Gulf Cooperation Council hot rolled coil buyers have decided to minimise their mandatory restocking due to price fluctuations in China. Non-Chinese HRC suppliers have meanwhile informed customers they will announce their new prices next week once the market settles and there is clarity. Chinese manufacturers and traders resumed work on Tuesday after a long holiday. Between morning and business close, Chinese prices saw sharp fluctuations. In the morning, offers were at $580-590/tonne for 3mm base grade S235JR/SS400 and at $600-615/t for 2mm SAE 1006 grade. Last week, two re-rollers concluded separate deals with the same Japanese major. A25,000-tonne enquiry translated into a...

During the week ending September 24th, due to the Chinese government’s announcement of a series of economic stimulus measures, prices for cold-rolled coils in Asia have significantly increased. SS400 HRC has increased by $7 per ton, reaching $456 per ton FOB China on September 24th. The price of Southeast Asian coil at the same level has increased by $13, with a CFR of $470 per ton. The export quotation was raised to $459 per ton offshore price in Jingtang earlier. The quotes for Q235 and Q195 in Vietnam have risen to the CFR level of around $475 per ton, an increase of...

Currently, there is a trend of price recovery in China’s export market. Today, SAE006 hot coil was quoted by a Chinese steel mill at $505/ton CFR, $478/ton CFR, and another steel mill at $490/ton FOB, which has increased by about $20-30/ton compared to last week. In addition, the quotation of Chinese steel mills for SS400/Q235 and Q195 3mm basic hot-rolled coils remains at $445-455/ton FOB, unchanged from Monday. It is heard that a large steel mill in North China sold a batch of SS400/Q235 and Q195 3mm thick base hot coils at FOB China price of $455/ton on Tuesday.  ...

Previously, due to long-term losses in the UK steel business, Tata Steel UK announced that it will close Port Talbot’s Blast Furnace 5 by the end of June 2024 and Blast Furnace 4 by the end of September. In addition, it is planned to invest £ 1.25 billion in the green transformation of steel to build an electric arc furnace with an annual production capacity of 3.2 million tons per year, replacing the two blast furnaces located in Talbot Port to produce steel, and will be put into operation in 2027. Due to the potential loss of 3000 jobs caused...

The price of flat materials in China has continued to decline over the past week. According to feedback from market traders, due to extreme high temperatures, the number of transactions in the market has decreased, resulting in limited demand. Prices are expected to bottom out this week. The price of sheet metal in East China is 3465-3515 yuan/ton (equivalent to 486-493 US dollars), which has decreased from 3485-3560 yuan/ton on July 26, marking the seventh consecutive week of price decline. In terms of exports, the quoted price for Chinese hot coil exports to the UAE is $530-540/ton CFR UAE, a...

Recently, due to the low demand in China and the promulgation of the new national standard for rebar, many Chinese steel mills actively sold their stocks, and the export quotation declined significantly. However, the export price of rebar in Türkiye has not been affected, and the overall price remains stable. At present, the rebar price in Türkiye is about 580-590 dollars/ton FOB, and the transaction price is about 570-585 dollars/ton FOB. According to Türkiye market news, the acceptable price level for buyers is about 570 US dollars/ton FOB, but it is expected that there is room for further price decline...

Today, the prices of hot coils in Europe remain unchanged, and the spot market for hot coils in Europe is currently in a state of “oversupply”, with sluggish transactions and only a small number of back-to-back trades. A Nordic trader stated that they have already accumulated a large amount of inventory in the service center, so they are in a wait-and-see attitude towards purchasing new inventory and are currently purchasing on demand. At present, the summer vacation in many regions of Europe has begun, so many traders are no longer trading in the market. Some buyers who obtained September orders...

According to reports, Nippon Steel has reached an agreement with Baosteel to withdraw from its joint venture with Baoshan Iron and Steel in China, Baosteel Nippon Steel Automotive Steel Plate Co., Ltd. (BNA), at the end of the current management period (August 29, 2024), and transfer all its shares in BNA to Baosteel. At that time, Nippon Steel’s steel production capacity in China will be reduced by 70%. BNA was established in 2004, mainly producing and selling cold-rolled steel plates and hot-dip galvanized steel plates for automobiles. Nippon Steel will sell its shares for approximately NT $77 billion. Despite withdrawing...

 Currently, the Iranian steel industry is experiencing traditional summer power outages, and local steel mills are trying to find ways to maintain operational balance and production. According to the sales manager of Mobarakeh Steel Company (MSC), a major sheet metal producer in Iran, MSC’s power supply has been restricted since May 22, 2024, with a cumulative impact on production exceeding 200000 tons. Even though the company can use its own energy to achieve self-sufficiency in power supply, energy supply remains a challenge for the factory due to reduced power supply from the grid.   Due to the shortage of electricity,...

  Since July 1, the electricity price in Türkiye has risen. Residential electricity prices have increased by 38%, while for high energy consuming users such as steel mills, electricity prices have increased by 20%. At present, steel mills are facing pressure from high costs and unfair competition, and the rise in electricity prices may force steel mills and heavy rolling mills to further reduce production.   Ç olako ğ lu CEO U ğ ur Dalbeler stated that the cost of steel manufacturing has increased by about $10 per ton, and the market environment is harsh, so steel mills may further...