February 2024

European steel HRC buyers wait for further price drops

European steel hot-rolled coil prices were largely flat on Tuesday February 20 amid quiet trading, but market participants were not ruling out the possibility of further downside during the rest of the month, Fastmarkets heard.

Chinese HRC prices extend decline despite key loan rate cut

Chinese hot-rolled coil prices continued to fall on Tuesday February 20, with a larger-than-expected cut to key loan rate failing to offset bearishness from weak demand and reduced input costs, sources told Fastmarkets.

SHFE decline mutes post-holiday Chinese CRC, HDG export trading

Trading for Chinese cold-rolled coil and hot-dipped galvanized steel coil exports was quiet on Monday-Tuesday February 19-20, just days after the country celebrated Lunar New Year holiday, with sharp declines in Shanghai steel futures prices keeping overseas buyers in wait-and-see mode.

European HRC prices decrease further amid sluggish trading

Prices of European hot-rolled coil continued to decrease amid sluggish demand on Monday February 19, sources told Fastmarkets.

Chinese HRC prices edge down in slow post-holiday trading

China’s domestic hot-rolled coil prices moved slightly lower in muted trading on Monday February 19, with the market just returning from the long Lunar New Year holiday, sources said.

South American flat steel import prices mostly unchanged amid limited trading

South American import prices were mostly unchanged in the week to Friday February 16 amid low market activity with the Lunar New Year holiday in China, the main importer to the region, and Brazil's absence from the market due to the Carnival holiday.

HRC importers sharply undercut Indian mills in domestic market

Indian domestic steel hot-rolled coil prices were stable in the week to Friday February 16, even with importers selling HRC in local markets at a significant discount to mill prices.

Turkish flat steel prices decrease on weak demand

Flat steel prices in Turkey fell in the week ended Friday February 16 because of weak demand, as well as a general slowdown in market activity due to China’s Lunar New Year holiday, sources told Fastmarkets.

Turkish coated coil prices decrease further

The prices for coated coil in Turkey fell again in the week ended Friday February 16 because of weak demand as well as a general slowdown in the flat steel sector, sources told Fastmarkets.

HRC price drops in Europe fail to spur buying interest

Trading remained muted in the European hot-rolled coil market on Friday February 16, with buyers postponing restocking and expecting prices to fall further in the coming weeks, sources told Fastmarkets.