Flats: Vietnam’s commercial-grade hot-rolled coil (HRC) market experienced significant volatility in November, driven by uncertainty surrounding the anti-dumping investigation into imports from China and India. Initially, buyers were cautious, with purchasing activity slowing amid fears of impending tariffs. However, as the investigation progressed, market sentiment shifted, and buyers began stockpiling at an accelerated pace to increase stocks before the upcoming duties.

Longs: The Southeast Asian rebar import market continued its downward trajectory in November, with persistent weak demand making it challenging to close deals. Offer prices for theoretical-weight rebar in Singapore saw a decline of $10-20/t in early November. Traders were initially quoting prices around $508-510/t cfr Singapore for January and February shipments, but these offers dropped to $500/t by mid-month and remained stable at this level through the end of November.

Semis: The ASEAN billet market saw a mixed performance in November, with market activity reflecting a complex landscape. Despite some initial optimism following Donald Trump’s re-election and the Chinese National People’s Congress’s economic announcements, which fell short of expectations, demand remained weak throughout the month.

BF Raw Materials: The seaborne iron ore market remained largely stable at the end of November, holding steady compared to October, but the market experienced volatility driven by several key factors.

EAF Raw Materials: The Kanto Tetsugen monthly Japanese scrap export tender closed lower for November. In the latest tender, Itochu Metals Corp was awarded 15,000t of Japanese H2 grade scrap for shipment by 31 December at JPY 45,180/t ($293/t) fas, or about $305/t fob Japan. The award price is JPY 500/t lower than the tender held on 9 October. In dollar terms, the latest Kanto award price is $14/t lower versus last month’s award price of $307/t fas. The cargo for the 12 November tender is expected to be shipped to Vietnam. In delivered terms, the H2 purchase price is estimated to be $340-345/t cfr.

Country Trade Data:

• Singapore
• Thailand
• Philippines
• Malaysia
• Indonesia
• Vietnam

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