Weekly steel price index 2024/12/07
Steel NewsDate: 09-12-2024 by: Ngoc Cam
The "Weekly Steel Price Index 2024/12/07" provides key market trends and price movements in the global steel industry.
MRS Steel's expert team has carefully analyzed data to offer valuable insights on steel prices, helping businesses navigate the evolving market.
Exporting Country | Product | Importing Country | Price (USD/MT) | Trade & Shipment Term |
Viet Nam | HRC | Viet Nam | 524-525 | CFR VN – Feb/Mar shipment |
China | HRC | Viet Nam | 489-495 | CFR Viet Nam – Jan/Feb shipment |
China | HRC | Viet Nam | 495-498 | CFR Viet Nam – Jan/Feb shipment |
China | HRC | Viet Nam | 505-510 | CFR Viet Nam – Jan shipment |
China | HRC | Viet Nam | 500-510 | CFR Viet Nam – Jan/Feb shipment |
China | HRC | Viet Nam | 495 | CFR Viet Nam – Rolling grade |
China | Wire rod | Viet Nam | 480-485 | CFR Viet Nam – Jan/Feb shipment |
Indonesia | Wire rod | Viet Nam | 485 | FOB – Feb shipment |
China | Wire rod | Philippines | 480 | CFR Manila – Jan/Feb shipment |
Indonesia | Wire rod | Thailand | 510-515 | CFR Thailand – Feb shipment |
China | Wire rod | Thailand | 480 | CFR Thailand – Jan/Feb shipment |
India | HRC | India | 550-560 | EXW Mumbai – Dec offer |
China | HRC | India | 490-495 | CFR Indian ports – Q195 |
Turkey | HRC | Turkey | 570-585 | EXW – Jan shipment |
China | HRC | Turkey | 515-525 | CFR Turkey – Jan/Feb shipment |
Russia | HRC | Turkey | 533 | CFR Turkey – Jan/Feb shipment |
China | HRC | GCC | 535-545 | CFR GCC ports – Jan/Feb shipment |
China | HRC | GCC | 515-525 | CFR GCC ports – Jan shipment |
India | HRC | EU | 545-555 | CFR EU main ports – Feb shipment |
Taiwan | HRC | EU | 550-555 | CFR EU main ports – Feb shipment |
Indonesia | HRC | EU | 545-550 | CFR EU main ports – Feb shipment |
US | HRC | US | 826 | Jan/Feb shipment |
Mexico | HRC | Mexico | 733 | Delivered price – equivalent CFR |
Anti-dumping measures in different markets
- European Union (EU): The European Union has imposed anti-dumping measures on steel imports from several countries, including China, India, and Russia. The level of anti-dumping duties varies depending on the product and the market conditions. For example, the EU's anti-dumping duties on Chinese hot-rolled coil (HRC) can range from 30% to 40%, depending on the manufacturer and specific case. The EU periodically updates these rates as part of its ongoing trade investigations.
- United States (US): The US Department of Commerce and the US International Trade Commission (USITC) set anti-dumping duties on steel products, including hot-rolled coils, imported from countries like China, India, and others. The US has a history of imposing high AD duties, often exceeding 200% for certain Chinese steel products. For instance, anti-dumping duties on HRC from China can range from 30% to 256%, depending on the producer.
- WTO & Other Countries: The World Trade Organization (WTO) plays a role in resolving trade disputes related to anti-dumping measures. Countries like India, Turkey and Russia also impose anti-dumping duties on steel products, with duty rates typically ranging from 10% to 40%, depending on the market and product type. For example, anti-dumping duties on steel from India and Russia may range from 15% to 25%, while Turkey’s duties can be as low as 5% but may increase based on specific cases.
Supply and demand in the steel industry:
- The steel market is currently witnessing intense competition between steel mills and distributors. This is primarily driven by the year-end situation, where distributors aim to reduce inventory before transitioning into the new year. This puts pressure on steel prices, especially in markets like the EU, where supply exceeds demand, leading to price reductions in the short term.
- The steel market in the EU is facing excess supply as steel distributors in the region are reducing year-end inventory. This has created price competition between manufacturers and distributors. The current transaction prices for HRC (Hot Rolled Coil) steel in the region range from 550-570 euro/mt, with actual transaction prices possibly being lower, around 520-530 euro/mt.
- The steel market in the US has seen a slight increase in steel prices, though it remains weak due to low market indicators. US steel producers like Nucor are maintaining a price of 750 USD/short ton (826 USD/mt) for HRC steel. However, this is just the spot price and may vary depending on market demand conditions.
- Steel producers in China are offering HRC steel at prices of around 489-495 USD/mt CFR to Southeast Asian countries like Vietnam, Indonesia, and the Philippines. This competitive pricing could pose challenges for local producers unless anti-dumping duties are effective in limiting Chinese steel imports.
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