In China, pressure on steel prices continued in July amid weak demand, high inventory levels, and declining raw material costs. At the same time, China's green steel strategy and efforts to centralize iron ore procurement prompted global mining companies to develop new investment and product strategies. As of August 4, export FOB prices from China stood at USD 450/t for billet, USD 490/t for rebar, USD 500/t for wire rod, USD 495/t for HRC, USD 540/t for CRC, USD 540/t for HRP, USD 585/t for GI, and USD 510/t for angle.
India's steel sector continued to expand. During the April-June period, crude steel production increased by 3% to 42.1 million mt, while finished steel consumption rose by 8.3% to 41.6 million mt. SAIL's first-quarter net profit more than doubled, supported by operational efficiency and cost management, while the company evaluated a stainless steel slab investment worth approximately USD 350 million in Indonesia together with Krakatau Steel. Meanwhile, India's coal production increased by 7.5% to 69.75 million mt in July, with stronger electricity demand also supporting coal shipments. In the scrap market, HMS 80:20 offers stood at USD 330-335/t CFR, workable levels were assessed at USD 305-310/t CFR, while shredded scrap traded at USD 360-365/t CFR.
In Japan, Nippon Steel announced its first-quarter financial results, reporting sales revenue of JPY 2.82 trillion and raising its full-year sales forecast to JPY 11.2 trillion. The company continued accelerating its U.S. Steel investment while maintaining expansion plans in India and Europe. JFE Steel successfully produced direct reduced iron (DRI) using green hydrogen for the first time in Japan, marking a significant milestone in low-carbon steelmaking. Meanwhile, Japan's iron and steel exports declined by 6.9% during the first half of the year, although shipments to the United States increased. Tokyo Bay H2 scrap prices were reported at USD 323/t FOB.
In South Korea, POSCO Holdings announced plans to double its overseas crude steel production capacity from 5 million mt to 10 million mt by 2031 through accelerated investments in Indonesia, India, and the United States. The company's second-phase expansion at Krakatau POSCO in Indonesia is expected to increase production of high-value-added automotive steel products. Meanwhile, POSCO International reported a 173.3% increase in second-quarter net profit, supported by the strong performance of its energy business.
Vietnam's steel industry maintained strong growth during the first half of the year, while trade policy developments remained in focus. The Ministry of Industry and Trade (MOIT) officially initiated an antidumping investigation into imports of prestressed steel wire from China following a petition by domestic producers. The investigation will examine both dumping and its potential injury to the domestic industry. As of August 4, HRC (2 mm) in Vietnam was trading at USD 525/t FOB, U.S.-origin HMS 80:20 scrap was assessed at USD 380/t CFR, and the target buying price for Japanese H2 scrap stood at USD 355/t CFR.
Indonesia remained one of the region's key investment destinations. In addition to POSCO and Krakatau Steel's capacity expansion plans, the proposed stainless steel slab investment by SAIL and Krakatau Steel further highlighted Indonesia's competitive advantage in nickel. The slabs produced at the planned facility are expected to be shipped to India for downstream processing into finished products. Dexin Steel's latest offers stood at USD 456/t FOB for billet, USD 460/t FOB for slab, and USD 475/t FOB for wire rod, while Indonesian-origin SAE1006 HRC was offered at USD 505/t FOB.
In Australia, Rio Tinto reported strong financial results for the first half of 2026, with EBITDA increasing by 28% to USD 14.8 billion and net profit rising by 47% to USD 6.7 billion. During the same period, Bisalloy signed an agreement to supply Australian-made submarine-grade steel for the U.S. Navy's Virginia-class nuclear submarines for the first time, marking an important milestone for Australia's defense industry.
Current steel prices
China (FOB)
- Billet: USD 450/t
- Rebar: USD 490/t
- Wire rod: USD 500/t
- HRC: USD 495/t
- CRC: USD 540/t
- HRP: USD 540/t
- GI (1.00 mm): USD 585/t
- Angle: USD 510/t
China (Tangshan Donghua Steel, FOB)
- Rebar (HRB400E): USD 467/t
- Rebar (B500B): USD 478/t
- HRC: USD 487/t
- Wire rod: USD 502/t
- CRC (CDCM-SPCC): USD 520/t
- Galvanized steel: USD 551/t
Vietnam
- HRC (2 mm, FOB): USD 525/t
Philippines
- Square billet (120 mm, CFR): USD 480/t
Thailand
- HRC (SS400, CFR): USD 515/t
Indonesia (Dexin Steel)
- Billet (FOB): USD 456/t
- Slab (FOB): USD 460/t
- Wire rod (FOB): USD 475/t
Indonesia
- HRC (SAE1006, 3.0×1250 mm, FOB): USD 505/t
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