Japanese hot rolled coil (HRC) suppliers have implemented slight price increases in March, reflecting higher input costs and improved domestic demand. Despite the uptick, Japanese HRC remains competitively priced in the global market, attracting interest from international buyers amid tightening supply in other regions. However, there has been no interest from European buyers due to the recently imposed antidumping (AD) duties on HRC imports from Japan, as well as the safeguard measures which continue to restrict trade flows into the EU.
More specifically, prices for ex-Japan SAE1006 HRC for the Asian region have settled at $510-520/mt CFR in late March, versus $500-515/mt CFR in late February. In Vietnam, offers for ex-Japan HRC have been voiced at around $520-530/mt CFR, up by $20/mt month on month, and, although trade activity has been slow to this destination in March, several deals for ex-Japan HRC are reported to have been signed at $508-510/mt CFR in late March.
Offers for ex-Japan HRC in Pakistan have increased by around $10-20/mt month on month, reaching $520/mt CFR in late March, though most buyers are still bidding at around $510/mt CFR, according to sources. Furthermore, while offers for ex-Japan HRC in Bangladesh have also been reported at around $520/mt CFR, up by $10/mt month on month, a deal for around 25,000 mt has been signed at $510/mt CFR for May shipment, according to sources.
In the meantime, offers from Japanese suppliers to the Middle East have been voiced at $510-530/mt CFR, depending on the supplier, compared to $510-515/mt CFR last month. Although trade activity has been moderate in the region, current offers from Japan are considered to be “rather competitive” compared to those from India and Taiwan, though higher than those from China by at least $15/mt.
At the same time, Japanese suppliers have remained out of the European market due to trade restrictions. Notably, in March, the European Commission announced provisional AD duties on imports of HRC from Egypt, Japan, and Vietnam. These duties, ranging from 6.9 percent to 33 percent, are set to take effect on April 7, 2025. Nippon Steel has received the highest duty rate at 33 percent, while JFE Steel has is subject to a 32 percent rate and Tokyo Steel to the lowest rate at 6.9 percent.
By late March, indicative offers for ex-Japan HRC in Europe have been estimated at €570/mt CFR, up by €10/mt month on month, driven mainly by higher local prices in the region, though no deals have been reported.
