Regional slab markets saw mixed price trends in November. According to SteelOrbis, the reference export price for Brazilian slabs rose significantly in November (by $27/t), reaching a five-month local high of $485/t (FOB). After a period of instability and price declines caused by the introduction of tariffs in the US, the situation on the slab market improved.

In October, Brazilian mills increased their production of semi-finished products by 2.2% compared to September, to 797,000 t, of which 760,000 t were slabs. At the same time, semi-finished product production in the first nine months of 2025 decreased by 8.7% y/y – to 72 million tons. Semi-finished product exports amounted to 669,500 tons, which is 14% more than in the previous month. Slabs accounted for 638,500 tons.

Price dynamics varied in other regions. Average slab prices in Japan remained unchanged in November at $460/t. At the same time, average FOB Black Sea quotations fell slightly last month to $435/t from $438/t at the end of October.

Turkey’s own slab production capacity is insufficient to meet domestic demand. In October, domestic slab production in the country increased by 6.5% y/y – to 1.13 million tons. However, in the first ten months of this year, output decreased by 4.4% y/y – to 11.4 million tons.

At the same time, imports of the product are declining. According to the Turkish Statistical Institute (TUIK), slab imports to Turkey in October decreased by 28% y/y – to 239 thousand tons after an 11% y/y decline in September. The reduction in import volumes was due to a decrease in supplies from Russia, Malaysia, and Indonesia.

At the same time, the structure of supplies changed significantly in October. Russia reduced its supplies by 45% y/y, and its share fell to 41% from 59% in September. Algeria, which accounted for 32% of the market in October, tripled its supplies to 75.7 thousand tons.

The average price of slab imports to Turkey in October was $467/t, compared to $459/t in September. The price difference between the largest suppliers was quite significant: Russia supplied slabs at an average price of $456/t, while Malaysia (22% of October supplies) supplied them at $483/t.

In terms of price benchmarks, the average benchmark price for slabs – hot-rolled coil (HRC) – fell by $15 to $470/t (China FOB). In November, the market remained largely uncertain amid weak demand and cautious sentiment, with regional trends varying. Several regions saw slight price declines.

It should be noted that at the end of October, regional markets saw mixed trends in slab prices. The reference export price for Brazilian slabs rose slightly in October, by $3, to $458/t (FOB). After a period of instability and price declines caused by the US imposing a 50% tariff on Brazilian goods in early August, the situation for slabs has improved.