China's steel market has experienced significant growth since late September, following the People's Bank of China's initiatives to support the real estate sector. Similarly, Vietnam's steel market is also poised for growth. After struggling with weak demand and intense competition from Chinese imports, steel prices in Vietnam began to rise in late September. The country's ongoing anti-dumping investigation into hot-rolled coil imports from China and India has prompted many buyers to shift towards local products. Moreover, increased public investment in Vietnam is expected to further bolster steel demand.

In the US, the largest supplier of scrap metal, a decline in production during the fourth quarter is anticipated to support prices. Cold weather may affect scrap collection and transportation, while year-end celebrations could slow supply, leading buyers to increase purchases in advance.

In Taiwan, new truck weight restrictions have created uncertainty for scrap buyers. Besides, despite declining auto sales, demand for automotive steel remains strong, which may stabilize prices. Meanwhile, South Korea is grappling with weak domestic demand, resulting in a 5.5% year-on-year drop in steel output during the first eight months of 2024, marking the largest decline among the world's top ten steel producers.