In China, the steel market remained under pressure from weak domestic demand and high inventories. Weekly FOB China billet prices stood at USD 475/t, while rebar was priced at USD 513/t, wire rod at USD 515/t, HRC at USD 515/t, CRC at USD 565/t, and galvanized products at USD 595/t. Iron ore prices hovered at USD 97.43/t CFR China, while high coal costs supported overall production costs. In addition, successful hydrogen based iron production tests conducted by Chinese producers and Rio Tinto stood out in terms of low carbon production targets.
In Vietnam, demand remained weak due to the rainy season. Imported 2 mm HRC prices stayed at USD 568/t CFR. In the country, efforts to increase production capacity through new stainless steel investments also gained momentum.
In the Philippines, 120 mm square billet prices were stable at USD 495/t CFR. In Singapore, trading in the rebar market slowed due to pricing mismatches between buyers and sellers. In Thailand, galvanized steel demand continued, while prices showed no significant change.
In South Korea, crude steel production increased while POSCO commissioned a new electric arc furnace with an annual capacity of 2.5 million tons. The company’s low carbon production investments gained pace, while Türkiye’s anti dumping duties on South Korean flat steel products created pressure on exports.
In Taiwan, construction activity slowed due to rainfall and holiday season conditions. Despite price increases from CSC and Dragon Steel, the market maintained a cautious outlook due to weak export demand.
In Japan, producers implemented price increases due to rising costs, while anti dumping measures on stainless steel products from China and Taiwan remained in place.
In Australia, a new anti dumping investigation was launched on galvanized steel products originating from China, South Korea, and Vietnam, while Vietnam initiated a review of existing anti dumping duties on coated steel products from China and South Korea.
Overall, weak demand driven by the monsoon season, high costs, and increasing trade measures continued to pressure the Far East and Asia Pacific steel markets, while production investments and low carbon steel projects remained prominent in the region’s long term agenda.
Current prices are as follows:
- Billet (FOB China): USD 475/t
- Rebar (FOB China): USD 513/t
- Wire rod (FOB China): USD 515/t
- HRC (FOB China): USD 515/t
- Angle bar (FOB China): USD 520/t
- HRP (FOB China): USD 540/t
- CRC (FOB China): USD 565/t
- GI 1.00 mm (FOB China): USD 595/t
- Slab (200 mm × 1450 mm × 8000 mm) (EXW China): USD 489.23/t
- SGX Iron ore (%58 and %65 Fe fines, CFR China): USD 97.43/t
- Billet (FOB Dexin Steel Indonesia - September): USD 483/t
- Slab (FOB Dexin Steel Indonesia - August): USD 510/t
- Wire rod (FOB Dexin Steel Indonesia - August): USD 500/t
- Square billet 120 mm (CFR Philippines): USD 495/t
- HRC 2 mm (CFR Vietnam): USD 568/t
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