Scrap export prices in Japan continued to increase in line with the demand to build up stocks at the end of the year. On November 24, scrap export prices reached JPY 50,000/t FOB Tokyo Bay, up JPY 1,000/t from the previous week. This increase indicates a general upward trend in prices.
Likewise, a major Japanese steel company also raised its HRC price for January delivery to $700/t CFR at major ports in the EU and $600-630/t CFR in Asia. This shows that prices are on an upward trend in the global steel market.
On the other hand, China's domestic HRC prices have seen a slight decline. Later in the week, China's domestic HRC price fell by 20 Yuan/t ($3/t) to 3,940 Yuan/t ($555/t). This decline can be attributed to the slowdown in seasonal activity and fluctuations around SHFE HRC prices.
However, China's HRC prices increased for exports. Export prices increased by $15/t to $565/t FOB China. Similarly, rebar prices fell slightly, by 20 Yuan/t ($3/t) to 3,900 Yuan/t ($549/t).
All these price movements are driven by fluctuations in the global steel market, as well as the demand and supply situation. Steel producers may raise prices to build up inventories, leading to higher export prices and lower prices in domestic markets.
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