European Local HRC Prices Ease in Northern Europe as Market Awaits Post-Summer Demand Recovery

[Turkey] Both domestic and import steel billet prices in Turkey moved significantly higher. Driven by the continued absence of Russian Black Sea supplies and a recovery in domestic demand, Turkish domestic billet prices rose sharply by 15 USD/tonne to 540–545 USD/tonne EXW, while import quotes edged up synchronously by 10 USD/tonne to 505–510 USD/tonne CFR. On the domestic front, Russian supply disruptions triggered a buying rush, prompting local mills to release large volumes. On the import front, approximately 50,000 tonnes of Malaysian billet were recently booked at 512–515 USD/tonne CFR for late-September delivery. Notably, over the past two weeks, a small volume of Iranian billet reached Turkey via rail at 460–480 USD/tonne delivered, though future trade could be hindered by US sanction risks. Meanwhile, Russian Black Sea offers remained stalled due to prohibitive logistics costs, with freight to Turkey holding high at 50–70 USD/tonne alongside additional overland rail surcharges.

[Sheets & Plates] On a daily basis, export prices for HRC and other sheets & plates remained stable today, with HRC transaction prices concentrated in the range of $490-493/mt. The overall market sentiment today was average, with some steel mills in North China recording small-batch HRC transactions.

[Vietnam] Vietnam’s steel market remained relatively stable, with construction steel prices easing slightly to around 530 USD/tonne EXW as VND depreciation lowered the USD-denominated price, while domestic prices in VND remained largely unchanged. HRC prices stood at approximately 514–521 USD/tonne CFR Ho Chi Minh City on the same exchange-rate effect. Market activity remained subdued as the seventh lunar month continued to weigh on buying sentiment, while weather disruptions affected several logistics routes and new import-export policies created additional uncertainty for traders. On the cost side, persistently thin steel mill margins remain a key constraint on raw-material demand, with the latest rise in coking coal prices likely to make mills more cautious about increasing iron ore procurement. On the demand side, buyers are largely waiting for major mills to announce new prices this week ahead of the September 2 Independence Day holiday, which could provide a clearer signal on the market’s near-term direction.