Steel FOB Price Update

China’s steel export prices

Chinese Steel FOB Price (Unit: USD/ton)
Type	Port	9.27th	Day-on-day comparison	Week-on-week
Hot rolled steel(SS400)	Tianjin Port	482	+10	+20
Cold rolled steel(SPCC)	Tianjin Port	532	+1	-2
Hot dip galvanized steel（DX51D）	Tianjin Port	608	+1	-8
Rebar (B500B)	Zhangjiagang	488	+3	+10
H-beam (A36）	Tianjin Port	503	+10	+18

2. Overview of Steel Market Prices

Hot-rolled coils

The Asian hot-rolled coil market experienced significant price fluctuations this week, showing a trend of first decline and then rise, mainly affected by policy changes and market sentiment. At the beginning of the week, the export quotation of SS400 hot rolled coils from China fell to 450-480 US dollars/ton FOB, which was a decrease of 9 US dollars/ton from the highest quotation at the end of last week. On September 24, the hot coil export quotation rose from US$459/ton FOB Jingtang to US$462/ton FOB, a single-day increase of US$13/ton. Some mainstream steel mills raised their quotations again after suspending quotations. Subsequently, market sentiment continued to heat up, inquiries from overseas buyers surged, and export quotations rose to above US$473/ton FOB, an increase of US$11/ton from the previous day. As of press time, the mainstream transaction price of hot rolled coils is approximately US$482/ton, up US$10/ton on a daily basis and US$20/ton on a weekly basis.

Long products

The transaction price in the export market this week is about 460-465 US dollars/ton FOB, and the transaction price can reach about 470-480 US dollars/ton FOB. The wire rod quotation of a mainstream steel mill has risen to 490 US dollars/ton FOB, but the buyer’s reaction is relatively calm. In Indonesia, the quotation has risen to 475 US dollars/ton FOB, an increase of 5 US dollars/ton from the previous period, reflecting the further recovery of international demand. As of press time, it is heard that some Chinese steel mills have quoted 500-510 US dollars/ton CFR to Hong Kong, an increase of about 15 US dollars/ton CFR from the previous week.

Medium and thick plates

China’s medium and thick plate export quotation rose to 485-490 US dollars / ton FOB China, an increase of 10 US dollars / ton from the previous week, and the actual tradable price rose to 480-510 US dollars / ton FOB China, a week-on-week increase of 15 US dollars / ton. This week, the quotation of A36 grade medium and thick plates to Vietnam rose to 508 US dollars / ton CFR, reflecting the recovery of demand in the Southeast Asian market. Overall, the rising trend of medium and thick plate prices this week is supported by the recovery of domestic and foreign demand, and it is expected that market prices will remain strong in the coming weeks.

3. Summary and Outlook

This week, China’s steel export market generally showed an upward trend in prices, and market sentiment was generally optimistic. The export prices of hot-rolled coils and medium-thick plates have rebounded significantly. Affected by short-term demand and policy promotion, transactions have been active. The long product and steel billet markets are also strong, especially strong demand for Chinese steel billets from major buyers such as Türkiye and Taiwan, which supports price increases. Looking forward, market trends will depend on the further implementation of China’s economic stimulus policies and the persistence of overseas demand. Steel export prices are expected to remain strong in the short term.

4. International Steel Prices

Industry data
Mexico	Rebar prices have fallen by nearly 21% since January
Japan	Crude steel production fell by 3.2% month-on-month in August
Argentina	Crude steel production fell by 17.8% month-on-month in August
Italy	Since September, product quotations have fallen by 11.3% (August 30-September 20, 2024) to 550 euros/ton EXW
Vietnam	Vietnam’s import and export volume with China reached nearly $130.8 billion before September
Türkiye	Turkey scrap steel rose in September, and rebar prices rose by 1.7% to $575-590/ton