India
According to data available this week, India's crude steel rate rose by 8.4%, while Raipur's secondary plants kept TMT prices unchanged, with current offers standing at Rs44,900-45,200/mt ($540-545) EXW. Import HRC prices also increased by 10/mt on the back of higher offers from China.
Taiwan
China Steel Corporation's operating income increased from 366 million Taiwan dollars to 517 million Taiwan dollars. Pig iron imports increased by 47%. In addition, Taiwan's import volume in October was 864 tons, down 20.7% from September. HMS/12 scrap grade 80:20 held its price ($357) for three days.
China
Baosteel announced a 100 yuan/tonne ($13.7/tonne) price raise for HRC (HRC), with domestic base prices for its main steel products ranging from 50-100 yuan per tonne for December reservations. HRC 3mm SS400/S235JR grade SS400/S235JR originating from China is selling for $583-585 per tonne in the GCC market.
China's lead in the passenger car market remains strong, with China's vehicle exports expected to exceed 4.5 million by the end of 2023. This is a big step forward for the country's market.
Major Chinese mills kept their offers for SS400 steady at USD 565-575/ton China fob and were unwilling to accept orders below USD 545/ton China fob.
The fluctuations in the Chinese real estate sector also affected the iron and steel market. The spot HRC price in Shanghai, China's most populous city, decreased by 30 yuan/ton ($4.12/ton) to 3,900 yuan/ton on November 14. Producers may face stock shortages. In Tangshan, another major city, billet prices rose 70 yuan/ton to 3,690 yuan/ton ($506/ton) last week. Seaborne iron ore prices rose above $130/ton on expectations of the Biden-Xi Jinping meeting.
Vietnam
Formosa mill announced late Monday that it raised its monthly offer price for January shipments to $591-608 per tonne for SS400 and SAE1006 steel coil from $575-580 per tonne for January shipments. Rebar prices remained stable at $562 per ton, remaining unchanged from the previous week despite weak demand. Import scrap prices increased by $10.
Japan
Domestic stainless steel market conditions remained almost unchanged compared to the previous month. Demand remains steady. Among premium products, 304 series thin sheets are trending between 580 and 600 yen per kilogram. By region, prices are cheapest in the Kansai region, while prices in Kanto and Kyushu are around 600 yen.
Export prices for ferrous scrap have fallen continuously for three consecutive weeks, down JPY200/t ($1.3/t) to JPY48,300/t ($321/t) FOB on November 3. This decline is mainly due to the lack of active interest from major buyers. On the other hand, local ferrous scrap prices remained unchanged during the week at JPY50,500/t ($333/t).
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