HRC price forecast for October 2022

The market is still covered by the waiting sentiment, the bullish signal is still unclear in all areas. There are some domestic bullish signals from Hoa Sen steel mill with an increase of $15/mt. Local businesses are expecting prices to rebound after a long holiday in China from October 1 to October 7.

HRC China prices are currently at $555-560/mt for SAE1006 and $545/mt for SS400. Baosteel provided information that they will slightly increase prices for orders delivered in October 2022.

Steel billet and scrap prices are under a lot of pressure, expected to increase in the next few days.