As of March, the global steel market continues to be driven by supply-demand dynamics and cost pressures. According to CISA data, total steel inventories at key mills stood at 17.91 million tons, while the destocking process gained momentum, with inventories of five major products decreasing by 484,000 tons on a weekly basis. However, inventory pressure in the HRC segment remained more pronounced compared to rebar.
On the pricing side, divergence across products was observed. HRC export prices increased to USD 490/ton, while CRC prices decreased to USD 550/ton. China-origin HRC SAE1006 remained stable at USD 497/ton FOB, while South Korea-origin 2.5 mm HRC maintained stability at USD 505/ton.Profitability issues among Chinese steel producers persist. Margins for HRC producers stood at minus USD 24/ton, while rebar producers recorded margins of minus USD 30/ton, indicating continued operational pressure across the sector.
Supported by strong order flows and rising production costs, Asian producers are inclined to increase billet export prices. Prioritization of Chinese buyers by global miners and rising freight costs have led to higher imported manganese ore prices in India, tightening supply. Meanwhile, metallurgical coal prices are moving within a narrow range due to low liquidity and a cautious market stance. Offers for late-May loading cargoes of Indonesia-origin coke were heard at USD 255/ton FOB.
Logistics and geopolitical developments continue to play a decisive role in cost structures. Due to risks stemming from conflicts in the Middle East, freight rates for coal shipments are reported to be USD 8–10/ton higher compared to pre-conflict levels. Security concerns in the Strait of Hormuz have caused route changes and temporary disruptions in iron ore and pellet shipments.
On the other hand, some countries have introduced supportive measures for the mining sector. In this context, the reduction of fuel taxes by half for the period between April 1 and June 30 is expected to provide savings of approximately 26.3 Australian cents per liter.
On the trade policy front, protectionist tendencies persist. Pakistan expanded the scope of anti-dumping duties on cold-rolled products originating from China to protect domestic producers.
Meanwhile, although South Korea remains a key supplier of cold-rolled steel to Türkiye, shipments to Türkiye decreased by 25.8% year on year to 31,000 tons as of January 2026.
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