[India Tightens Local Sourcing Requirements for Steel Used in Government Procurement]

[Vietnam] Vietnam’s steel market remained relatively stable, with construction steel prices ranging from 529–579 USD/tonne EXW, equivalent to around 531 USD/tonne EXW, while HRC prices stood at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Market participants are adopting a wait-and-see approach as major mills are expected to announce new prices this week ahead of the September 2 Independence Day holiday, providing a clearer signal for near-term price direction. Steel prices are expected to rise as September–December enters the traditional peak consumption season and import costs increase. However, buyers remain cautious during the seventh lunar month, while some large distributors have lowered prices to stimulate sales. Existing mill support policies continue to offer spot-market discounts of around 3.8–7.7 USD/tonne, depending on purchase volume. Meanwhile, Vietnam has reduced the anti-dumping duty on H-shaped steel from China supplied by the Jinxi group to 6.78%, down from the previous 13.38%, following the third review. The lower duty could improve the competitiveness of Jinxi’s H-beam imports and increase competition for domestic producers.

Vietnam’s Ministry of Industry and Trade has lowered the anti-dumping duty on H-shaped steel from China supplied by Hebei Jinxi Section Steel and related companies to 6.78%, following the third review of the existing measures. The new rate, effective from September 4, 2026 to September 5, 2027, is significantly below the previous 13.38% rate. The adjustment could improve the price competitiveness of Jinxi’s H-beam exports to Vietnam and potentially increase import competition for domestic producers, while other Chinese suppliers remain subject to their existing anti-dumping rates.

Cleveland-Cliffs announced it will match a $500 million grant from the U.S. Department of Energy, raising total investment in its Middletown Works facility in Ohio to $1 billion. The expanded project retains the original plan to replace the existing blast furnace with a hydrogen-ready direct reduced iron (DRI) plant and two electric melting furnaces, while adding a new cogeneration facility to capture blast furnace gas and convert it into electricity and steam for on-site use. The rebuild is expected to create over 1,500 jobs, including local union building trades, with completion targeted for Q1 2030. Middletown Works currently produces about 3 million tons of raw steel annually, focused on automotive-grade steel for exposed body panels.