Ahead of the upcoming Central Economic Work Conference in China, domestic sources reported that they do not expect any notable movement in domestic offers for the remaining weeks of the year.
HRC FOB prices stand at around 475 USD/t, while EXW and domestic prices range between 468–470 USD/t. CRC prices are reported in the 550–560 USD/t CFR band. The renewed strengthening of the yuan against the US dollar is expected to create a slight upward tendency in export offers.
Despite this outlook, demand on the export side also remained weak. In addition, cold weather in Northeast China slowed down field operations and steel transportation, which is expected to weaken construction steel demand in the short term.
China’s iron ore imports reached 111.3 million tons in October 2025, recording an increase of more than 7 percent year on year, although a mild month-on-month decrease was observed. In parallel with this dynamic environment, a cargo vessel carrying 200,000 tons of high-grade iron ore from Chinalco Group’s Simandou project set sail for China. Meanwhile, Xia Nong, Vice President of the China Iron and Steel Association (CISA), emphasized the commitment to accelerate structural reforms that will secure domestic mines and enhance supply security in the steel sector in order to reduce import dependency.
The Australian Department of Industry, Science and Resources and China’s Ministry of Industry and Information Technology signed a comprehensive Memorandum of Understanding (MoU) aimed at advancing decarbonization in the steel industry.
On the India side, prices remain under pressure due to the weak rupee and excess supply in the domestic market. Buyers expect market activity to slow further in the second half of December due to the year-end period.
Domestic rebar prices hover around 440 USD/t, billet around 450 USD/t, while scrap stands at approximately 324 USD/t. A report by the Institute for Energy Economics and Financial Analysis (IEEFA) stated that the country will implement policy and financing support to increase scrap usage, accelerate the transition to EAF-based production, and reduce dependence on imported coal. However, more aggressive long-term policies are required to ensure energy and resource security.
JSW Steel entered a new partnership with Japan’s JFE Steel to strengthen its facility in Eastern India. Additionally, the Karnataka state government has prepared a new framework to restart iron ore exports, which have been restricted for more than a decade.
In the Far East scrap market, Japan–Bangladesh H2 (bulk) offers were recorded at 341 USD/t CFR Chattogram, while Japanese H2 scrap to Taiwan stood at 315 USD/t CFR Taiwan. In Vietnam, H2 scrap prices were at 325 USD/t CFR.
Japan’s largest steel producer, Nippon Steel, temporarily suspended ironmaking operations at its Muroran plant following a blast furnace fire, with the cause still under investigation. The company also signed an agreement with Metropolitan CCS for the Front-End Engineering Design (FEED) of a CO₂ capture and storage (CCS) project, as part of its decarbonization goals. In addition, Nippon Steel announced that it continues its plans to build a new steel plant in the United States.
Meanwhile, anti-dumping duties on hot-rolled coil (HRC) imports from Japan and Vietnam continue in the European Union.
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