China
China's steel market is observing a notable surge in iron ore prices on the Dalian Commodity Exchange, reflecting increased demand and market optimism. The rise in essential components such as coking coal and coke further underscores the robustness of China's steel production sector.In China the most actively traded May iron ore contract on China's Dalian Commodity Exchange (DCE) concluded with a 2.4% increase, reaching 963.50 yuan ($133.90) per metric ton. At the peak of the session, it reached 967.50 yuan, the highest level since February 2nd. Other essential components in steel production also saw gains, with coking coal rising by 2.4% to 1,746 yuan per ton, and coke climbing 2.5% to 2,378 yuan. Rebar prices inched up by 0.7% to 3,854 yuan per ton, while hot-rolled coil prices advanced by 0.6% to 3,984 yuan. Wire rod prices experienced a slight dip of 0.2% to 4,052 yuan, whereas stainless steel prices rose by 0.4% to 13,630 yuan. Dalian stock exchange and SHFE will be closed between February 9-16 due to public holiday in China.
Japan
Japan experienced a consecutive fourth-month price increase in its export auction of H2 scrap on February 9th. With a 6 Yen per ton increase compared to the previous month, H2 scrap prices reached 53,087 Yen per ton (355 USD), culminating in a FOB price of scrap at 362.27 dollars per ton for shipment to Bangladesh. These fluctuations reflect changing demand patterns and global trade flows, driven by factors such as infrastructure projects and manufacturing activities, particularly in emerging markets like Bangladesh.
Taiwan
Taiwan's stainless steel sector demonstrates resilience amidst shifting market conditions, as evidenced by significant price increases announced by primary stainless steel mills. This surge in prices reflects robust demand and highlights Taiwan's competitive edge in the stainless steel market. Following the announcement of February prices by Taiwan's primary stainless steel mills, market participants noted a significant increase in prices compared to January. Prices surged by approximately NT$1,000/ton, with variations in ex-work prices among different steel mills ranging from NT$500 to NT$800/ton, contingent upon order volume. This observation highlights the robustness of Taiwan's stainless steel sector amidst shifting market conditions.
India
In India, the steel market exhibited relative stability, with benchmark prices for hot rolled coil (HRC) remaining within the ₹54,000 to ₹54,500 per tonne range (equivalent to approximately $738 to $746 per tonne). Cold rolled coil (CRC) prices also maintained consistency at ₹62,000 per tonne (approximately $847 per tonne), similar to January rates. Despite steady pricing, major players like SAIL announced price hikes for flat steel and HRCs in February, with prices ranging between ₹55,500 to ₹56,000 per tonne (approximately $759 to $764 per tonne). Additionally, Indian HRC prices for exports remained competitive, with prices for West Asia hovering around $600-635 per tonne and $715-720 per tonne for Europe. Despite strong domestic demand, Indian steelmakers maintained prices in February as discounts and cheaper imports increased. This underscores India's continued presence and adaptability in the global steel market landscape.
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