6.29 SMM Global Steel Daily Report

[Flat Products]Yuan Volatility Pressures Plate Export Quotes Lower Day-on-Day

Pressured by yuan volatility, HRC and other plate export prices edged lower day-on-day today, with HRC export deals at 490-500 USD/tonne FOB. Inquiries showed no notable change; Turkey-bound interest persisted but local target CFR levels were low, well below current domestic FOB offers.

[Billet]Billet Export Edges Up as Middle East Inquiries Rise but Buyers Press Prices

Billet export prices edged up today, with workable FOB levels at 463-465 USD/tonne. Middle East inquiries increased but overseas buyers pressed hard on price, leaving few workable orders; additionally, some mills have upcoming maintenance plans and are slightly restraining order-taking.

[Rebar]Rebar Export Prices Hold Steady, Off-Season Trading Stays Weak

Rebar export prices held steady today, with workable FOB levels in the 481-483 USD/tonne range. Market participants noted that recent rebar export prices have trended down and deals improved slightly versus earlier, but constrained by off-season demand and overseas price pressure, overall trading remains weak.

[India]Indian HRC Prices Hold Steady, Anti-Dumping Probe Lends Policy Support

India's HRC market was relatively stable, with Mumbai HRC holding around 611 USD/tonne EXW as buyers purchased on demand to avoid building stocks. Although the monsoon season dampened trade, manufacturing demand stayed relatively steady. India has launched anti-dumping probes on hot-rolled flat products from China, Japan and Russia, and combined with the import price gap, HRC may prove more resilient than long products in the near term.

[Vietnam]ASEAN HRC Prices Slide, Traders' Low Offers Fail to Move Vietnamese Buyers

To stimulate buying, ASEAN HRC import prices fell to 550 USD/tonne CFR, with offers for Indian-origin SAE1006 HRC for Aug-Sep shipment down to about 540 USD/tonne CFR Vietnam (further below the weekly assessment). Amid slow trade and cautious buyers, these low offers may reflect short-selling by some traders betting on further declines, but Vietnamese buyers, expecting weakness, remain unwilling to accept them. On scrap, US West Coast HMS 80:20 offers fell to about 390 USD/tonne CFR with workable levels around 385-387, while Japanese H2 traded at about 370 USD/tonne CFR, flat week-on-week; weak residential construction demand keeps import scrap soft.

[Turkey]Turkey Long Product Prices Fall Broadly as Mills Cut to Win Orders

Dragged by weak fundamentals, Turkish rebar export prices assessed by MESTEEL fell to 580-590 USD/tonne FOB, while wire rod export prices likewise slid to 595-605 USD/tonne FOB. With demand showing no improvement, mills remain willing to concede on price in negotiations to secure enough forward export orders to sustain operations.

[Iran]Iran Plate Exports Stay Sluggish as Rising Imports Pressure Domestic Prices

Although temporary export curbs were lifted in late May, major mills' output remains constrained by the late-March attacks, with producers prioritizing domestic supply and shipping mainly from existing stocks. Slab demand was weak last week, with only about 18000 tonnes traded at 462 USD/tonne EXW. As the Strait of Hormuz reopened, freight fell and Chinese prices dropped, Iranian plate imports rose, with Persian Gulf import HRC down to 560-570 USD/tonne CFR; a roughly 30000-tonne mixed billet-and-HRC cargo arrived at BIK port via Iskenderun last week.