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Weekly Steel Market Update, Price Index - 2024/10/05-12

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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