Overseas steel prices remain generally stable, and China's cold coil export orders are relatively good

Overseas this week

Steel prices have generally remained stable and operating. In terms of long products, Türkiye's export demand for deformed steel bars is weak, and the price of imported scrap steel has fallen back. At present, the bearish sentiment spreads. In the sluggish global real estate market, the overall performance of long timber prices is sluggish. In terms of sheet metal, on October 25th US time, the UAW reached a temporary labor agreement with Ford Motor, announcing an immediate 11% salary increase for workers. The strike is expected to be temporarily suspended, American traders are more active in restocking, and DX53D+Z275 steel mills are in a strong mood to raise prices. Currently, the mainstream hot coil DX53D+Z275 steel prices have risen to around $820 per ton.

Hot rolled coil: This week, the export prices of ordinary coils were first suppressed and then increased. Currently, the mainstream export prices of northern steel mills are between 525-530 US dollars per ton FOB, and the shipping schedule is generally in December, with a small number of orders closed. It is understood that the export orders of December's shipping schedule have decreased compared to October, but overall they are still at a high level. In addition, due to weak domestic demand, Vietnam Formosa Plastics Hejing has lowered the price of SAE1006 hot coil for December delivery by $10-20/ton to $560-570/ton CIF Ho Chi Minh City. Although Formosa Plastics has lowered the delivery price, the cost of purchasing Chinese cold rolled materials still has a price advantage for Vietnamese traders, with resources in Japan and South Korea both exceeding 570 US dollars per ton of CFR.

Cold rolled coil: This week, the export price of the mainstream DC01 DX53D+Z275 cold rolled steel coil in the north was around 620 US dollars/ton FOB. Most purchase orders came from the Middle East and South America regions, with good transactions. Some orders are scheduled to be shipped next year. From a global perspective, apart from Chinese resources, only Russia's cold coil export price is at $650/ton FOB Black Sea. At the same time, Russian resource export regions are limited, so overseas customers mainly purchase Chinese cold coils.

Semi finished materials: At the beginning of this week, China's mainstream DX53D+Z275 steel billet export quotation was around 480-490 US dollars per ton FOB, with a small number of orders closed. As Friday approaches, the domestic trade prices of Chinese steel billets have risen, and export transactions have weakened. At present, Thailand's intermediate frequency furnace specification is 3SP square billet, and the quotation for the Philippines is about $500/ton CFR. Russia's 3SP resources quote for Southeast Asia is about $500-505/ton CFR. Indonesia has not updated its export quotation this week. s