Daily Market Newsletter
Friday 24 November 2023
Steel prices & news
Source: dashboard.fastmarkets.com/m/ce24cc55-ee9d-4381-9784-bb 704fdd69
Top stories
China crackdown on tax evasion to slow
steel export volumes - sources
By Jessica Zong, Zihuan Pan, Nabilah Awang - Thursday 23 November
The crackdown on exports involving tax evasion in China in recent weeks
may eradicate low-priced cargoes from the spot market and increase
price expectations but weigh on the rate of steel exports of Chinese
products, market participants told Fastmarkets.
A Chinese exporter source said this is because exporters who are evading tax
will likely keep their activity to a minimum to avoid inspections and buyers
may start to raise bids if they no longer receive o ers from such exporters.
"I think there's more good than bad. Doing away with tax-evaded cargoes will
de nitely level the playing eld [for sellers]," a Vietnam-based trader said.
China's public security bureaus in recent weeks uncovered several cases where
a false declaration of tax was made in order to evade value-added tax (VAT)
in the country.
Loudi Public Security Bureau in Hunan Province, central China, reportedly
arrested more than 20 people suspected to be involved in falsifying special
VAT invoices.
The case involved over 1,000 enterprises in more than 20 provinces and cities,
amounting to 1.23 billion yuan ($173 million) in unpaid taxes, Chinese news
outlet Xinhua News Agency reported earlier this month.
In the same month, police in Lanzhou, a city in Northwest China, also
cracked a case involving the falsi cation of a special VAT invoice worth 880
million yuan, local news outlets reported.
The issue of tax evasion of Chinese steel exports, while not new, loomed large
in the past year, capping export prices of Chinese steel products.
Despite authorities reportedly looking into the matter, tax-evading cargoes
remain available in the spot market, a second Vietnam-based trader said.
"Imagine trying to sell the same product at full price when others are selling
at discounted prices... buyers are not likely to come to you. You would then
have no choice but to lower your selling price just to make your o er more
competitive," the Vietnamese trader said.
Chinese exporter sources told Fastmarkets that tax evaded exports continue
to sti e price expectations of overseas buyers.
"Overseas buyers bid much lower than the o ers given to them because they
hear the tax-evasion prices,” a Chinese exporter source said.
Tax evasion a boon for some
When evading VAT, Chinese exporters typically o er steel products at 5-10%
lower than market prices, sources said.
Earlier this month, several SS400-grade HRC deals to Vietnam were heard
concluded at around $535 per tonne CFR, with freight rates from China to
Vietnam at around $12 per tonne.
These deals were widely believed to be tax-evaded cargoes due to the traded
levels being much lower than traders’ tax-inclusive o ers for the same
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product at $530-535 per tonne FOB China at that time.
Tax-evading cargoes contributed greatly to a sharp increase in China's steel
exports year on year in the rst 10 months of 2023, market participants
claimed.
According to the country's General Administration of Customs, China’s
nished steel exports totaled 74.73 million tonnes in that period, up by 34.8%
year on year from 55.44 million tonnes (adjusted from 56.36 million tonnes).
“Tax evasion-cargoes now account for more than half of export trading
[volume] of Chinese cold-rolled coil and hot-dipped galvanized coil of
common grades and sizes,” a trader in eastern China said.
A second trader in eastern China said the proportion for hot-rolled coil – one
of the major at steel products in the export market – is higher, probably
reaching 90% for materials of common grade, given the greater availability
and wider adoption of HRC.
Fastmarkets could not verify the proportion of exports that evaded taxes.
In contrast, most steel exporters who o ered products at prices inclusive of
13% VAT did not achieve higher sales volume in the past 10 months. They told
Fastmarkets their export volume were either the same as the corresponding
period of last year or lower year on year.
Given the competitive prices of Chinese steel products, sources said it is
unnecessary for sellers to reduce export prices through tax evasion.
Taking the actively traded product, hot-rolled coil for instance, Fastmarkets
calculated its steel hot-rolled coil index export, fob main port China fell to a
low not seen since early June at $522 per tonne on October 23 before
rebounding to $565 per tonne on November 21.
Fastmarkets’ weekly assessment for steel hot-rolled coil export, fob Black Sea,
CIS was $555 per tonne at the midpoint on October 23 before rising to $570
per tonne on November 20.
"If tax-evaded exports are prohibited, all exporters will compete on the same
front, which is a good thing for them. Also it will be good for the tax income
of the country," the rst China-based exporter said.
Steel hollow sections prices in Europe
stable, but HRC feedstock costs climb
By Holly Chant - Thursday 23 November
Steel hollow sections prices in Europe were unchanged in the week to
Wednesday November 22, but rolling mills continued to look for higher
prices amid rising hot-rolled coil feedstock costs, market sources said.
Fastmarkets’ weekly price assessment for steel sections (medium), domestic,
delivered Northern Europe, was €750-800 ($817-872) per tonne on
Wednesday, unchanged from a week earlier.
Similarly, Fastmarkets’ weekly price assessment for steel sections (medium),
domestic, delivered Southern Europe, was €750-800 per tonne on
Wednesday, also unchanged from a week earlier.
Fastmarkets heard o ers at €810 per tonne in the past seven days, but
traders said that buyers would resist upward moves in the market due to slow
consumption by the construction sector.
© Fastmarkets 2023
 Steel prices & news Daily Market Newsletter
“Nobody at the end of the year is willing to pay a higher price because steel
prices for end-users are still dropping,” one trader in Northern Europe said.
But HRC feedstock prices have risen considerably over the past month, and
HRC traders said that the upward market move was “entirely cost-driven”
and supported by reduced levels of suppliy.
They added that price rises may not be sustainable without increased end-
user demand.
Fastmarkets’ daily calculation of its steel hot-rolled coil index, domestic, exw
Northern Europe, was €659.75 per tonne on Wednesday, up by €5.62 per
tonne from €654.13 per tonne a week earlier, and up by €46.62 per tonne
month on month.
Higher sections prices were heard in Eastern and Southeastern Europe, with
market prices on a theoretical weight basis at €720 per tonne CPT in
Romania and €750 per tonne CPT in Poland.
In early November, Fastmarkets heard that sections prices in Romania and
Poland were in the range of €700-720 per tonne CPT, on a theoretical weight
basis.
A producer source in Southeastern Europe said that demand in the region was
stable, adding: “I think the [price] growth was possible due to HRC price
growth.”
High energy costs drive double-digit
drop in Germany’s EAF steel output in
October, WV Stahl says
By Julia Bolotova, Darina Kahramanova - Thursday 23 November
The output of crude steel in Germany declined in October, with a double-
digit percentage drop in electric-arc-furnace (EAF) production due to high
energy prices and subdued demand, the national steel industry
association, WV Stahl, said on Tuesday November 21.
The country produced 2.876 million tonnes of crude steel in October, down by
8.8% compared with October 2022. Over the rst 10 months of the year, the
crude steel output in Germany dropped by 4.1% year on year to 30.107 million
tonnes.
According to WV Stahl data, energy-intensive EAF-based production in the
country su ered the most from the spike in production costs. German EAF-
based mills produced 799,000 tonnes of crude steel in October, down by
20.9% from the corresponding month a year earlier.
Steel produced via EAFs is mainly used in the production of long products.
And demand for long steel in Germany remained subdued due to a slow
construction sector, market sources said.
Although in October the average price for steel rebar in Northern Europe
increased slightly, compared with the previous month, the decrease was still
signi cant year-on-year.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar),
domestic, delivered Northern Europe, averaged €613.75 ($668.71) per tonne
in October, down sharply from an average of €939.38 per tonne a year earlier.
In addition, European regional steel industry association Eurofer expected
apparent steel consumption in the EU to drop by about 5.2% year on year in
2023, to 132 million tonnes, it said in its fourth-quarter 2023 outlook report.
The reasons for the gloomy perspective were the continuing wars in Ukraine
and the Middle East, global tensions, an unresolved energy crisis, high
in ation, tightening economic conditions, and historically high import shares
that were “strangling” manufacturing, according to Eurofer. This all had a
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Friday 24 November 2023 2
negative e ect on steel demand.
Eurofer was more optimistic for next year. In 2024, apparent steel demand in
the bloc was expected to recover by 7.6%, rising to 142 million tonnes.
The construction sector is the main consumer of long steel products, and
Eurofer expected the sector to decline by 1.7% in 2023. It was expected to
recover by only 0.2% in 2024.
In the meantime, steel output from Germany’s basic oxygen furnaces (BOFs),
mainly used in the production of at steel, decreased by 3.1% year on year to
2.077 million tonnes in October.
Flat steel prices have increased slightly across Europe due to attempts by mills
to cover their higher production costs. But demand was slow, and pressure
from imports remained signi cant in October.
Fastmarkets’ daily calculation of its steel hot-rolled coil index, domestic, exw
Northern Europe, averaged €616.63 per tonne in October, down from an
average of €694.87 per tonne a year earlier.
But recent attempts by European steelmakers to increase at steel prices
appeared to have been successful, due to limited supply amid output cuts
and restocking activity.
Consequently, market sources did not expect steel production rates in
Germany to rebound this year.
“Reduced output is the key factor supporting the recent uptrend in the [ at
steel] market,” a German trader said. “It’s logical for mills to keep capacities
under control.”
Bullish sentiment supports price rises in
Northern European wire rod market;
rebar prices stable
By India-Inés Levy - Thursday 23 November
Trading remained relatively weak in the Northern European rebar and wire
rod markets in the week ended Wednesday November 22, Fastmarkets has
heard.
Production cuts, rising feedstock costs and seasonal stoppages could support
further price rises in the coming weeks, it was said.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar),
domestic, delivered Northern Europe, was €615-630 ($670-686) per tonne on
Wednesday, narrowing upward week-on-week by €10 per tonne from €605-
630 per tonne.
Industry participants remained relatively con dent regarding future price
rises.
The fact that prices narrowed upward indicated that buyers were more willing
to accept higher o ers, Fastmarkets heard.
And increased scrap costs as well as high energy costs could prompt further
price rises, despite consumption by the construction sector remaining low.
Mills have also cut production in an attempt to rebalance the supply-demand
dynamics, Fastmarkets heard, because reduced supply could help to support
price rises.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality),
domestic, delivered Northern Europe, was €620-635 per tonne on
Wednesday, up by €20-25 per tonne from €600-610 per tonne last week.
Prices rose in the wire rod markets in both Northern and Southwen Europe,
prompted by the scarcity of imports due to high import duties, production
© Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 3
cuts and high feedstock costs.

“We are seeing an uptrend across Europe with con dence growing that
ArcelorMittal Poland hot idles Krakow
market conditions will support higher prices,” a producer source said. “This in
turn can support a demand uptrend because customers will want to buy
coke plant amid challenging market
before price rises [take e ect].” environment
Mills target price rises in Southern By Julia Bolotova, Darina Kahramanova - Thursday 23 November

European rebar market; wire rod prices ArcelorMittal Poland will hot idle its coke oven battery in Krakow before
the end of the year due to the di cult economic conditions, a company
up spokesperson told Fastmarkets on Wednesday November 22.
The installation will be stopped gradually by the end of the year, the company
said in a press release also published on Wednesday. It is not known how long
By India-Inés Levy - Thursday 23 November
the battery will be idled for because this will depend on the economic
Feedstock costs rose in the Southern European rebar and wire rod markets situation, the spokesperson told Fastmarkets.
in the week to Wednesday November 22, prompting mills to begin to look
for price rises.
According to Fastmarkets information, the coke plant has a capacity of
Despite higher o er prices being heard in the rebar market, prices remained
650,000 tonnes per year. This coke oven battery and the rolling mills are the
stable, with no reports that the higher o ers had been accepted yet.
only operating facilities in ArcelorMittal Poland’s site in Krakow. The facility
produces hot-rolled (HRC), cold-rolled coil (CRC), hot-dip galvanized coil
(HDG) and organic-coated coil, using slabs from its asset in Dabrowa
In the wire rod market, however, prices began to rise amid increasing costs for
Gornicza as a feedstock.
gas, energy and scrap.
ArcelorMittal Poland’s decision to hot idle the plant was made primarily due
Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, exw
to low demand but also the worsening coking coal-coke price correlation.
Italy, was €600-620 ($654-676) per tonne on Wednesday, stable week on
week.
According to data from the Polish Steel Association, apparent coke
consumption in Poland has decreased by 36% year on year, the company said
Industry participants were largely bullish regarding future price rises, with new
in its press release.
higher o ers already circulating in the market.
“The demand for coke has dropped signi cantly, but we are also dealing with
Scrap costs have risen signi cantly since mid-November, helping to support
a situation unprecedented in coke making – the price of coking coal is in the
mills’ push for higher prices.
region of coke price, which makes production economically unviable,” chief
executive o cer of Arcelor Mittal Poland Wojciech Koszuta said.
“Rebar is now being o ered at €610 per tonne ex-works. Demand is a little
better these days, and maybe price increases are pushing customers to buy
The company did not reply to Fastmarkets' questions on how the hot idle of
some more material. We will see in the next few days if this trend will be
the coke oven battery would a ect crude steel production at the Dabrowa
con rmed,” a trader source said.
Gornicza unit, and consequently at steel output at its Krakow rolling lines.
“Finally, prices are moving up for all markets. Scrap is blowing up for an
ArcelorMittal, however, has another coke plan in Zdzieszowice, around 160km
average of €15-20 per tonne, and energy costs are increasing too. With
from Krakow, with an installed capacity of around 4 million tpy of coke.
Christmas approaching and the inevitable production cuts, market conditions
are looking more favorable for prices to rise,” a producer source said.
In October 2020, the company permanently closed the hot zone at Krakow
due to the dramatic e ects of Covid-19 on the European steel market, but
“Scrap prices have risen considerably so, while prices have not yet increased, I
the coke plant and rolling mills have remained operational.
foresee an increase in the price of steel in the short term,” a buyer source
said.
Krakow steelworks is ArcelorMittal's last at steelmaking facility in Central
and Eastern Europe, following the sale of its mills in the Czech Republic and
Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic,
Romania as part of its divestment plan in order to acquire Italy's Ilva in 2018.
delivered Spain, was €590-615 per tonne, unchanged since early October.
In the past few weeks, European producers of at steel products have
Southern European wire rod
gradually been pushing for higher prices due to the increasing production
Fastmarkets’ price assessment for steel wire rod (mesh quality), domestic,
costs.
delivered Southern Europe, was €600-620 per tonne on Wednesday, up week-
on-week by €25-35 per tonne from €575-585 per tonne.
Limited supply due to cost-related output cuts were the major supportive
factor for the recent uptrend, while real steel demand remained subdued.
Prices rose signi cantly in the wire rod market following a rise in scrap prices,
constricted demand and few import opportunities for domestic buyers.
Iron ore prices spooked by NDRC
Production cuts at European steel mills have altered the supply-demand
dynamics, sources said.
warning; prices slip from 2023 high
“This week, new prices for December have been decided,” a producer source By Norman Fong - Thursday 23 November
told Fastmarkets. “We will o er at €600 per tonne for mesh quality. We plan
Seaborne iron ore prices ended a three-day rally on Thursday November
to check back in the next few days in terms of how the market accepts these
23, coming o their highest in 2023.
price rises, and then increase [our price further] or continue at this level.”
Trading activity in the Chinese portside market dipped signi cantly while
buyers wait out for further price drops in the coming weeks, sources told
Fastmarkets.

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Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity
Exchange (DCE) dropped by 1.7% from the previous closing price of 993.50
yuan ($139) per tonne.
By 5:52pm Singapore time, the most-traded December contract on the
Singapore Exchange (SGX) was $1.52 per tonne than the previous settlement
price of $134.67 per tonne.
A broad-based sello in ferrous-related futures was led by iron ore and
reinforcing (rebar) derivatives prices – they had the largest dip from the
previous day.
Selling in the iron ore futures market mainly re ected an announcement by
China’s National Development and Reform Commission (NDRC) that warned
of further retaliatory measures against speculative trades.
As well, the NDRC will closely monitor market activity and price movements
in the iron ore market, it also announced.
“The recent rally in iron ore prices has de nitely caught the attention of
domestic authorities and tighter monitoring can be expected in the coming
weeks,” a trader in Beijing said. “State-linked trading houses have suspended
trading activity in the seaborne market to avoid further scrutiny.”
Other market participants were more skeptical of the longer-term impact of
the announcement on iron ore prices.
Strong market fundamentals in the downstream market should prompt
steelmakers to ramp up crude steel production to keep up with rm demand
from both the domestic and export markets, according to a trader in
Singapore.
The absence of strict steelmaking guidelines for 2023 incentivizes mills to
maintain high levels of production into December, which would keep iron ore
consumption levels elevated, the trader added.
“Steelmakers are already showing signs of slowing down seasonal production
cuts in November, and are instead looking to ramp up production,” a second
Singapore-based trader said. “Hot-rolled coil production has been increasing
steadily since the start of November and mills are suspending their plans to
reduce rebar production.”
Trading activity in the seaborne market slipped in line with weaker buying
interest compared with the rst half of the trading week.
“Most trading houses in China will be wary of procuring cargoes in the
seaborne market following the NDRC warning,” a trader in Shanghai said.
“Buying interest is expected to remain thin unless end-user demand from
steelmakers continues to push higher.”
Traders will be less amenable to procure cargoes on a xed-price basis in
anticipation of further prices drops in the seaborne market, according to a
trader in Hong Kong.
“The number of traders still active in the seaborne market is now restricted to
a handful, some of which are taking risky positions by buying overvalued
cargoes from the market,” a third trader based in Singapore said, “Taking in
more cargoes at a xed price is exceptionally risky.”
An 85,000-tonne cargo of 62% Fe Brazilian Blend nes with a December 22-31
laycan traded at $134.40 per tonne CFR China.
Concentrates, pellet feed
Buying interest for pellet feed material slipped in line with a general decrease
in seaborne buying interest.
Lower iron ore lump prices in the domestic Chinese market led to lower buying
This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
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If you need additional access please contact hello@fastmarkets.com
Friday 24 November 2023 4
ideas for pellet cargoes in the seaborne market, according to a trader based
in Ningbo.
While pellet feed interest may start to soften in line with lower prices of direct
charge material in the portside market, sellers are unlikely to lower their o ers
in anticipation of a rebound in demand following the implementation of
winter sintering restrictions, the trader added.
Fastmarkets iron ore indices
62% Fe nes, cfr Qingdao: $134.26 per tonne, down by $1.23 per tonne
62% Fe low-alumina nes, cfr Qingdao: $134.40 per tonne, down by $0.65 per
tonne
58% Fe nes high-grade premium, cfr Qingdao: $125.66 per tonne, down by
$1.10 per tonne
65% Fe Brazil-origin nes, cfr Qingdao: $147.22 per tonne, down by $1.07 per
tonne
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.2000 per dry
metric tonne unit (dmtu), unchanged
62% Fe nes, fot Qingdao: 1,004 yuan per wet metric tonne (implied 62% Fe
China Port Price: $130.78 per dry tonne), down by 17 yuan per wmt
67.5% Fe pellet feed premium, cfr Qingdao: $6.40 per tonne, unchanged
67.5% Fe pellet feed, cfr Qingdao: $159.06 per tonne, down by $1.17 per tonne
65% Fe concentrate premium, cfr Qingdao: $0.50 per tonne, up by $0.20 per
tonne
65% Fe concentrate, cfr Qingdao: $147.28 per tonne, down by $0.97 per
tonne
Trades/o ers/bids heard in the market
Vale, globalORE, 85,000 tonnes of 62% Fe Brazilian Blend nes, traded at
$134.40 per tonne CFR China, laycan December 22-31
Tender, 80,000 tonnes of 62.7% Fe Newman Blend lump, traded at the
January average of a 62% Fe index on an FOB Australia basis plus a lump
premium of $0.2050 per dry metric tonne unit, laycan December 26-January
4
Market participants’ indications
Fastmarkets' index for iron ore 62% Fe nes CFR Qingdao
Pilbara Blend nes: $133.00-135.50 per tonne
Newman nes: $132.00-134.55 per tonne
Mac nes: $130.71-132.43 per tonne
Jimblebar nes: $127.00-129.55 per tonne
Fastmarkets' index for iron ore 65% Fe Brazil-origin nes CFR Qingdao
Iron Ore Carajas: $144.80-148.30 per tonne
Fastmarkets' index for iron ore 67.5% Fe Pellet Feed Premium, CFR Qingdao
Minas Rio BFPF Pellet Feed: $1.00 per tonne
Atacama CNN Pellet Feed: $1.75-3.00 per tonne
Romeral Pellet Feed: $4.00-5.00 per tonne
Huasco Premium Pellet Feed: $6.50-7.00 per tonne
Shougang Hierro Peru Pellet Feed: $6.50 per tonne
Kaunis Pellet Feed: $6.20-6.50 per tonne
Metinvest 68% Pellet Feed: $5.00-6.50 per tonne
Fastmarkets' index for iron ore 65% Fe Concentrate Premium, CFR Qingdao
Citic Paci c Concentrate: $4.00 to $6.00 per tonne
ArcelorMittal Concentrate: $(3.50) to $(1.80) per tonne
Champion Iron Concentrate: $(3.50) to $(2.50) per tonne
SIMEC Concentrate: $6.20 per tonne
Port prices
Pilbara Blend nes were traded at 988-1,000 yuan per wmt in Shandong
province, Tianjin city, and the ports of Tangshan city on Thursday, compared
with 1,000-1,018 yuan per wmt on Wednesday.
The latest range is equivalent to about $129-130 per tonne in the seaborne
© Fastmarkets 2023
 Steel prices & news Daily Market Newsletter
market.
Dalian Commodity Exchange
The most-traded January iron ore futures contract on the exchange closed at
976.50 yuan ($137) per tonne on Thursday, down by 17 yuan from the previous
closing price.
Hot-rolled coil news
Restocking, reduced availability push
up European HRC prices
By Julia Bolotova - Thursday 23 November
A lack of supplies and a pick-up in trading pushed up European hot-rolled
coil prices on Thursday November 23, with restocking gaining pace in Italy,
while Northern Europe lagged behind, sources told Fastmarkets.
The main driver of rising HRC prices in Europe was the lack of supply, both
domestically and from imports, sources said.
But despite the still-weak consumption, the mood in the at steel market was
becoming more optimistic, with local producers actively pushing for price
increases.
In Italy, local mills were asking for €670-680 ($730-741) per tonne delivered
(equivalent to about €655-665 per tonne ex-works) for HRC to be delivered in
January or February.
Sources con rmed that several deals have already been agreed at the new
prices this week.
“Increases have been paid so far, because buyers do not have much option,”
a trading source in Italy said.
“Importing was [previously] an alternative, but not anymore — [mainly
because] lead times are too long and because safeguards make it even more
complicated. And in Europe, mills have trimmed [their output], so [HRC]
prices are rising regardless of the slow consumption.”
In Southern Europe, Fastmarkets calculated its daily steel hot-rolled coil index,
domestic, exw Italy, at €659.38 per tonne on November 23, up by €20.00 per
tonne from €639.38 per tonne the previous day.
The index was up by €26.05 per tonne week on week and by €56.88 per tonne
month on month.
Import o ers from Asia came in at around €620-640 per tonne CFR, for
January-February shipment, sources told Fastmarkets.
Market participants agreed that imports from Asia were “totally not possible”
because of rising prices and complications with customs clearance arising
from the EU’s import safeguards.
“If you book something today from, say, Vietnam, it will arrive at the end of
March,” a buyer source in Italy said.
“The new [quarterly EU import] quota period starts on April 1, but it is highly
unlikely that it will be possible to squeeze those volumes into the second-
quarter allocation, so there is a chance you would have to wait until July 1 for
customs to clear that cargo,” the buyer source added. “That’s an impossible
risk.”
Sources indicated that European ports still have quite signi cant tonnages of
imported coil that did not t the allocation to be customs-cleared in the rst
quarter of 2023, so they expect the “other countries” allocation for the rst
quarter of 2024 to be quickly lled with this material.
This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
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If you need additional access please contact hello@fastmarkets.com
Friday 24 November 2023 5
Zheng Shu Yi in Singapore contributed to this article.
O ers of December-shipment HRC from Turkey were heard at €660 per tonne
CFR, including the anti-dumping duty.
And sales of India-origin HRC to Italy were heard at €640 per tonne CFR last
week.
In Northern Europe, meanwhile, trading was slower than in Italy, but higher
prices have been achieved in deals for HRC, with lead times of six to eight
weeks.
Sales of limited tonnages were heard at €650-670 per tonne ex-works in the
region, with o ers reported at €680-700 per tonne ex-works.
Italy-origin coil with lead times in January was o ered to Germany at €680-
770 per tonne delivered.
Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw
Northern Europe, at €665.21 per tonne on November 23, up by €5.46 per
tonne compared with €659.75 per tonne on November 22.
The index was up by €9.54 per tonne week on week and by €55.21 per tonne
month on month.
The recent upturn in demand was mainly due to restocking in the region.
“Distributors and steel service centers are sending in speci cations because
they have to restock,” a steel service center in the region said. “The increased
activity is not economy-driven, but more out of fear of higher prices and
longer lead times from domestic mills due to capacity reductions.”
A new round of price rises by European mills was expected to be announced
before the seasonal Christmas break, several market sources said, with new
o ers “likely to be above €700 per tonne ex-works.”
“Mills are negotiating €750 [per tonne] for rst-half 2024 contracts with end
users,” a distributor in Northern Europe said, “so they are trying to bring spot
prices into line with this.”
Chinese HRC prices unchanged after
Beijing tightens iron ore oversight
By Zihuan Pan - Thursday 23 November
Spot prices for Chinese hot-rolled coil were unchanged on Thursday
November 23, despite a pullback in futures prices for the at steel product
following top authorities’ latest attempt to rein in iron ore prices, sources
said.
Domestic
Fastmarkets’ price assessment for steel hot-rolled coil domestic, ex-whs
Eastern China (Shanghai) was 3,960-3,970 yuan ($554-555) per tonne on
Thursday, unchanged from Wednesday.
The value of the most-traded January HRC contract on the Shanghai Futures
Exchange slipped to a one-week low of 3,980 yuan per tonne during morning
trading on Thursday before regaining some ground later in the day.
Prices for rebar, and the key steelmaking raw materials coke, coking coal and
iron ore, all moved lower earlier in the day, with market eroded by top
authorities’ latest vow to intensify their supervision over the futures and spot
market iron ore, market participants said.
© Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 6
China's National Development and Reform Commission (NDRC) said on
Thursday morning that it, together with the country's State Administration
for Market Regulation (SAMR), and the China Securities Regulatory China domestic stainless steel prices
Commission (CSRC), has talked with some iron ore trading companies and
futures companies, to know their trading situations and to require them not drop 5.6% on oversupply, nickel loss
to fabricate or spread information about price increases, not to hoard
cargoes or bid up prices, not to speculate excessively, and not to manipulate
By Jessica Zong - Thursday 23 November
the futures market.
China’s domestic stainless steel prices decreased sharply over the week
The move by China's central authorities came after the most traded iron ore ended Wednesday November 22 amid supply which exceeded demand and
contract on the Dalian Commodity Exchange hit a new over-two-year high of weakness in the nickel industry, sources told Fastmarkets.
998.5 yuan per tonne during night trading on Wednesday before falling to
Domestic
end at 976.5 yuan per tonne on Thursday.
Fastmarkets’ price assessment for stainless steel cold-rolled coil 2mm grade
304 domestic, ex-whs China was 13,500-13,600 yuan ($1,892-1,906) per
But the steel market is still underpinned by stimulus expectations, an industry
tonne on Wednesday, down by 800 yuan per tonne from 14,300 -14,400 yuan
analyst in eastern China said.
per tonne a week earlier.
The market is expecting the introduction of a list of 50 real estate developers
eligible for a range of funding after Bloomberg News reported the planned
Stainless steel mills reduced production rates in recent weeks. Despite this,
move by Chinese top nancial regulators on Monday, while Shenzhen’s latest
supply of stainless steel still exceeded demand, sources said.
easing in its housing policy also boosted market sentiment, sources said.
A local industrial information provider reported that production was 400,000
The southern China city is the second rst-tier Chinese city to lower the down
tonnes higher than consumption of stainless steel.
payment ratio for second-time home buyers, cutting the down payment ratio
for second-time home buyers to 40% from 70% for standard homes and 80%
"The gap between supply and demand might be narrow but not disappear in
for non-standard ones, starting from Thursday after Guangzhou made a
November and continue to weigh on stainless steel prices," an industry
similar move in August.
analyst said.
Export
Prices for nickel and stainless steel formed a negative feedback loop in the
Fastmarkets calculated its steel hot-rolled coil index export, fob main port
week to Wednesday, sources said.
China at $565 per tonne on Thursday, unchanged from Wednesday.
The three-month nickel contract on the London Metal Exchange closed the
o cial session at $16,695-16,700 per tonne on Wednesday, down by $745-750
Chinese HRC exports were barely changed from the previous day on
per tonne from $17,440-17,450 per tonne on November 15.
Thursday, given the moderate changes in domestic spot prices and exchange
rates.
Meanwhile, the nickel pig iron (NPI) prices dropped to 3-year low on
November 17.
The persistently high prices, meanwhile, kept overseas buyers on the sidelines
and traders cautious in taking orders, and muted trading for Chinese HRC
"An east China based stainless steel mill plans to keep list price of stainless
exports, traders told Fastmarkets.
CRC at 13,500 yuan per tonne for edge-untrimmed coil, equivalent to 13,700
yuan per tonne for edge-trimmed coil. The mill is taking this action in the
O ers from traders and small, privately-owned mills remained at $550-570
hope that market prices would stop dropping. But other steel mills did not
per tonne FOB China for 3mm SS400 HRC on Thursday, barely changed from
follow suit and reduced their prices to 13,500-13,600 yuan per tonne to garner
Wednesday.
sales," a trader in Wuxi said.
O ers from larger, state-owned mills were also unchanged at $570-580 per
Export
tonne FOB China for 3mm SS400-base, compared with the previous day.
Fastmarkets’ price assessment for stainless steel cold-rolled coil 2mm grade
304 export, fob China was $2,030-2,120 per tonne on Wednesday, down by
Deals of small tonnages were done at $560-565 per tonne CFR Vietnam for
$30 per tonne from $2,060-2,150 per tonne a week earlier.
3mm SS400-base so far this week, but the overall trading volumes were
subdued amid caution across the market.
Fastmarkets’ price assessment for stainless hot-rolled coil grade 304 export,
Freight rates from China to Vietnam are estimated at $10-12 per tonne,
fob China was $1,930-2,020 tonne on Wednesday, down by $60-70 per tonne
according to traders.
from at $2,000-2,080 per tonne a week earlier.
Chinese HRC export trading has slowed after the recent sharp gains in prices
The domestic price drop pushed down export prices for stainless steel prices,
due to the SHFE HRC price rally and stronger yuan, a trader in eastern China
but the decrease rate of export prices was much lower because of an
said.
appreciation of the yuan.
Market chatter
The exchange rate was 7.10 yuan to $1 on Wednesday, compared with 7.28
“Di erent steel products saw mixed demand performance. But overall
yuan to $1 on November 15, according to Oanda.
demand is set to take a hit with northern China bracing for a new round of
cold waves. That, coupled with higher supply following improved mill margins
"Overseas buyers are waiting for more changes in China domestic market and
and the removal of anti-smog restrictions in Tangshan, will weigh on steel
not placing orders," an exporter in China said.
prices,” a second industry analyst in eastern China said.
A second exporter in China said, "November is typically a busy month for
export business, but this year buyers are very quiet, and [buyers] only bought
Shanghai Futures Exchange
in small tonnages once or twice a month."
The most-traded January HRC futures contract closed at 4,014 yuan per
tonne on Thursday, down by 45 yuan per tonne from Wednesday’s close of
4,059 yuan per tonne.

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 7
Imports very many import deals.
Fastmarkets’ price assessment for stainless steel cold-rolled coil 2mm grade
304 import, cif port East Asia was $1,950-1,980 per tonne on Wednesday, Despite the increasing competitiveness of the foreign market, buyers are
narrowed downward by $10 per tonnefrom $1,950-1,990 per tonne a week watchful because of longer lead times, some of which extend all the way to
earlier. the second quarter of 2024, sources said.

Fastmarkets’ price assessment for stainless steel hot-rolled coil grade 304
import, cif port East Asia was $1,850-1,890 per tonne on Wednesday, widened
downward by $20 per tonne from $1,870-1,890 per tonne a week earlier.
East Asian importers decreased their bids for stainless steel due to weakening
domestic market, sources said.
An importer in China received an o er of $1,980 per tonne CIF for stainless
CRC, which was higher than domestic prices of $1,892-1,906 per tonne.
“Imports are competitive, but buyers are still cautious because of the longer
lead times,” a trader said.
“Because the domestic prices have gone up so fast, we are seeing a big spike
in import o ers, especially for value-added products,” a second distributor
said.
Fastmarkets’ price assessment for steel cold-rolled coil, import, ddp Houston
climbed to $950-1,000 per short ton ($47.50-50.00 per cwt) on Wednesday,
from $900-940 per ton the previous assessment.

"China's buyers can't get any pro t from importing stainless steel, so they Similarly, Fastmarkets' price assessment for steel hot-dipped galvanized
didn't buy any cargoes over the week," the importer said. 0.012-inch G30, ddp Houston increased to $1,130-1,220 per ton ($56.50-61.00
per cwt), from $1,100-1,200 per ton in the previous assessment.

Flat-rolled import prices to US rise

Indeed, the domestic Midwest HRC market has steadily climbed in recent
alongside higher domestic prices weeks, with mills holding rm on higher o er levels at $1,000 per ton.

By Alesha Alka - Thursday 23 November

Prices for hot-rolled, cold-rolled and hot-dipped galvanized steel imported
into the United States increased, while those for plate decreased on
Wednesday November 22, with buyers hesitant due to long lead times for
imported steel and the current domestic hot band market.
Fastmarkets’ fortnightly assessment for steel hot-rolled coil, import, ddp
Houston increased to $840-900 per short ton ($42-45 per hundredweight) on
Wednesday, from $760-820 per ton in the previous assessment.
Fastmarkets’ steel hot-rolled coil index, fob mill US Midwest averaged at
$46.35 per cwt in the assessment period from November 9 to November 22,
up by 10.67% from the $41.88 per cwt average in the previous window.
Plate import prices decline, domestic prices steady
Fastmarkets' price assessment for steel medium plate, import, ddp Houston
decreased to $1,180-1,240 per ton on Wednesday, from $1,210-1,270 per ton in
the previous assessment.

Domestically, plate prices in the US were unchanged on Tuesday November

“I am not sure how the Asian mills can price lower to Houston given the long
21, with market sources reporting stable demand, ample supply and thin
wait time and higher shipping expenses through the Panama Canal,” a West
service center levels.
Coast buyer said.

Fastmarkets’ weekly price assessment for steel cut-to-length plate carbon

Market participants indicated that the increase in import o er prices was due
grade, fob mill US was unchanged at $66.50 per hundredweight ($1,330 per
to confusion in the domestic hot band market, a distributor said.
short ton) on Tuesday, after falling by 2.21% from $68 per cwt two weeks
earlier, on November 7.
"Because there is so much confusion about domestic prices, I am seeing a lot
of import o ers now," the distributor said, adding that they have not seen

Hot-rolled steel prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0028 Steel hot-rolled coil index domestic, exw Northern Europe, €/tonne 23 Nov 2023 665.21 0.83% Oct 2023 616.63

MB-STE-0046 Steel hot-rolled coil import, cfr main port Northern Europe, €/tonne 22 Nov 2023 620 - 640 2.44% Oct 2023 588.75 - 600

MB-STE-0047 Steel hot-rolled coil import, cfr main port Southern Europe, €/tonne 22 Nov 2023 620 - 630 1.63% Oct 2023 581.25 - 600

MB-STE-0532 Steel hot-rolled coil domestic, exw Central Europe, €/tonne 22 Nov 2023 640 - 650 0.39% Oct 2023 607.5 - 620

MB-STE-0892 Steel hot-rolled coil index domestic, exw Italy, €/tonne 23 Nov 2023 659.38 3.13% Oct 2023 600.08

MB-STE-0893 Steel hot-rolled coil domestic, exw Spain, €/tonne 22 Nov 2023 640 - 650 0.78% Oct 2023 605 - 621.25

MB-STE-0107 Steel hot-rolled coil export, fob main port Turkey, $/tonne 17 Nov 2023 640 - 660 1.56% Oct 2023 627.5 - 647.5

MB-STE-0105 Steel hot-rolled coil import, cfr main port Turkey, $/tonne 17 Nov 2023 580 - 600 0.00% Oct 2023 557.5 - 582.5

MB-STE-0108 Steel hot-rolled coil domestic, exw Turkey, $/tonne 17 Nov 2023 650 - 670 0.00% Oct 2023 627.5 - 650

MB-STE-0014 Steel hot-rolled coil export, fob Black Sea, CIS, $/tonne 20 Nov 2023 555 - 585 1.79% Oct 2023 563 - 577

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 8
Symbol Description Date Price +/- Month Monthly Average

Steel hot-rolled sheet domestic, cpt Moscow, Russia, rubles/tonne

MB-STE-0065 02 Oct 2023 64000 - 67600 0.00% Oct 2023 64000 - 66800
incl. VAT

MB-STE-0184 Steel hot-rolled coil index, fob mill US Midwest, $/cwt 22 Nov 2023 48.19 1.24% Oct 2023 37.21

MB-STE-0903 Steel hot-rolled coil index, fob mill US South, $/cwt 22 Nov 2023 48.81 4.59% Oct 2023 37.01

MB-STE-0180 Steel hot-rolled coil, import, ddp Houston, $/short ton 22 Nov 2023 840 - 900 10.13% Oct 2023 655 - 715

MB-STE-0007 Steel hot-rolled coil domestic monthly, exw Brazil, reais/tonne 10 Nov 2023 3850 - 4000 0.00% Oct 2023 3850 - 4000

Steel hot-rolled coil (dry) export, fob main port Latin America,
MB-STE-0133 17 Nov 2023 550 - 560 0.00% Oct 2023 535 - 555
$/tonne

MB-STE-0102 Steel hot-rolled coil import, cfr main ports South America, $/tonne 17 Nov 2023 600 - 635 0.41% Oct 2023 582.5 - 613.75

MB-STE-0444 Steel hot-rolled coil import, cfr main port India, $/tonne 17 Nov 2023 600 - 605 1.69% Oct 2023 582.5 - 587.5

MB-STE-0445 Steel hot-rolled coil (CR grade) import, cfr main port India, $/tonne 17 Nov 2023 610 - 615 4.70% Oct 2023 592.5 - 602.5

Steel hot-rolled coil (commodity) export, fob main port India,

MB-STE-0442 17 Nov 2023 640 - 655 0.00% Oct 2023 600 - 640
$/tonne

MB-STE-0436 Steel hot-rolled coil domestic, ex-whse India, rupees/tonne 17 Nov 2023 58500 - 59500 0.00% Oct 2023 58500 - 59500

MB-STE-0158 Steel hot-rolled coil domestic, exw Northern China, yuan/tonne 17 Nov 2023 3960 - 3970 1.80% Oct 2023 3743.33 - 3766.67

MB-STE-0144 Steel hot-rolled coil index export, fob main port China, $/tonne 23 Nov 2023 565 0.00% Oct 2023 527.55

MB-STE-0154 Steel hot-rolled coil domestic, ex-whs Eastern China, yuan/tonne 23 Nov 2023 3960 - 3970 0.00% Oct 2023 3755.29 - 3770

MB-STE-0139 Steel hot-rolled coil import, cfr Vietnam, $/tonne 17 Nov 2023 580 - 585 4.02% Oct 2023 553.75 - 562.5

Steel hot-rolled coil (Japan, Korea, Taiwan-origin), import, cfr

MB-STE-0888 17 Nov 2023 600 - 610 3.86% Oct 2023 581.25 - 596.25
Vietnam, $/tonne

MB-STE-0125 Steel hot-rolled coil import, cfr Jebel Ali, UAE, $/tonne 21 Nov 2023 605 - 620 2.94% Oct 2023 572 - 600

MB-STE-0113 Steel hot-rolled coil import, cfr Saudi Arabia, $/tonne 21 Nov 2023 640 - 650 1.18% Oct 2023 619.8 - 630

Cold-rolled steel prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0005 Steel cold-rolled coil domestic monthly, exw Brazil, reais/tonne 10 Nov 2023 4400 - 4600 0.00% Oct 2023 4400 - 4600

MB-STE-0012 Steel cold-rolled coil export, fob Black Sea, CIS, $/tonne 20 Nov 2023 640 - 670 1.55% Oct 2023 648 - 662

MB-STE-0026 Steel cold-rolled coil domestic, exw Northern Europe, €/tonne 22 Nov 2023 750 - 755 1.01% Oct 2023 705 - 718.75

MB-STE-0027 Steel cold-rolled coil domestic, exw Southern Europe, €/tonne 22 Nov 2023 735 - 740 0.68% Oct 2023 702.5 - 710

MB-STE-0044 Steel cold-rolled coil import, cfr main port Northern Europe, €/tonne 22 Nov 2023 695 - 710 0.72% Oct 2023 672.5 - 687.5

MB-STE-0045 Steel cold-rolled coil import, cfr main port Southern Europe, €/tonne 22 Nov 2023 695 - 710 0.72% Oct 2023 670 - 680

Steel cold-rolled sheet domestic, cpt Moscow, Russia, rubles/tonne incl.

MB-STE-0064 02 Oct 2023 76500 - 79500 0.00% Oct 2023 75750 - 77875
VAT

MB-STE-0103 Steel cold-rolled coil import, cfr main ports South America, $/tonne 17 Nov 2023 680 - 715 3.33% Oct 2023 640 - 662.5

MB-STE-0106 Steel cold-rolled coil import, cfr main port Turkey, $/tonne 17 Nov 2023 675 - 690 0.00% Oct 2023 676.25 - 685

MB-STE-0109 Steel cold-rolled coil domestic, exw Turkey, $/tonne 17 Nov 2023 730 - 760 0.00% Oct 2023 715 - 740

MB-STE-0124 Steel cold-rolled coil import, cfr Jebel Ali, UAE, $/tonne 21 Nov 2023 670 - 680 1.50% Oct 2023 639 - 660

MB-STE-0132 Steel cold-rolled coil export, fob main port Latin America, $/tonne 03 Nov 2023 665 - 670 -5.32% Oct 2023 700 - 710

MB-STE-0145 Steel cold-rolled coil export, fob China main port, $/tonne 21 Nov 2023 640 - 660 0.78% Oct 2023 615 - 630

MB-STE-0153 Steel cold-rolled coil domestic, ex-whs Eastern China, yuan/tonne 17 Nov 2023 4750 - 4800 0.10% Oct 2023 4710 - 4760

MB-STE-0181 Steel cold-rolled coil, import, ddp Houston, $/short ton 22 Nov 2023 950 - 1000 5.98% Oct 2023 830 - 850

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 9
Symbol Description Date Price +/- Month Monthly Average

MB-STE-0185 Steel cold-rolled coil, fob mill US, $/cwt 22 Nov 2023 59 2.61% Oct 2023 46.25

MB-STE-0435 Steel cold-rolled coil domestic, ex-whse India, rupees/tonne 17 Nov 2023 63500 - 64500 0.00% Oct 2023 63500 - 64500

MB-STE-0443 Steel cold-rolled coil import, cfr main port India, $/tonne 17 Nov 2023 630 - 640 -0.78% Oct 2023 626.25 - 636.25

Galvanized steel prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0883 Steel hot-dipped galvanized coil (hot-rolled base), fob mill US, $/cwt 22 Nov 2023 56 4.67% Oct 2023 42.63

MB-STE-0780 Steel hot-dipped galvanized export, fob Turkey, $/tonne 17 Nov 2023 800 - 820 1.89% Oct 2023 790 - 811.25

MB-STE-0434 Steel hot-dipped galvanized coil domestic, ex-whse India, rupees/tonne 17 Nov 2023 70500 - 71500 0.00% Oct 2023 70500 - 71500

Steel hot-dipped galvanized coil domestic, exw Southern Europe,

MB-STE-0031 22 Nov 2023 750 - 760 1.34% Oct 2023 717.5 - 730
€/tonne

Steel hot-dipped galvanized coil import, cfr main ports South America,
MB-STE-0104 17 Nov 2023 730 - 750 0.00% Oct 2023 716.25 - 745
$/tonne

Steel hot-dipped galvanized coil import, cfr main port Northern Europe,
MB-STE-0091 22 Nov 2023 790 - 795 0.00% Oct 2023 785 - 795
€/tonne

Steel hot-dipped galvanized coil domestic, ex-whs Eastern China,

MB-STE-0021 17 Nov 2023 5100 - 5150 0.10% Oct 2023 5050 - 5106.67
yuan/tonne

MB-STE-0110 Steel hot-dipped galvanized coil domestic, exw Turkey, $/tonne 17 Nov 2023 800 - 820 1.89% Oct 2023 790 - 811.25

Steel hot-dipped galvanized coil import, cfr main port Southern Europe,
MB-STE-0048 22 Nov 2023 770 - 795 -0.63% Oct 2023 786.25 - 796.25
€/tonne

Steel hot-dipped galvanized coil domestic, exw Northern Europe,

MB-STE-0030 22 Nov 2023 770 - 780 1.31% Oct 2023 725 - 732.5
€/tonne

MB-STE-0123 Steel hot-dipped-galvanized coil import, cfr Jebel Ali, UAE, $/tonne 21 Nov 2023 770 - 810 0.00% Oct 2023 776 - 818

MB-STE-0186 Steel hot-dipped galvanized coil (cold-rolled base), fob mill US, $/cwt 22 Nov 2023 60 4.35% Oct 2023 46.5

Steel hot-dipped galvanized coil domestic monthly, exw Brazil,

MB-STE-0006 10 Nov 2023 5000 - 5800 -9.24% Oct 2023 5800 - 6100
reais/tonne

MB-STE-0441 Steel hot-dipped galvanized coil export, fob main port India, $/tonne 17 Nov 2023 790 - 810 0.00% Oct 2023 790 - 810

MB-STE-0182 Steel hot-dipped galvanized 0.012 inch G30, ddp Houston, $/short ton 22 Nov 2023 1130 - 1220 1.73% Oct 2023 1200 - 1280

Steel hot-dipped galvanized coil 0.03-0.13 inch G90 (cold-rolled base),

MB-STE-0212 22 Nov 2023 68 3.82% Oct 2023 54.5
fob mill US, $/cwt

MB-STE-0009 Steel galvanized coil 1mm export, fob main port China, $/tonne 21 Nov 2023 690 - 725 2.54% Oct 2023 658.75 - 692.5

MB-STE-0111 Steel prepainted galvanized domestic, exw Turkey, $/tonne 17 Nov 2023 900 - 930 2.23% Oct 2023 891.25 - 907.5

MB-STE-0187 Steel coil Galvalume, fob mill US, $/cwt 21 Nov 2023 54 14.89% Oct 2023 47

MB-STE-0850 Steel coil Galvalume import, cfr main ports South America, $/tonne 17 Nov 2023 790 - 810 0.00% Oct 2023 782.5 - 802.5

Steel plate prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0034 Steel domestic plate 8-40mm, exw Northern Europe, €/tonne 22 Nov 2023 800 - 810 1.26% Oct 2023 770 - 797.5

MB-STE-0035 Steel domestic plate 8-40mm, exw Southern Europe, €/tonne 22 Nov 2023 720 - 730 0.69% Oct 2023 680 - 695

MB-STE-0049 Steel plate (8-40mm) import, cfr main port Northern Europe, €/tonne 22 Nov 2023 660 - 700 0.00% Oct 2023 665 - 670

MB-STE-0050 Steel plate (8-40mm) import, cfr main port Southern Europe, €/tonne 22 Nov 2023 650 - 680 -1.48% Oct 2023 650 - 665

MB-STE-0101 Steel plate import, cfr main ports South America, $/tonne 17 Nov 2023 650 - 695 0.00% Oct 2023 622.5 - 682.5

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 10
Symbol Description Date Price +/- Month Monthly Average

Steel heavy plate (thicker than 10mm) export, fob main port Latin
MB-STE-0134 03 Nov 2023 640 - 650 0.00% Oct 2023 640 - 650
America, $/tonne

MB-STE-0146 Steel heavy plate export, fob China main port, $/tonne 21 Nov 2023 560 - 575 1.34% Oct 2023 537.5 - 555

MB-STE-0155 Steel plate domestic, ex-whs Eastern China, yuan/tonne 17 Nov 2023 3940 - 3980 2.06% Oct 2023 3766.67 - 3816.67

MB-STE-0172 Steel cut-to-length plate carbon grade, fob mill US, $/cwt 21 Nov 2023 66.5 0.00% Oct 2023 71.1

MB-STE-0179 Steel medium plate, import, ddp Houston, $/short ton 22 Nov 2023 1180 - 1240 -2.42% Oct 2023 1125 - 1195

MB-STE-0437 Steel heavy plate domestic, ex-whse India, rupees/tonne 17 Nov 2023 61500 - 64500 0.00% Oct 2023 61500 - 64500

MB-STE-0439 Steel heavy plate 12-40mm export, fob main port India, $/tonne 17 Nov 2023 670 - 685 0.00% Oct 2023 722.5 - 732.5

MB-STE-0446 Steel heavy plate 10-40mm import, cfr main port India, $/tonne 17 Nov 2023 630 - 640 0.00% Oct 2023 678.75 - 691.25

MB-STE-0514 Steel plate domestic, cpt Moscow, Russia, rubles/tonne incl. VAT 02 Oct 2023 76000 - 79500 0.00% Oct 2023 76000 - 79500

Turkey, such as Peru and the Balkans, with no signi cant export deals at all so
Rebar news
far this week.

Turkish long steel prices rise on costlier Domestic

scrap, demand stays slow Turkey's domestic rebar and wire rod prices also increased slightly over the
past week, following a similar pattern to the export markets.

By Cem Turken - Thursday 23 November
Turkish rebar and wire rod prices have increased over the past week due to
rising imported scrap costs, but overall demand remains limited, sources
told Fastmarkets on Thursday November 23.
Turkish steelmakers have raised their rebar export o ers to $585-590 per
tonne FOB on an actual-weight basis, but bids only came in at $570-580 per
tonne, so no signi cant export deals have been heard so far this week.
Steel mills in the Izmir region were o ering rebar to local customers at
20,000-20,500 lira ($694-711) per tonne ex-works, while steel factories in the
Iskenderun, Marmara and Karabük regions were o ering the construction
material at 20,600-21,100 lira per tonne.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar),
domestic, exw Turkey, was 20,000-20,600 lira per tonne on Thursday, up from
19,800-20,500 lira per tonne a week ago.

Fastmarkets' weekly price assessment for steel wire rod (mesh quality),
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, domestic, exw Turkey, was 21,200-21,700 lira per tonne on November 23, up
fob main port Turkey, was $580-585 per tonne on Thursday November 23, up from 21,000-21,500 lira per tonne last week.
from $560-580 per tonne of last week.

The wire rod export prices have also increased over the past week amid rising
scrap costs this week. China's vanadium pentoxide price
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), pushes up on increased buying
export, fob main port Turkey, was $600-610 per tonne on November 23,
narrowing up from $590-610 per tonne a week earlier. By Jessica Long - Thursday 23 November

The shortage of the material and the typical rise in scrap collection costs
during the winter have led to a recent uptrend in scrap prices.
The most recent deep-sea scrap import deals, which were heard on
November 21, increased the daily scrap indices by $1.84 per tonne on a daily
basis and by $5.31 per ton week on week.
But demand for Turkey-origin long steel products was still very sluggish in the
country's major export outlets.
China's vanadium pentoxide prices rose in the week to Thursday
November 23 on more active buying, with lower-priced stock hard to nd,
but vanadium nitrogen prices edged down slightly despite improved
sentiment, sources told Fastmarkets.
Fastmarkets’ weekly price assessment for vanadium pentoxide 98% V2O5
min, exw China was 79,000-81,000 yuan ($12,329-12,466) per tonne on
Thursday Novermber 23, up by 1,000 yuan per tonne from 79,000-80,000
yuan per tonne a week earlier.

Israel was one of the few countries purchasing Turkish steel in recent months,
with demand a ected by the Hamas-Israel con ict.
Sources told Fastmarkets that while ships have been safely unloading cargoes
at Israeli ports, there is currently no demand for Turkish rebar.
Data from the Turkish Statistical Institute (TÜIK) shows that in January–
September 2023, Turkey exported 598,739 tonnes of rebar to Israel - down
from 793,773 tonnes during the same period in 2022, and accounting for 22%
of Turkey's total rebar exports over the period, which amounted to 2.70
million tonnes.
Few export sales have been heard in recent weeks to other key markets for
The price increased due to an uptick in inquiries and deals done, sources said.
“The China vanadium pentoxide price rebounded partly because major
vanadium pentoxide producers have pretty much sold out of existing stocks...
and spot availability has now become tighter,” a China-based vanadium
trader source told Fastmarkets.
“I suppose there was not so much room to fall further since the current price
had practically reached a three-year low and more inquires have been heard
amid improving market sentiment,” the source added.
But the China vanadium nitrogen price dipped slightly in the week to

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 Steel prices & news Daily Market Newsletter
Thursday, despite the higher price for vanadium pentoxide, which is the key
raw material in the production of vanadium nitrogen.
And Fastmarkets’ weekly price assessment for vanadium nitrogen, basis
77%V, 16% N, exw China was 122,000-125,000 yuan per tonne on Thursday,
down by 1,000 yuan per tonne from 121,000-124,000 yuan per tonne a week
earlier.
Most downstream steel buyers remain cautious and are only purchasing on a
hand-to-mouth basis amid sluggish steel mill tenders, Fastmarkets
understands.
“Steel mill tender prices were around 121,000-124,000 yuan per tonne this
week, which is about $1,000 per tonne lower than previous mainstream steel
mill tenders,” a second China-based vanadium trader source said.
And a third vanadium market participant told Fastmarkets: “So far there has
been no obvious improvement in downstream steel demand and the recent
steel mill tender prices are not that good.”
But steel prices have recently begun to increase in response to China's latest
real estate stimulus measures and that will, in turn, gave more con dence to
the upstream vanadium market.
Roughly 50 property developers will be on a whitelist for nancing and the
regulatory authorities have requested that banks neither delay lending money
to these developers nor withdraw or cut o loans to them, sources told
Fastmarkets.
This will enable developers to get su cient funding for construction projects,
according to an industry analyst.
At the time of publication, however, no banks, government o ces or property
developers had released any o cial notices regarding the whitelist.
Nonetheless, the positive outlook for the property sector did act as support
for rebar prices and Fastmarkets’ weekly price assessment for steel reinforcing
bar (rebar) domestic, ex-whs Northern China was 3,890-3,920 yuan ($545-
550) per tonne on November 17, up by 60-70 yuan per tonne from 3,820-
3,860 yuan per tonne a week earlier.
“The bullish rebar prices will naturally help bolster the upstream vanadium
market and deter it from declining, so vanadium prices will start to gain some
momentum,” a fourth vanadium market participant said.
US domestic rebar price unchanged;
import price falls further
By Melissa VanDervort - Thursday 23 November
Steel rebar prices in the US were steady to lower in the week ended
Wednesday November 22 amid a bearish short-term outlook for demand
during the seasonal end of year slowdown, sources said.
Fastmarkets assessed the price of steel reinforcing bar (rebar), fob mill US at
$41.50 per hundredweight ($830 per short ton) on Wednesday November 22,
unchanged since reaching this level on October 11.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar),
import, loaded truck Port of Houston for immediate delivery declined to
$740-780 per short ton ($37-39.00 per cwt)from $750-780 per short ton in
the prior week and marking its third consecutive weekly fall.
Both markets have been softening, re ected in weaker bid activity, according
to a consumer source.
“We are seeing producers working hard to keep their portion of the business
as prices have dropped,” the same source added.
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Friday 24 November 2023 11
Market consensus is that the US rebar market has ipped to a buyer’s market
rather than a seller’s market as had been the case for the past couple of
years, the consumer source said.
Some market participants hold a bearish view for rebar demand over the
short term due to the upcoming festive period in the US.
“Import spot prices are under pressure and not quite as rm as domestic
prices,” a market distributor said.
On the other hand, a market trader said he expected domestic prices may
stay rm and increase in December when the new scrap numbers are
announced.
He said that import prices have been increasing due to higher prices on scrap.
In addition, import prices from Mexico are going up about $0.50 cwt due to
higher Mexican scrap prices and the strong exchange rate between dollars
and pesos. He said he’s seeing lead times of two to 30 days for domestic
producers, and three to 45 days from Mexican suppliers.
He attributed market slowness to seasonal issues.
“In Texas, people do not want to deliver during December to avoid inventory
tax at the end of the year,” he said. “The west and most of the country are in
their slow season due to the holidays, so the demand might be softening in
December.”
China’s domestic rebar prices drop
further on lower raw material costs,
weaker demand
By Jessica Zong - Thursday 23 November
China’s domestic rebar prices maintained a downward trend on Thursday
November 23 due to a decrease in the iron ore futures contract price and
weaker demand from the country's construction sector, sources told
Fastmarkets.
Domestic
Fastmarkets’ daily price assessment for steel reinforcing bar (rebar) domestic,
ex-whs Eastern China was 3,900-3,940 yuan ($547-552) per tonne on
Thursday, down by 40 yuan per tonne from 3,940-3,980 yuan per tonne on
Wednesday.
China's National Development and Reform Commission (NDRC) now requires
both spot and futures market participants in the iron ore market to refrain
from arti cially instigating price rises or excessive speculation on iron ore,
according to a notice released by the commission on Thursday.
Following the release of the notice, the most-traded iron ore futures contract
on the Dalian Commodity Exchange dropped and closed at 976.50 yuan per
tonne on Thursday, down by 17 yuan per tonne from 993.50 yuan per tonne
on Wednesday.
The weakness in the iron ore market led to bearish sentiment to steel market,
including rebar.
Meanwhile, a local industry information provider reported that rebar
consumption totaled 2.67 million tonnes over the week ended Thursday, down
by 72,400 tonnes form the preceding week.
The data of softer demand added more downward pressure on rebar prices,
sources said.
© Fastmarkets 2023
 Steel prices & news Daily Market Newsletter
Market Chatter
“Some of my customers sold rebar for forward delivery at above 3,950 yuan
per tonne, and they bought rebar at 3,900-3,920 yuan per tonne on Thursday
to replenish inventories. They can get pro ts of 30-50 yuan per tonne. The
replenishment demand prevented my sales volume from dropping compared
with Wednesday,” a trader in Shanghai said.
Billet
Fastmarkets' daily price assessment for steel billet domestic, exw Tangshan,
Northern China was 3,680 yuan per tonne including value-added tax on
Thursday, down by 30 yuan per tonne from Wednesday.
Friday 24 November 2023 12
income, an exporter in China said.
Fastmarkets’ daily price assessment for steel reinforcing bar (rebar) domestic,
ex-whs Eastern China was 3,760-3,780 yuan ($527-530) per tonne on October
31, up by 130 yuan per tonne from 3,630-3,650 yuan per tonne on October 9.
China's exports of wire rod totaled 352,833 tonnes in October, down by 10%
from 394,111 tonnes in September.
South Korea was the biggest buyer of China's wire rod, with 54,979 tonnes.
The Philippines bought 41,746 tonnes, making it the second-largest buyer.
Thailand was the third buyer, purchasing 35,433 tonnes.

Shanghai Futures Exchange
The most-traded January rebar futures contract closed at 3,934 yuan per
tonne on Thursday, down by 67 yuan per tonne from 4,001 yuan per tonne on
Wednesday.
China exported a total of 4.10 million tonnes of wire rod in the rst 10 months
of 2023, according to Chinese customs data.
The country's exports of hot-rolled steel bar & rebar totaled 143,926 tonnes in
October, down by 21% from 181,973 tonnes in September.

Hong Kong remained the biggest buyer of hot-rolled steel bar & rebar,
Chinese October long steel exports drop purchasing 41,469 tonnes. Mongolia bought 16,100 tonnes, while Guinea
purchased 14,888 tonnes, making it the third largest buyer.
amid domestic demand recovery
In the rst 10 months of 2023, China exported 1.65 million tonnes of hot-rolled
steel bar & rebar.
By Jessica Zong - Thursday 23 November

China’s exports of long steel products decreased month on month in
October, according to the latest data released by China's General
Administration of Customs on November 20.
The decrease in exports was attributed to an increase in China's domestic
demand in October, sources told Fastmarkets.
The stronger demand pushed up long steel prices, so steel mills sold more long
steel to the domestic market rather than overseas market to make higher
Note: The Ministry of Finance changed the Harmonized System (HS) codes
for hot-rolled steel bar and rebar and wire rod, with e ect from January 2023.
The new HS codes for hot-rolled steel bar and rebar are 72142000, 72283010
and 72283099, compared with the previous codes 72142000, 72283010 and
72283090. The new HS codes for wire rod are 72279091, 72279010,7 2139900,
72139100, and 72272000, compared with the previous codes 72279090,
72279010, 72139900, 72139100 and 72272000. The changes in HS code have
prevented Fastmarkets from making year-on-year comparisons.

Reinforcing bar (rebar) prices

Symbol Description Date Price +/- Month Monthly Average

Steel reinforcing bar (rebar) domestic monthly, delivered Brazil,

MB-STE-0008 10 Nov 2023 3865 - 3960 0.00% Oct 2023 3865 - 3960
reais/tonne

Steel reinforcing bar (rebar) domestic, delivered Northern Europe,

MB-STE-0036 22 Nov 2023 615 - 630 0.81% Oct 2023 602.5 - 625
€/tonne

MB-STE-0037 Steel reinforcing bar (Rebar) domestic, exw Italy, €/tonne 22 Nov 2023 600 - 620 0.00% Oct 2023 580 - 618.75

Steel reinforcing bar (rebar) import, cfr main EU port Northern Europe,
MB-STE-0051 22 Nov 2023 580 - 615 0.00% Oct 2023 560 - 580
€/tonne

Steel reinforcing bar (rebar) import, cfr main EU port Southern Europe,
MB-STE-0052 22 Nov 2023 560 - 580 0.00% Oct 2023 560 - 580
€/tonne

Steel reinforcing bar (rebar) domestic, cpt Moscow, Russia,

MB-STE-0066 02 Oct 2023 64000 - 72000 0.00% Oct 2023 61500 - 65750
rubles/tonne incl. VAT

Steel reinforcing bar (rebar) export, fob main port Southern Europe,
MB-STE-0073 22 Nov 2023 570 - 590 3.57% Oct 2023 530 - 546.25
€/tonne

MB-STE-0092 Steel reinforcing bar (rebar) domestic, exw Poland, zloty/tonne 17 Nov 2023 2710 - 2780 0.18% Oct 2023 2733.75 - 2812.5

MB-STE-0112 Steel reinforcing bar (rebar) domestic, exw Egypt, E£/tonne 23 Nov 2023 36000 - 39900 1.34% Oct 2023 30500 - 34500

MB-STE-0119 Steel reinforcing bar (rebar) export, fob main port Turkey, $/tonne 23 Nov 2023 580 - 585 2.19% Oct 2023 556 - 562.5

MB-STE-0126 Steel reinforcing bar (rebar) domestic, exw UAE, dirhams/tonne 21 Nov 2023 2280 - 2505 2.57% Oct 2023 2238 - 2437

MB-STE-0127 Steel reinforcing bar (rebar) import, cfr Jebel Ali, UAE, $/tonne 21 Nov 2023 625 - 626 2.96% Oct 2023 612.8 - 624.2

MB-STE-0142 Steel reinforcing bar (rebar) import, cfr Singapore, $/tonne 20 Nov 2023 545 - 550 0.46% Oct 2023 535 - 540

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 13
Symbol Description Date Price +/- Month Monthly Average

Steel reinforcing bar (rebar) index export, fob China main port,
MB-STE-0147 21 Nov 2023 594.17 4.13% Oct 2023 550.57
$/tonne

Steel reinforcing bar (rebar) domestic, ex-whs Eastern China,

MB-STE-0152 23 Nov 2023 3900 - 3940 -1.01% Oct 2023 3654.12 - 3671.18
yuan/tonne

Steel reinforcing bar (rebar) domestic, ex-whs Northern China,

MB-STE-0162 17 Nov 2023 3890 - 3920 1.69% Oct 2023 3666.67 - 3690
yuan/tonne

MB-STE-0170 Steel reinforcing bar (rebar), fob mill US, $/cwt 22 Nov 2023 41.5 0.00% Oct 2023 41.63

Steel reinforcing bar (rebar), import, loaded truck Port of Houston for
MB-STE-0171 22 Nov 2023 740 - 770 -1.31% Oct 2023 762.5 - 792.5
immediate delivery, $/short ton

MB-STE-0438 Steel rebar domestic, exw India, rupees/tonne 17 Nov 2023 44500 - 44700 0.45% Oct 2023 45575 - 45825

MB-STE-0784 Steel reinforcing bar (rebar) domestic, exw Turkey, lira/tonne 23 Nov 2023 20000 - 20600 0.74% Oct 2023 18600 - 19312.5

MB-STE-0897 Steel reinforcing bar (Rebar) domestic, delivered Spain, €/tonne 22 Nov 2023 590 - 615 0.00% Oct 2023 590 - 615

Wire rod prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0017 Steel wire rod (mesh quality) export, fob Black Sea, CIS, $/tonne 20 Nov 2023 525 - 550 0.94% Oct 2023 530.6 - 539.2

Steel wire rod (mesh quality) domestic, delivered Northern Europe,

MB-STE-0042 22 Nov 2023 620 - 635 3.72% Oct 2023 596.25 - 603.75
€/tonne

Steel wire rod (mesh quality) domestic, delivered Southern Europe,

MB-STE-0043 22 Nov 2023 600 - 620 5.17% Oct 2023 570 - 587.5
€/tonne

Steel wire rod (mesh quality) import, main port Northern Europe,
MB-STE-0053 22 Nov 2023 560 - 585 0.00% Oct 2023 560 - 585
€/tonne

Steel wire rod (mesh quality) import, main port Southern Europe,
MB-STE-0054 22 Nov 2023 560 - 585 0.00% Oct 2023 560 - 585
€/tonne

MB-STE-0074 Steel wire rod export, fob main port Southern Europe, €/tonne 22 Nov 2023 570 - 590 1.75% Oct 2023 530 - 553.75

MB-STE-0120 Steel wire rod (mesh quality) export, fob main port Turkey, $/tonne 23 Nov 2023 600 - 610 0.83% Oct 2023 595 - 605

Steel wire rod (mesh quality) export, fob main port Latin America,
MB-STE-0130 03 Nov 2023 590 - 610 0.00% Oct 2023 590 - 610
$/tonne

MB-STE-0143 Steel wire rod (low carbon) import, cfr Southeast Asia, $/tonne 20 Nov 2023 535 - 545 0.00% Oct 2023 516 - 540

MB-STE-0148 Steel wire rod (mesh quality) export, fob China main port, $/tonne 21 Nov 2023 574 - 580 1.67% Oct 2023 541.25 - 552.5

Steel wire rod (mesh quality) domestic, ex-whs Eastern China,

MB-STE-0164 17 Nov 2023 4060 - 4100 0.62% Oct 2023 3783.33 - 3813.33
yuan/tonne

MB-STE-0192 Steel wire rod (low carbon) industrial quality, fob mill US, $/cwt 21 Nov 2023 44 - 47 -1.09% Oct 2023 43.5 - 48.5

MB-STE-0193 Steel wire rod (high carbon), fob mill US, $/cwt 21 Nov 2023 60 1.69% Oct 2023 59

MB-STE-0194 Steel wire rod cold-heading quality, ddp, $/cwt 21 Nov 2023 63.5 2.42% Oct 2023 62

Steel wire rod (low carbon) import, loaded truck Port of Houston for
MB-STE-0195 21 Nov 2023 780 - 820 -10.11% Oct 2023 850 - 930
immediate delivery, $/short ton

MB-STE-0785 Steel wire rod (mesh quality) domestic, exw Turkey, lira/tonne 23 Nov 2023 21200 - 21700 0.94% Oct 2023 19450 - 20075

Steel wire rod (drawing quality), domestic, delivered Poland,

MB-STE-0891 17 Nov 2023 2850 - 2900 0.00% Oct 2023 2800 - 2900
zloty/tonne

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 14
Steel sections, beams news
“There's no buyer appetite for higher prices in the market,” one trader said.

European steel beam prices at; mills But production cuts at one major mill and some other producers, mean that
push for price rises supplies in Europe are gradually reducing.

Trading was slow over the past seven days and scrap feedstock costs in
By Holly Chant - Thursday 23 November Turkey’s bellwether market have continued to climb.

European steel beam prices remained unchanged in the week to
Wednesday November 22, despite steel mills raising their o er prices,
sources told Fastmarkets.
They said that o ers for beams had increased by around €30 ($33) per tonne
in the week to Wednesday, up to about €750-770 per tonne.
Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix)
North Europe origin, cfr Turkey was $384.24 per tonne on Wednesday, up
$5.31 per tonne week on week from $378.93 per tonne, and up by $36.59 per
tonne month on month.

But buyers were unwilling to book at higher levels due to falling end-user sales
prices.

Fastmarkets’ weekly price assessment for steel beams, domestic, delivered

Northern Europe was unchanged at €730-750 ($795-817) per tonne on
Wednesday.

Similarly, Fastmarkets’ weekly price assessment for steel beams, domestic,

delivered Southern Europe was static at €730-750 per tonne on Wednesday.

Steel beams, sections & bar prices

Symbol Description Date Price +/- Month Monthly Average

MB-FE-0001 Steel merchant bar export, fob main port Turkey, $/tonne 23 Nov 2023 610 - 620 0.82% Oct 2023 603.75 - 617.5

Steel hollow sections ASTM A500 Grade B domestic, fob mill US, $/short
MB-STE-0020 22 Nov 2023 1400 - 1480 0.00% Oct 2023 1155 - 1205
ton

MB-STE-0024 Steel beams domestic, delivered Northern Europe, €/tonne 22 Nov 2023 730 - 750 0.00% Oct 2023 722.5 - 772.5

MB-STE-0025 Steel beams domestic, delivered Southern Europe, €/tonne 22 Nov 2023 730 - 750 0.00% Oct 2023 722.5 - 772.5

MB-STE-0038 Steel sections (medium) domestic, delivered Northern Europe, €/tonne 22 Nov 2023 750 - 800 0.00% Oct 2023 730 - 820

MB-STE-0039 Steel sections (medium) domestic, delivered Southern Europe, €/tonne 22 Nov 2023 750 - 800 0.00% Oct 2023 730 - 820

MB-STE-0161 Steel sections domestic, ex-whs Eastern China, yuan/tonne 17 Nov 2023 3830 - 3850 2.13% Oct 2023 3703.33 - 3736.67

MB-STE-0199 Steel bar 2 x 2 x 1/4-inch angle merchant products, fob mill US, $/cwt 27 Oct 2023 55.8 0.00% Oct 2023 55.8

MB-STE-0200 Steel bar 3 x 3 x 1/4-inch angle merchant products, fob mill US, $/cwt 27 Oct 2023 56.25 0.00% Oct 2023 56.25

MB-STE-0201 Steel bar 8 x 11.5-inch channels merchant products, fob mill US, $/cwt 27 Oct 2023 55.5 0.00% Oct 2023 55.5

MB-STE-0202 Steel bar 1/2 x 4-inch at merchant products, fob mill US, $/cwt 27 Oct 2023 56 0.00% Oct 2023 56

Steel merchant bar, loaded truck Port of Houston for immediate

MB-STE-0203 27 Oct 2023 930 - 1010 0.00% Oct 2023 930 - 1010
delivery, $/short ton

MB-STE-0204 Steel bar cold- nished 1-inch round 4140 (alloy), fob mill US, $/cwt 17 Nov 2023 107.75 0.70% Oct 2023 107

MB-STE-0205 Steel bar cold- nished 1-inch round 1018 (carbon), fob mill US, $/cwt 17 Nov 2023 75.5 0.67% Oct 2023 75

MB-STE-0206 Steel bar cold- nished 1-inch round 12L14 (carbon), fob mill US, $/cwt 17 Nov 2023 96.5 0.52% Oct 2023 96

Steel bar hot-rolled special bar quality (SBQ) 1-inch round 4100 series
MB-STE-0207 17 Nov 2023 72 1.05% Oct 2023 71.25
(alloy), fob mill US, $/cwt

Steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series
MB-STE-0208 17 Nov 2023 59.5 0.85% Oct 2023 59
(carbon), fob mill US, $/cwt

MB-STE-0209 Steel beams 8 x 8-inch, fob mill US, $/cwt 26 Oct 2023 64.75 0.00% Oct 2023 64.75

Steel beams medium sections, loaded truck Port of Houston for

MB-STE-0210 26 Oct 2023 1080 - 1200 -1.30% Oct 2023 1080 - 1200
immediate delivery, $/short ton

This material is provided by Euromoney Global Limited (a company registered in England and Wales under number 142215) doing business as Fastmarkets MB and
Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
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 Steel prices & news Daily Market Newsletter Friday 24 November 2023 15
Symbol Description Date Price +/- Month Monthly Average

Steel hollow sections ASTM 500 Grade B import, ddp US port of entry,
MB-STE-0851 24 Oct 2023 1150 - 1180 -0.85% Oct 2023 1150 - 1180
$/short ton

Steel slab prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0781 Steel slab export, fob ports Iran, $/tonne 22 Nov 2023 468 - 473 0.00% Oct 2023 473

MB-STE-0566 Steel slab export, fob main port Brazil, $/tonne 17 Nov 2023 630 - 640 17.05% Oct 2023 516.25 - 535

MB-STE-0140 Steel slab import, cfr Southeast Asia/East Asia, $/tonne 20 Nov 2023 535 - 545 0.47% Oct 2023 524 - 533

MB-STE-0016 Steel slab export, fob Black Sea, CIS, $/tonne 20 Nov 2023 455 - 500 3.24% Oct 2023 438.6 - 497

Steel billet prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0782 Steel billet export, fob ports Iran, $/tonne 22 Nov 2023 465 - 470 0.00% Oct 2023 475 - 476.5

MB-STE-0558 Steel billet index export, fob Black Sea, CIS, $/tonne 23 Nov 2023 494 0.00% Oct 2023 477.05

MB-STE-0516 Steel billet import, cfr main port Egypt, $/tonne 23 Nov 2023 510 - 540 0.96% Oct 2023 511.25 - 530

MB-STE-0433 Steel billet domestic, exw India, rupees/tonne 17 Nov 2023 41300 - 41500 0.24% Oct 2023 42200 - 42400

MB-STE-0440 Steel billet export, fob main port India, $/tonne 17 Nov 2023 470 - 520 0.00% Oct 2023 477.5 - 552.5

MB-STE-0141 Steel billet import, cfr Manila, $/tonne 23 Nov 2023 530 0.47% Oct 2023 510.68 - 515.91

MB-STE-0157 Steel billet domestic, exw Tangshan, Northern China, yuan/tonne 23 Nov 2023 3680 -0.81% Oct 2023 3434.12

MB-STE-0890 Steel billet, import, cfr China, $/tonne 10 Nov 2023 450 - 455 7.10% Oct 2023 415 - 420

MB-STE-0116 Steel billet import, cfr main port Turkey, $/tonne 23 Nov 2023 515 - 530 -0.48% Oct 2023 496.25 - 512.5

MB-STE-0117 Steel billet export, fob main port Turkey, $/tonne 23 Nov 2023 550 - 560 0.91% Oct 2023 532.5 - 538.75

MB-STE-0115 Steel billet domestic, exw Turkey, $/tonne 23 Nov 2023 545 - 560 1.10% Oct 2023 526.75 - 535

MB-STE-0128 Steel billet export, fob main port Latin America, $/tonne 03 Nov 2023 500 - 510 0.00% Oct 2023 500 - 510

MB-STE-0122 Steel billet import, cfr Jebel Ali, UAE, $/tonne 21 Nov 2023 500 - 510 2.02% Oct 2023 490 - 500

Steel tube & pipe prices

Symbol Description Date Price +/- Month Monthly Average

MB-STE-0022 Steel ERW standard pipe A53 Grade A, fob mill US, $/short ton 24 Oct 2023 1380 - 1440 -0.35% Oct 2023 1380 - 1440

MB-STE-0023 Steel ERW standard pipe A53 Grade B, fob mill US, $/short ton 24 Oct 2023 1480 - 1530 -0.66% Oct 2023 1480 - 1530

MB-STE-0056 Steel ERW standard pipe A53 Grade A import, cif Houston, $/short ton 24 Oct 2023 1080 - 1130 -0.90% Oct 2023 1080 - 1130

MB-STE-0057 Steel ERW standard pipe A53 Grade B import, cif Houston, $/short ton 24 Oct 2023 1255 - 1305 -0.78% Oct 2023 1255 - 1305

MB-STE-0059 Steel seamless line pipe - API 5LB import, cif Houston, $/short ton 14 Nov 2023 2100 - 2150 0.00% Oct 2023 2100 - 2150

Steel seamless OCTG API 5CT - Casing P110, import, cif Houston, $/short
MB-STE-0062 14 Nov 2023 1900 - 1950 -13.48% Oct 2023 2200 - 2250
ton

MB-STE-0063 Steel OCTG API 5CT - Casing J55, fob mill US, $/short ton 14 Nov 2023 1475 - 1525 0.00% Oct 2023 1475 - 1525

MB-STE-0071 Steel seamless OCTG API 5CT - Casing P110, fob mill US, $/short ton 14 Nov 2023 2500 - 2550 -13.68% Oct 2023 2900 - 2950

MB-STE-0090 Steel welded mechanical tubing ASTM A513, fob mill US, $/short ton 24 Oct 2023 1250 - 1300 0.79% Oct 2023 1250 - 1300

Steel structural pipe export S235JR grade EN10219 2mm wall thickness,
MB-STE-0166 08 Nov 2023 650 - 670 -7.69% Oct 2023 710 - 720
fob main port Turkey, $/tonne

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Fastmarkets IM, and Metal Bulletin Holdings LLC doing business as Fastmarkets AMM, collectively referred to in the material as ‘Fastmarkets’.
It is provided to you subject to your compliance with the terms of your license agreement with Fastmarkets, in addition to the Fastmarkets Copyright Notice and Disclaimer.
If you need additional access please contact hello@fastmarkets.com © Fastmarkets 2023
 Steel prices & news Daily Market Newsletter Friday 24 November 2023 16
Symbol Description Date Price +/- Month Monthly Average

MB-STE-0545 Steel ERW line pipe (X52), fob mill US, $/short ton 14 Nov 2023 1460 - 1510 0.68% Oct 2023 1450 - 1500

MB-STE-0561 Steel ERW line pipe (X65), fob mill US, $/short ton 14 Nov 2023 1725 - 1775 6.06% Oct 2023 1625 - 1675

MB-STE-0564 Steel welded OCTG API 5CT - Casing P110, fob mill US, $/short ton 14 Nov 2023 2300 - 2350 -6.06% Oct 2023 2450 - 2500

Steel welded OCTG API 5CT - Casing P110, import, cif Houston, $/short
MB-STE-0565 14 Nov 2023 1450 - 1500 -16.90% Oct 2023 1750 - 1800
ton

Steel OCTG API 5CT - Casing J55 import South Korean-made, cif
MB-STE-0869 14 Nov 2023 1375 - 1425 0.00% Oct 2023 1375 - 1425
Houston, $/short ton

Steel OCTG API 5CT - Casing J55 import non-South Korean-made, cif
MB-STE-0870 14 Nov 2023 1325 - 1375 0.00% Oct 2023 1325 - 1375
Houston, $/short ton

Steel ERW line pipe (X52) import South Korean-made, cif Houston,
MB-STE-0871 14 Nov 2023 1225 - 1275 -1.96% Oct 2023 1250 - 1300
$/short ton

Steel ERW line pipe (X52) import non-South Korean-made, cif Houston,
MB-STE-0872 14 Nov 2023 1325 - 1375 0.00% Oct 2023 1325 - 1375
$/short ton

MB-STE-0873 Steel ERW line pipe (X70), fob mill US, $/short ton 14 Nov 2023 1750 - 1800 5.97% Oct 2023 1650 - 1700

Stainless & special steel prices

Symbol Description Date Price +/- Month Monthly Average

Stainless steel cold-rolled sheet 2mm grade 304 transaction domestic,

MB-STS-0281 03 Nov 2023 2600 - 2680 1.54% Oct 2023 2550 - 2650
delivered North Europe, €/tonne

MB-STS-0035 Stainless steel 304 cold-rolled sheet, fob mill US, $/cwt 10 Nov 2023 177.5 -3.79% Oct 2023 184.5

MB-STS-0034 Stainless steel 304L cold-rolled sheet, fob mill US, $/cwt 10 Nov 2023 181.5 -3.71% Oct 2023 188.5

MB-STS-0037 Stainless steel 316L cold-rolled sheet, fob mill US, $/cwt 10 Nov 2023 261.5 -6.10% Oct 2023 278.5

Stainless steel bright bar grade 304 base price domestic, delivered
MB-STS-0005 03 Nov 2023 800 - 850 0.00% Oct 2023 800 - 850
Europe, €/tonne

Stainless steel bright bar grade 304 alloy surcharge domestic, Europe,
MB-STS-0004 03 Nov 2023 2952 - 3099 -3.72% Oct 2023 3067 - 3218
€/tonne

Stainless steel cold-rolled coil 2mm grade 304 export, fob China,
MB-STS-0282 22 Nov 2023 2030 - 2120 -1.43% Oct 2023 2133.33 - 2223.33
$/tonne

Stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East
MB-STS-0018 22 Nov 2023 1950 - 1980 -0.25% Oct 2023 1980 - 2030
Asian port, $/tonne

Stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs

MB-STS-0015 22 Nov 2023 13500 - 13600 -5.57% Oct 2023 14750 - 14833.33
China, yuan/tonne

Stainless steel cold-rolled coil 2mm grade 430 domestic, ex-whs

MB-STS-0016 22 Nov 2023 8100 -2.41% Oct 2023 8300
China, yuan/tonne

MB-STS-0283 Stainless steel hot-rolled coil grade 304 export, fob China, $/tonne 22 Nov 2023 1930 - 2020 -3.19% Oct 2023 2070 - 2140

Stainless steel hot-rolled coil Asia grade 304, cif port East Asia,
MB-STS-0280 22 Nov 2023 1850 - 1890 -0.53% Oct 2023 1943.33 - 1966.67
$/tonne

Stainless steel cold-rolled sheet 316 2mm alloy surcharge domestic,

MB-STS-0001 03 Nov 2023 3581 - 3614 -4.44% Oct 2023 3753 - 3776
Europe, €/tonne

Stainless steel cold-rolled sheet base price 316 2mm domestic,

MB-STS-0002 03 Nov 2023 1200 - 1250 0.00% Oct 2023 1200 - 1250
delivered Europe, €/tonne

Stainless steel cold-rolled sheet 2mm grade 304 alloy surcharge

MB-STS-0006 03 Nov 2023 2135 - 2152 -2.68% Oct 2023 2193 - 2212
domestic, Europe, €/tonne

Stainless steel cold-rolled sheet 2mm grade 304 base price domestic,
MB-STS-0007 03 Nov 2023 1000 - 1050 0.00% Oct 2023 1000 - 1050
delivered Northern Europe, €/tonne

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