China-origin freight rates are heard at around USD 15/mt to Vietnam, USD 13/mt to South Korea, and roughly USD 20/mt for shipments to Thailand, while regional buying interest remains limited.
China’s crude steel production recorded an approximate 4.4 percent decrease in 2025, mainly due to persistent weakness in the construction and real estate sectors. Despite soft domestic demand, China’s steel exports exceeded 119 million mt, marking a record level, with overseas demand particularly strong for flat products. The record monthly export volume seen in December helped offset weak domestic market conditions.
At ports, iron ore inventories have increased for eight consecutive weeks, reaching a record 165.6 million mt. At the same time, the first shipment from Simandou and the Rio Tinto–BHP Pilbara partnership have strengthened the supply outlook. In this environment, Australian-origin 62 percent Fe iron ore is trading around USD 105.5/mt CFR, and market sentiment remains cautious.
In Vietnam, China-origin HRC offers have declined to around USD 480/mt CFR, while local producer Hoa Phat is showing signs of recovery in sales volumes. Dexin Steel has increased its April-shipment SAE1006 HRC prices to USD 495–500/mt CFR Vietnam, providing a limited upward reference for the market. In the Philippines, 120 mm billets are trading at approximately USD 460/mt CFR.
In Thailand, continued weakness in the finished steel segment is weighing on semi-finished demand, as buyers adopt a wait-and-see stance ahead of the election process. In Bangladesh, South Korea-origin containerized scrap is trading at around USD 368/mt CFR Chittagong.
In Taiwan, local long steel producer Feng Hsin Steel has kept rebar prices unchanged at USD 519/mt EXW in an effort to maintain balance in the domestic market. In South Korea, Hyundai Steel’s decision to shut part of its long steel capacity highlights weak domestic demand. However, relatively stronger export demand, led by the US market, continues to provide partial support for rebar producers.
In South Asia, Pakistan is reviewing the duration of the 13–19 percent anti-dumping duties applied to China-origin CRC and coils to protect local producers. The duties will remain in force during the review period.
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