US crude steel production has risen slightly in recent weeks to around 1.696 million short tons. Capacity utilization rates in crude steel production are showing a positive trend.
Prospects for Brazilian crude steel production are rather bleak. With the increase in import duties, a decline in domestic sales of steel products by mills and exports and an increase in imports are foreseen. This situation is also causing steel consumption to decline. A 5.6% decline in domestic sales by mills is reported. In 2024, this downward trend for Brazilian steel products is expected to continue.
Brazil's ferrous scrap exports have seen a significant increase in recent weeks, with around 80,400 tons of ferrous scrap exported. This large increase in the Brazilian scrap market has once again highlighted Brazil's strong performance in the international market. Analysts attribute this increase in exports to a decrease in demand from domestic steel producers. While Brazil benefited from its presence in the international market, the domestic scrap market had a difficult start to November. Market participants are struggling with low demand and stagnant prices, creating an environment of uncertainty.
The latest US scrap price outlook shows that domestic scrap prices have been constrained due to a surge in US exports and a decline in domestic demand.
However, US exports of hot-rolled steel bar increased last week to 31,300 tons. Exports of hot-rolled steel bars to Mexico ranked first.
Looking at the new week's steel prices;
The USA
HMS1 Scrap 390$ FOB West Coast
HMS HMS 1/2 (80:20) Scrap 389$ CFR Türkiye
HRC 857$ EXW
CRC 970$ EXW
Brazil
Rebar (domestic market) $618.30/mt EXW
Slab 635$ FOB
HRC (domestic market) $816.33/mt EXW
Australia
Coking Coal 313,00$ FOB
Comments
No comment yet.