China’s domestic hot-rolled coil (HRC) prices lost their upward momentum on Friday, and ended the day flat due to inactivity, while China’s domestic rebar prices also lost their way ahead of the weekend amid a softening of the billet and futures markets.
East China’s Shagang is rolling over the list prices for its long steel products for early November.
Import prices for rebar in Singapore have edged up slightly over the past week in the absence of cheap Turkey-origin spot cargoes.
CIS rebar and wire rod export prices fell in the week ending October 31, due to modest demand in the region's major target markets and a decline in domestic long steel prices in Russia.
Steel traders in Russia have insisted on lower prices for October-rolled rebar due to poor demand in the secondary market.
Most flat steel prices in Turkey fell this week, on poor demand, because buyers were waiting to see if prices had hit bottom, while the domestic long steel market continued to be influenced by the weakening of the local currency, with prices for rebar going up in Turkish lira while the US dollar equivalent remained largely stable.
Finished long steel prices in Europe are expected to remain largely stable in November, although end-user demand is likely to weaken over the course of the month.
Domestic prices for hot dipped galvanized coil (HDG) in Southern Europe have moved down over the past week due to poor demand.
A stainless steel base price increase in Europe of €20-50 ($23-58) per tonne is “achievable” in the fourth quarter of 2017, according to Spanish stainless producer Acerinox.
And Brazilian steel producer CSN is seeking an increase of 30% in annual pricing contracts with automakers.