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Hot News On The International Steel Market

Last week, the global steel market was generally stable and weak. The price of rebar in the Vietnam market fell slightly by 100 VND/kg at the beginning of the week, and the local market demand is still weak due to the impact of the real estate industry. The export price of rebar in the Turkish market is between 590 and 610 US dollars. The UAE rebar market also remains slow due to reduced working hours during Ramadan and a slow traditional economy. In terms of plates, this week’s Chinese hot coil export quotation has dropped significantly, with a range of about $10-25/ton. Vietnam market hot roll import quotation drop widened. In the Indian market, due to the Holi holiday this week, the market trading atmosphere is also light, and the price of hot rolled steel fell by 500 rupees/ton ($6/ton) on Friday. Overall, the global steel market trading atmosphere is generally light, some areas affected by Ramadan demand are weak buyers who are mostly in a wait-and-see state.

Chinese Steel FOB Price (Unit: USD/ton)
Item Port Price on March 29
Hot rolled steel(SS400) Tianjin Port 505
Cold rolled steel(SPCC) Tianjin Port 607
Hot-dip galvanization Tianjin Port 663
Rebar (B500B) Zhangjiagang 512
H-beam (SS4000) Tianjin Port 545

HRC Prices

Chinese Export

Last week, China’s hot rolled steel coil export quotation fell significantly, a northeast first-line steel mill will be listed price from the beginning of the month of 595$/ton FOB down to 570$/ton FOB. A first-line steel mill in North China has lowered its listing price from 555$ton FOB in mid-month to 545$/ton FOB. Tangshan Advantage Q195 hot rolled coil from the beginning of the week 520 US dollars/ton CFR Vietnam reduced to $502/ton CFR, May shipping date. Q235 added $8/ton, Q355B added $24/ton, June shipping date. According to feedback from a Vietnamese stockist, the current demand for local Q195 hot rolls is very poor, and the actual trading price of Q235 is about $510/ton CFR.

Southeast Asia

Despite the advantages of SAE1006 hot coil import prices as low as US $560/ton CFR, due to sufficient domestic supply, local buyers’ import demand is weak, compared with the thinner specification of SPHC hot coil demand is fair. Although Indian exporters have not actively quoted local prices to maintain profit levels, due to the competitive price of China against Vietnam. However, as the oversupply of domestic hot rolls becomes increasingly prominent, it is expected that exporters will further reduce their prices and expand sales to Vietnam shortly.

India

In India, the spot price of Indian hot coil was Rs 52,000/ton ($624/ton) EXW on Friday, down by Rs 500/ton ($6/ton) week on week. As most car manufacturers will stop production for maintenance in April, and India’s general election is coming, local demand for hot-rolled steel is expected to decline further. In terms of exports, driven by the decline in China’s HR coil quotation, India’s SAE1006 hot coil’s mainstream intention is to offer $590/ton CFR to Vietnam. India’s offer to the Middle East was maintained at $610/t CFR, but due to stagnant demand for hot rolls during Ramadan. China’s mainstream price is $550-560/ton CFR, down $20-25/ton week on week. Due to the Easter holiday in Europe, demand is weak, and the mainstream export price of Indian hot rolls (S275, 3mm) is maintained at $640-650/ton.

HRC Price Chart

International Hot Rolled Steel Price (Unit: USD/ton)
Market Price as of March 29, 2024
American Midwest Steel Factory price 945
American Import (CFR) 840
EU steel factory price 755
European Union Imports (CFR) 640
Japan Export (FOB) 540
Turkey Exports (FOB) 630
China Export (FOB) 505
India Export (FOB) 560
Southeast Asia Import (CFR) 515

Latest International Trade Policy

Lithuania proposed a ban on imports of Russian ferrous metals, copper, aluminum scrap, and steel scrap

On March 25, Lithuania, with the support of Latvia, Estonia, and the Czech Republic, submitted a proposal to the European Union to ban imports of Russian ferrous metals, copper, aluminum scrap, and steel scrap. The proposal aims to impose sanctions on Russian waste entering the EU or allow member states to adopt unilateral restrictive measures.

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