While production in China increased by 5.6% on a monthly basis, the expectation of an increase in demand also increased prices.
China's January-February crude steel production increased by 5.6% y-o-y. This increase was due to the fact that many domestic steel mills increased production in February in anticipation of increased demand in March. Meanwhile, demand for scrap in China has also increased.
Last week, HRC prices icreased with growing demand. As of March 13, the spot price of Q235 4.75mm HRC was 4,483 Yuan/ton, including 13% VAT.
China 2 mm SAE 1006 HRC CFR was offered CFR$690-700/ton for the re-rolling of Vietnam.
It was announced that the 3-12mm SS400 HRC offers are at the Vietnam level of about $ 650/tonCFR. The price of imported 2-2.7 mm SAE HRC was set at $ 685/ton CFR Vietnam, an increase of $ 5 per week.
The difference between pig iron costs and steel scrap prices amounted to Yuan 232.7/mt as of February 28.
Iron ore, meanwhile, closed up 0.11 per cent at 910 yuan a tonne, with the most active May contract on the Dalian Commodity Exchange retreating from its high.
Prices have increased while demand has decreased in Vietnam
Despite the decreasing demand in Vietnam, steel prices continue to increase.
The selling price of the Hoa Phat steel coil this week is 15.96 million Vietnamese Dong (673.21 US dollars) per ton, and the selling price of the rebar is 15.84 million VND.
Pomina, on the other hand, increased the selling price of steel coil and rebar to VND 17.57 million and VND 17.6 million per ton, respectively.
Japan has increased its prices in the local market
Steel prices for the first half of 2023 in Japan have increased by $74 per ton.
Japan has difficulties in obtaining imported steel due to rising steel prices in its domestic markets.
India's HRC prices remain at a low level in Q1
HRC exports in India for the first quarter of 2023 remain at a low level. 10% of EU quotas, or 55,000 tons, were used for HRC.
Australia, on the other hand, wants to increase its iron ore exports to India.
Other regions progressed more slowly.
Shagang Group (Shagang), a leading steel manufacturer in East China's Jiangsu province, has increased the list prices of rebar by 50 Yuan/ton ($7.3/ton) for sales on March 11-20, according to the company's pricing policy published on March 11. With the new price adjustment, Shagang's HRB400 16-25mm rebar is currently priced at 4,450 Yuan/ton, while the price of HRB400 8-10mm bar coil is set at 4,700 Yuan/t.
In a statement on Friday last week, DoSM said that the average price of cement (regular Portland) increased 1.5% to RM 21.99 per 50 kilograms (kg) from 21.66/50 kg Malaysian Ringgit (RM) in January 2023. .
In Singapore, domestic rebar prices were at the level of 900-920 SGD/ton ($ 669-684/ton). It has been heard that the latest import offers for rebar are around $ 660/ton CFR.
The rebar factory output of Thai EAF manufacturers was stable at 22.80 THB/kg ($ 661/ton).
In Indonesia, the market was calm and stagnant. Domestic rebar prices were at the equivalent of $655-665/t ex-works. There is an expectation in the market that the finished steel market will decrease soon due to the upcoming Ramadan and Eid holidays. Demand in Vietnam remained very weak. It is concluded that local rebar prices remain around $700-710/t.
Tung Ho Steel Enterprise Corporation (Tung Ho Steel), one of the leading rebar manufacturers in Taiwan, announced that it has increased the H-Profile base price by NT$500/ton. In addition to increasing the prices of THS 1/2 scrap and A/B scrap iron filings by NT$600/ton, it increased the price of other scrap grades by NT$ 400/ton. Another development in Taiwan is that it aims to reach 0 carbon emissions by the end of 2024. in 2050, it will also impose a tax on companies whose consumption of carbon emissions is more than 25,000.
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