stabilization due to production cuts and energy transitions, Asia could continue facing lower prices due to surplus exports.
* 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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