【SMM Steel】EU will respond to Trump's 25% auto tariffs

[Flat products (HRC)]HRC prices steady, trading muted as EU quota cuts hit exports No dedicated slab/HRC export daily was published on 3 July; latest figures are from 2 July. HRC and other flat prices held steady, with HRC deals at 488-497 USD/tonne alongside some lower RMB offers, and overall trading was muted. With EU quotas tightening, traders reportedly have shipped little to the EU since April, hitting hardest those with large prior EU export shares. [Billet]Export billet FOB steady at 458-461 USD, weak overseas order appetite On 3 July export billet was quoted at 458-461 USD/tonne FOB, holding steady. Southeast Asian enquiries picked up slightly, but domestic offers remained relatively high and overseas buyers were reluctant to place orders, mostly staying on the sidelines. [Rebar]Rebar export offers steady, enquiry muted with small Hong Kong deals On 3 July rebar export offers were steady, with sentiment staying wait-and-see and enquiry generally muted. Traders reported small deals in Hong Kong recently, mostly need-based purchases, with overall trading lackluster

Today, iron ore futures on the DCE traded weaker, with contract I2609 finally closing at 734 yuan/ton, down 1.74% from the previous trading day. Port spot prices fell by 3–8 yuan/ton from the prior day. Trader activity was moderate, while steel mill purchases were mainly for replenishment; spot market transaction volumes have been average so far.

[SMM HRC Daily Trading] On July 3, the combined daily trading volume of HRC among sample enterprises in SMM's four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 11,550 mt, up 410 mt (+3.6%) DoD, down 25.05% calendar YoY, and up 6.94% lunar YoY.