In mid-September 2024, most steel prices in the national circulation market rebounded.
Domestic commodity futures opened in the morning of September, and most of them rose. The main contracts of rebar and hot-rolled coils rose to the limit, the European line of container shipping rose by more than 13%, and iron ore rose by about 12%.

China Steel FOB Price on October 8

Type	Material	Specification	Price	Rise and Fall	Port	Date
Wire rods	SAE1008	Φ6.5mm	586	+40	Tianjin Port	10-08
Rebar	B500B	Φ12-30mm	543	+10	Zhangjiagang	10-08
Medium and thick plates	SS400	14-40mm	555	+30	Tianjin Port	10-08
Hot-rolled coils	SS400	3mm	542	+20	Tianjin Port	10-08
Cold-rolled coils	SPCC	1mm	543	+10	Tianjin Port	10-08
Galvanization	SGCC	1mm	609	+10	Tianjin Port	10-08

 

Changes in international steel market prices

Type	Price	Weekly change	Monthly change	Update time
Wire rod	FOB China	0%	+11.96%	10-07
Rebar	FOB China	0%	+18.92%	10-07
Hot-rolled coil	FOB China	0%	+13.37%	10-07
Cold-rolled coil	FOB China	0%	+7.08%	10-07
Hot-dip galvanized steel	FOB China	0%	+2.09%	10-07
PPGI	FOB China	0%	-0.81%	10-07
CRC	FOB China	0%	0%	10-07

China’s hot rolled coil exports 2024 January – June

Country	Export volume
Vietnam	4,120,975
United Arab Emirates	984,109
Turkey	955,228
South Korea	835,257
Saudi Arabia	798,388

International Steel Market Trends

1. Long products

Last week, the global steel market fluctuated significantly. China’s billet inventory decreased, and the price of domestic construction steel in China generally rose. Market confidence recovered, especially in the Beijing-Tianjin-Hebei, Shanghai, Guangzhou and Zhejiang markets. Affected by the demand for replenishment before the holiday, the transaction improved. The export quotation of Chinese steel mills stabilized at around US$460-490/ton FOB. The price of long products in the Southeast Asian market fell. The demand in the Vietnamese market was weak due to natural disasters. The price of long products in the Indian market continued to weaken, but the holiday demand may bring a turnaround. The export price of Turkish long products remained stable, and orders exported to Europe improved. The price of long products in the European market remained stable, and the interest rate cut by the European Central Bank may bring benefits to the market. The price of long products in the US market remained stable domestically, and the import price fell slightly.

2. Steel Plate products

The price of Chinese export hot-rolled coil market has increased, mainly driven by the rebound of futures and the demand for replenishment before the holiday, but the overall demand is still weak and buyers remain on the sidelines. The price of Southeast Asian plate market has remained basically stable, with a slight increase in some regions, but the demand recovery is slow and the market as a whole is still relatively cautious. In Vietnam, Formosa Ha Tinh Company lowered its steel price for October and November, reflecting that global demand is still sluggish. The price of hot-rolled coil in the Indian market has fallen sharply. Affected by the strong price competitiveness of imported resources, buyers have an advantage in negotiations. The price of European hot-rolled coil continues to fall, and buyers are full of uncertainty about the future trend. In the European and American markets, the price of hot-rolled coil in the United States has risen slightly.