Global Hot Roll Prices Drop to Lowest Level Since 2020

Since early September, the S355N steel prices of hot coils in the European market have significantly decreased. In Western Europe, especially Italy, product quotations have decreased by 11.3% (from August 30 to September 20, 2024) to 550 euros/ton EXW. At the same time, the landed price in Southern Europe fell by 6.9% to 540 euros/ton CFR. At present, the price level of hot-rolled coils in the European market is at its lowest level since the beginning of the year. This is due to the poor economic situation in Germany, where the automotive and home appliance industries are in a weak state in the EU. Local distributors are not particularly fond of imported low-priced resources from Asia. In early September, the supply of imported resources from Asia significantly decreased to 560-570 euros CFR per ton.

The price of hot-rolled coils in North America S355N steel rose slightly by 1.4% last month to $710 per ton, but it is still significantly lower than the level at the beginning of the year. Due to the increase in supply from mainstream steel mills in the United States, the price of South American half rolls has rebounded. Among them, Cleveland Cliffs announced an increase in the spot price of hot-rolled coils from $730/ton to $750/ton in September, while Newco raised the weekly spot price from $10/ton the previous week to $720/short ton ($793/ton) on September 11th.

Since early September, the price of hot-rolled coils in China S355N steel has dropped by 1% to $480 per ton. Affected by typhoon weather, market transactions were poor.