[SMM Steel] Indian Steel Market Stable; Imported Scrap Demand Weak

[Malaysia] Recent Malaysian rebar transactions show T12 at around MYR 2,330/tonne, while T16 and T20 were both traded at approximately MYR 2,230/tonne. Compared with around MYR 2,200/tonne last week, transaction levels for T16 and T20 have increased by about MYR 20–30/tonne, indicating a modest upward shift in the market, while T12 continues to command a clear premium over larger sizes.

[Vietnam] Construction steel prices held at around 531 USD/tonne EXW, while HRC prices remained at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Although HRC offers from Indonesia have increased, persistent weakness in downstream demand continues to offset higher raw-material costs, keeping buyers cautious and limiting price upside. Meanwhile, Taiwan launched an anti-dumping investigation on cold-rolled stainless steel imports from Vietnam on August 14, covering 20 Vietnamese enterprises including Vnsteel, Posco VST, YGS Vina and Nam Thuan Phat, with the applicants alleging a dumping margin of up to 31.36%. The latest investigation, together with Turkey’s anti-dumping measures, adds to growing trade-remedy pressure on Vietnamese steel exporters and could further constrain overseas sales, shifting greater attention toward the domestic market. Domestic steel demand is expected to benefit from accelerating urbanisation, infrastructure development and project-linked sales, providing support for construction steel consumption.

[Turkey] Supported by low production output and thin profit margins, steelmakers pushed up domestic rebar quotes. Meanwhile, warehouses and traders with low inventories are currently purchasing only on an as-needed basis and have not yet initiated large-scale restocking. Regionally, supply in the Marmara region is the tightest; impacted by August export scheduling and low capacity utilization, certain rebar specifications remain in short supply, driving quotes up from 585–600 USD/tonne last week to 590–605 USD/tonne EXW. Mainstream mills in Izmir pushed their offers up to 580 USD/tonne EXW, while quotes from some mills in Iskenderun hovered around 575–580 USD/tonne EXW. On the export front, elevated sea freight costs continue to pressure FOB prices, resulting in muted trading activity. Current export offers are holding steady at 580–585 USD/tonne FOB, whereas buyer bids largely remain below 575 USD/tonne FOB.