July 17 SMM International Steel Market Daily

China Steel Market:

[Sheets & Plates] HRC export deals at $488-494, stable DoD; buyers outside China anticipate further declines, leaning towards delayed procurement

HRC and other sheet & plate export prices were stable DoD today, with HRC export deal prices at $488-494/mt. Markets outside China believed there was still potential for price declines, and even with orders in hand, they tended to delay procurement and adopt a wait-and-see sentiment, limiting the actual release of deals.

[Steel Billet] Billet export FOB remained stable; Jiangyin Port at $458-460; mills held prices firm, deal resistance was significant

Steel billet export FOB prices remained stable today, with quotations at Jiangyin Port at $458-460/mt. China steel mills showed a strong intention to hold prices firm, while rigid demand in importing countries outside China was insufficient, and buyer bids were generally below the psychological price levels of mills. Spot cargo deals faced significant resistance, and actual transactions were limited.

[Rebar] Rebar exports remained stable temporarily; deals at $480-485; buyers pushed for lower prices and stayed on the sidelines, trading was sluggish

Rebar export prices were stable MoM today, with deals at $480-485/mt. Some buyers had a strong desire to bargain down prices and a heavy wait-and-see sentiment; domestic sellers were unwilling to sell cheaply due to profitability considerations, resulting in no significant release of deals.

International Steel Market:

[India] Mumbai HRC price dropped ~$3 WoW to $602; monsoon dampens demand

Mumbai HRC prices dropped approximately $3/mt WoW to $602/mt EXW, with market deals around $571-611/mt. Monsoon weather suppressed construction and infrastructure demand, resulting in weak spot procurement and restocking willingness. Competition among low-priced resources intensified, and prices are expected to consolidate on a subdued note in the near term.

[Black Sea/CIS] Black Sea billet trading was sluggish with stable quotes; Russian mills advanced Q4 production schedules to capture EU duty-free quotas

Trading in the Black Sea billet market was sluggish, with FOB quotations holding firm, and offers to Turkey at approximately $495-500/mt CFR. The procurement pace of buyers slowed down due to holidays and weak demand. Some Russian steel mills advanced their production schedules to capture Q4 duty-free quotas for the EU.

[Indonesia] Indonesian SAE1008 wire rod exports at $485, below China; off-season in Southeast Asia kept deals sluggish

Indonesian SAE1008 wire rod export offers held at $485/mt FOB, notably lower than the similar grade from China at approximately $509/mt FOB. Southeast Asia was in its seasonal off-season, limiting buyers' restocking willingness; although the low prices were competitive, actual deals remained sluggish.

[Brazil/Vietnam] Brazil HRC import offers fell to $600-610; Vietnam cut prices to secure orders, transactions recorded at about 20,000 mt

Brazilian HRC import offers fell to $600-610/mt CFR, with combined sheet & plate import deals of about 20,000 mt recorded recently. Vietnam, as a core supplier, is forced to proactively lower its quotations to stimulate order intake in the face of low-price impacts from Indonesia and India; Brazil's strict import quotas and domestic credit tightening, meanwhile, are curbing restocking activity.