7.20 SMM Global Steel Daily Report

Published: Jul 20, 2026 18:40

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[Plate/HRC]HRC export down USD 2-3 d/d to 486-491; mills hold offers, trade muted

HRC and other flat-product export prices fell USD 2-3/tonne day on day, with HRC export deals in the 486-491 USD/tonne range. Some mills kept relatively high offers, but overseas inquiries and actual deals were mediocre and the market stayed largely wait-and-see.

[Billet]Export billet FOB weak-stable at 458-460 ex-Jiangyin; fierce competition, some deals below 455

Export billet FOB was weak-stable, quoted at 458-460 USD/tonne ex-Jiangyin. Competition was fierce, with export billet orders aggressively bid down and final deal prices pressed lower — some traders concluded FOB below 455 USD/tonne, and several East-China mills stopped taking orders at such low levels; overall trade was mediocre.

[Rebar]Rebar export down USD 1 to 479-484 ex-Tianjin; buyers press, trade weak

Tianjin rebar export prices edged down USD 1/tonne day on day to 479-484 USD/tonne. Downstream sentiment was wait-and-see with buyers pressing on price and sellers reluctant to sell low; deal intent was subdued and volumes stayed weak.

[Turkey]Turkey HRC domestic breaks below 600, export eases to 580 FOB as EU route stalls

Turkish HRC domestic prices slid faster this week, with mainstream ex-works breaking below USD 600 — down 10 to 590 USD/tonne EXW — while export offers eased 5 to 580 USD/tonne FOB. With the EU route blocked, cargoes flowed back into the domestic market, intensifying competition; mainstream mills have booked September orders and some can offer late-August spot. Quarter-to-date EU clearance topped 370kt, far above the 160kt quarterly quota; a recent deal to Greece (October shipment) was concluded at 580-585 USD/tonne FOB.

[EU]EU safeguard tightens: over-quota tariff to 50%, in-transit cargoes diverted

Since the EU's new steel safeguard took effect on 1 July — sharply cutting the tariff-free quota and lifting the over-quota tariff to 50% — with the implementing rules published only on 30 June, numerous in-transit orders have been forced to divert: part of the Indonesian and Thai HRC cargoes were re-routed to North Africa (the rest cancelled or renegotiated), while Brazilian CRC cargoes were diverted to the UK. The higher quota wall is reshaping import flows into the EU.

[Southeast Asia]SE-Asia HRC import eases to 523 CFR; Indonesia steady, Vietnam standoff

Southeast Asia HRC import offers eased to 523 USD/tonne CFR this week. Indonesia's offers to Vietnam held steady at 520-525 USD/tonne CFR, but Vietnamese buyers' target prices were low, leaving a wide bid-offer gap and a standoff. On the export side, a mainstream Vietnamese mill last week shipped HRC to Korea at 545-550 USD/tonne CFR.

[India]India HRC CFR-Europe down 10 to 640; mills rush EU quota, FOB 560-570

India's HRC CFR-Europe assessment fell 10 to 640 USD/tonne this week, with FOB at 560-570 USD/tonne. Nominal CFR was quoted 650-660, but bulk deals were discounted to 635-640 (small lots above 650). EU customers booked about 100kt over the past two weeks, prompting mills to rush shipments; under 50kt of the EU's 149,319-tonne HRC quota remains uncleared, with dispatch concentrated in July-August; Middle East trade was disrupted by shipping and port congestion.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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