According to last week's data;
USA;
- US hot-dip galvanized (HDG) coil, cold rolled coil (CRC) and hot rolled coil (HRC) prices have been on the rise. HDG prices were up $70/short ton to $1,120/st, while CRC prices were up by $50/st to $1,100/st. For HRc, prices in the Midwest and South were up $50/short ton from the previous week to $900/st ex-works, an increase of $240/st, or 34pc, from their September lows.
- At the start of last week, the US pig iron price was quoted at $439.00, HMS1 scrap at $375.00 and HMS1/2 80:20 scrap at $370.00.
- The United States, which is witnessing a significant shift in its steel industry, witnessed a notable 64.1% drop in rebar imports during September and a 48.6% decrease compared to the same period in 2022, with Egypt and Algeria being the standout countries in this evolving landscape.
- In September this year, US rebar imports fell 64% m-o-m and 49% y-o-y to around 55,500 tons.
- US senators have introduced a new bill to impose a carbon border fee on steel products imported from countries with high greenhouse gas emissions. The proposed fee is designed to protect US producers from competition from countries with lax environmental standards, particularly China.
- In the week ending November 4, US crude steel production decreased by 0.5 percent to 1 million 699 thousand tons compared to the previous week.
- US imports of steel coils fell slightly by 1% on a monthly basis and by 9% on an annual basis to around 87,000 tons.
- American metallurgists have rallied behind a comprehensive cross-border carbon tax bill, with strong support from the American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA). The landmark bill, designed to cover a wide range of sectors, was formally introduced in the US Senate.
- In September this year, US imports of oilfield tubular products (OCTG) fell by 28% m-o-m and 46% y-o-y to around 98,000 tons.
- US steel exports fell by 12.1% in September. In this period, 708,447 metric tons of steel were exported on a monthly basis, while an increase of 7.9% was recorded on an annual basis. The value of exports fell to $1.27 billion, down from $1.43 billion in the previous August, but up compared to September last year.
- In September 2023, imports of flat steel products to the United States decreased by 11% to 631 thousand short tons, against 706 thousand short tons in the same month of 2022.
- Steel exports from Latin America to the United States increased by 34.3% m-o-m and 59.4% y-o-y to about 740,000 tons. Exports to Mexico amounted to about 325,000 tons.
Brazil;
- Brazilian slab and pig iron prices were announced at $528.00 and $410.00, respectively, at the beginning of last week.
- In an effort to improve trade relations and promote bilateral trade and investment, the United States and Brazil have made efforts to overcome trade barriers. Among the key figures for September, the United States imported approximately 46,100 tons of steel plate, 11,400 tons of steel pipe, 8,400 tons of long products and 11,400 tons of stainless steel products. This strategic move aims to strengthen economic cooperation and open new avenues for trade cooperation between the two countries.
- In October 2023, pig iron exports from Brazil reached 479.6 thousand tons, up from 251.8 thousand tons the previous month. This reflects an 89% increase in exports to the United States. The main destinations for Brazilian pig iron exports in October this year were the United States, where 397.5 thousand tons were shipped at $419/t FOB; European countries, where 43.1 thousand tons were shipped at $453/t FOB; South American countries, where 29.7 thousand tons were shipped at $363/t FOB; Mexico, where 5.3 thousand tons were shipped at $456/t FOB; and Asian countries, where 4 thousand tons were shipped at $510/t FOB.
Australia;
- Australia's coking coal price started the week at $350.00 FOB and iron ore price at $126.63 FOB.
- The Australian government announced that it will open the first state-owned critical minerals plant in Townsville, Queensland in 2025 to support the development, extraction and production of critical minerals in the country.
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