Far east steel market remains under pressure from weak demand, trade measures and limited price movements

The Far East steel market continued to show a weak trend with largely stable price movements.

17.06.2026 - 15:00

Far East steel market remains under pressure from weak demand, trade measures and limited price movements

In China, billet prices recorded a decrease of RMB 10/mt on June 16 due to weak demand and sluggish export activity. Although strong iron ore and coking coal costs provided support to the market, low export prices and cautious purchasing activity continued to exert pressure. In addition, China Baowu and Rio Tinto successfully completed industrial scale trials demonstrating that Pilbara iron ore can be used in hydrogen based iron production. In the flat steel market, prices for cold rolled and galvanized products generally decreased. Weak demand and high inventory levels intensified pressure, while production showed a limited recovery. Overall market sentiment remained weak due to the low season and ongoing uncertainties. Furthermore, following Türkiye’s finalization of anti-dumping measures on cold rolled, galvanized and pre-painted flat steel products originating from China, anti-dumping duties ranging from 22.37% to 32.40% entered into force for Chinese material. Covering products under HS codes 7209, 7210, 7211, 7212, 7225 and 7226, the measure will remain valid for five years and will be collected at the customs clearance stage. This development significantly reduced China's pricing advantage in these products, weakening its export competitiveness and increasing pricing pressure in the Asian flat steel trade. In the iron ore market, the benchmark price for 62% Fe iron ore in China remained unchanged at USD 111/mt at both the beginning and end of the week, indicating 0% change and complete price stability.

Australia completed its investigation into structural steel hollow sections originating from China, South Korea, Malaysia and Taiwan. As a result, the products became subject to existing trade measures, which were applied retroactively from September 4, 2025.

South Korea approved the decree governing the implementation of a USD 350 billion investment program targeting the United States. The package includes long term investments in shipbuilding and strategic industries and establishes a dedicated twenty year management framework. In addition, following Türkiye’s implementation of anti-dumping measures on cold rolled, galvanized and pre-painted flat steel products originating from South Korea, duties ranging from 10.48% to 14.24% entered into force. The measures will be collected at customs clearance and will remain valid for five years. This development increased pricing pressure on South Korean exports while allowing some product segments to retain a partial competitive advantage.

Japanese steelmakers announced price increases for July sales due to rising costs and a partial recovery in demand. Tokyo Steel increased prices for hot rolled flat products and long products, while Nippon Steel and Godo Steel planned additional increases. In the regional commodities market, iron ore prices across Asia, including Japan, increased from USD 101/mt at the beginning of the week to USD 102/mt at the end of the week, representing a 1% increase and a limited gain of approximately USD 1/mt.

Vietnam accepted a trade defense petition concerning imports of prestressed steel bars from China. Authorities launched a 45 day review process to assess injury and legal compliance before deciding whether to initiate a formal investigation. Production and operational data covering the 2021-2025 period were also requested. In addition, Vietnam began construction of its first integrated stainless steel facility in Ha Tinh Province, with an annual capacity of 2 million mt of stainless steel and 1.95 million mt of hot rolled stainless steel coil. The project, valued at USD 372 million, will produce 200, 300 and 400 series stainless steel products. It is expected to increase domestic production capacity, reduce import dependency and position Vietnam as a regional manufacturing hub.

In Taiwan, prolonged rainfall and the holiday season slowed construction activity and rebar trading. Due to logistical disruptions and weak demand, the market remained at low volumes, while participants stayed cautious unless international raw material prices showed a significant increase.

In Indonesia, September billet was assessed at USD 483/mt FOB, August slab at USD 510/mt FOB and August wire rod at USD 500/mt FOB at the beginning of the week. By the end of the week, these levels remained unchanged and Dexin Steel prices recorded 0% weekly change.

On the Singapore Exchange (SGX), benchmark iron ore futures for 58% and 65% Fe products increased from USD 100.67/mt on June 9 to USD 101.21/mt on June 16. As a result, iron ore prices recorded a limited weekly increase of 0.54%.

Current prices as of June 17, 2026: