China maintained high steel production levels, keeping pressure on the supply side. The dispute between China Mineral Resources Group (CMRG) and Fortescue over low grade iron ore products created new uncertainty in raw material trade. Despite this, price movements in the domestic market remained limited, while competition continued in export markets. In China's domestic market, HRC traded at USD 489/t, rebar at USD 467/t, wire rod at USD 500/t, steel plate at USD 516/t, angle bar at USD 509/t, and seamless steel pipe at USD 596/t. FOB export offers remained at USD 470/t for billet, USD 510/t for rebar, USD 505/t for wire rod, USD 510/t for HRC, USD 560/t for CRC, USD 520/t for angle bar, USD 540/t for HRP, and USD 595/t for GI. CHEONGFULI's CFR Türkiye offers were recorded at USD 518/t for billet, USD 540/t for HRC, USD 558/t for wire rod, USD 600/t for HRP, and USD 625/t for GI.
India accelerated capacity expansion and green steel investments. JSW Steel started construction of a low carbon integrated facility in Andhra Pradesh with an annual capacity of 2 million tons, supported by a USD 1.71 billion investment. The facility will use scrap based electric arc furnace technology and renewable energy. The company also continued its investment in a new 13.2 million ton capacity plant in Odisha. Tata Steel announced that it would increase capital expenditure to INR 20,000 crore in FY2026-27, focusing on capacity expansion and sustainability projects. The company also aims to establish 3 million tons/year of recycling capacity by FY2031 while accelerating green transformation investments.
However, secondary producers, which account for approximately 57% of India's steel production, continue to face significant challenges in the transition process due to limited availability of green iron ore, high energy costs, and insufficient scrap supply. In this context, the government plans to support low carbon production investments through a new INR 5,000 crore incentive program. On the trade side, rising imports of Chinese stainless steel have raised concerns in the sector, with imports increasing 65% year on year to 101,252 tons in April.
In Southeast Asia, the monsoon season and weak demand continued to pressure the market outlook. In Vietnam, Hoa Phat's price reductions increased competition in the regional HRC market, with HRC offers monitored at USD 546-547/t CFR. 120 mm square billet traded at USD 485/t CFR, domestic rebar at USD 655/t, and square billet at USD 550/t. Indonesia's Dexin Steel FOB offers were recorded at USD 470/t for billet, USD 480/t for slab, and USD 490/t for wire rod.
Trade policies came to the forefront in East Asia. Under the European Union's revised safeguard measures, South Korea's duty free quota decreased by 19.7% to 2.07 million tons, while Japan's quota was reduced to approximately 800,000 tons. In response, the South Korean government announced a new support package aimed at increasing domestic steel demand. The country plans to continue negotiations with the EU under the FTA framework and focus on new export markets. Japan approved temporary antidumping duties of up to 42.1% on stainless cold rolled products originating from China and Taiwan. South Korea's implementation of final antidumping duties on Chinese hot rolled carbon and alloy steel plates also showed that trade protectionism continues to strengthen across the region.
Current steel prices
China (FOB)
- Billet: USD 470/t
- Rebar: USD 510/t
- Wire rod: USD 505/t
- HRC: USD 510/t
- CRC: USD 560/t
- Angle bar: USD 520/t
- HRP: USD 540/t
- GI (1.00 mm): USD 595/t
Vietnam
- HRC (CFR): USD 546-547/t
Philippines
- Square billet (120 mm, CFR): USD 485/t
India
- Rebar (Domestic): USD 655/t
- Square billet (Domestic): USD 550/t
Indonesia (Dexin Steel)
- Billet (FOB): USD 470/t
- Slab (FOB): USD 480/t
- Wire rod (FOB): USD 490/t
Comments
No comment yet.