In China, the “Two Sessions” meetings emphasized preventing excess capacity, accelerating green transformation in production, and reducing carbon emissions as top priorities. During discussions on the 15-year Long-Term Plan, authorities also highlighted the promotion of high-quality, technology-oriented products, improving efficiency in the steel sector, and implementing strategies to shift toward higher value-added production.
Following the meetings, Chinese companies did not receive the direct support they had expected from the government. This approach aligns with previous policy directions aimed at reducing inventory levels. In line with this stance, China’s crude steel production in the first two months of 2026 decreased by %3.6 year-on-year, reaching 160.34 million tons. Türkiye’s billet imports from China also declined during the same period, according to official data.
Ongoing geopolitical tensions continue to create uncertainty in the market. Chinese firms emphasized that the situation in the Red Sea is forcing Asian suppliers to reroute shipments via the Cape of Good Hope, extending transit times by 10 to 20 days. This has led to an increase in order cancellations and delays, particularly for low-margin or time-sensitive products. Sales to Europe present a mixed picture; while some suppliers continue operations despite rising costs, others have halted activities or renegotiated terms. These impacts vary depending on product type, contract conditions, and inventory levels.
In India, the rupee’s slight recovery following a record low against the US dollar has been reflected in steel prices. An Indian producer stated that demand from Europe has significantly weakened and the sector is currently operating in a “wait-and-see” mode. Meanwhile, freight costs from India to Europe have increased notably due to longer routes and higher oil prices. In the domestic market, HRC prices are around 605–610 $/ton, while offers for Indian-origin HRC in the Vietnam market were heard at approximately 526 $/mt CFR. Strong domestic sales in Vietnam are limiting the volume available for export.
One of Japan’s largest steel producers increased its list prices for April 2026 for the first time, citing rising costs. Domestic rebar prices in Japan are currently around 550 $/ton.
A major producer in Taiwan also increased local scrap and rebar prices due to higher scrap costs and freight rates. Rebar prices in Taiwan are currently at approximately 540–545 $/ton, marking the third consecutive week of increase.
Producers in Indonesia raised their billet offers to 490 $/ton FOB, supported by strong domestic demand.
Pakistan expanded the scope of anti-dumping duties on cold-rolled steel products imported from China. Additionally, anti-dumping measures targeting steel products from different regions in China continue to influence supply and price balances in the market.
Meanwhile, Bangladesh and Pakistan reported increased costs for scrap imports sourced from India due to ongoing conflicts in the Middle East.
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