[SMM Iron & Steel] Canada Extends Steel Tariffs and Quotas Until 2027 to Shield Domestic Industry

According to the American Iron and Steel Institute (AISI), US domestic raw steel production reached 1.872 million net tons for the week ending May 30, 2026, representing an 8.8% year-on-year increase and a 0.1% week-on-week rise. The capability utilization rate stood at 81.1%, up from 76.6% in the same period last year and slightly above the 81.0% recorded in the previous week. Adjusted year-to-date production through May 30, 2026, totaled 38.925 million net tons with an average capability utilization rate of 78.6%, marking a 6.8% increase from the 36.461 million net tons produced during the same period in 2025. Geographically, the Southern district led production with 848,000 net tons, followed by the Great Lakes (495,000 net tons) and the Midwest (321,000 net tons). The market impact indicates that the sustained growth in US steel output and robust utilization rates reflect a resilient domestic manufacturing sector; supported by localized demand and protective trade measures, North American mills continue to maintain steady supply levels despite broader global market stagnation.

China Steel Market Export : [Sheets & Plates] Today, HRC export prices continued to decline by 2 USD/tonne on a daily basis, with transaction prices at 496-504 USD/tonne. Domestic futures fell, and market inquiry activity weakened somewhat. Domestic traders reported that tax-exclusive offers appeared in multiple northern markets, and congestion at some ports persisted. [Steel Billet] Today, square billet export prices were at 473-475 USD/tonne, easing slightly by 1 USD/tonne DoD. Recently, northern market offers were on the high side, but high-priced resources failed to close deals. Additionally, inquiries from outside China weakened, with buyers adopting a wait-and-see approach, and inquiry prices remained 3-5 USD/tonne below market prices. [Rebar] Today, rebar export offers eased slightly by 1 USD/tonne. According to some market participants, rebar inquiry activity was weak with lackluster transactions, and some steel mills plan to venture into markets outside China to seek new order-taking opportunities.

The DCE iron ore futures trended weaker today. The most-traded contract I2609 closed at 767 yuan/mt, down 1.85% from the previous trading session. Port spot prices fell 6-11 yuan/mt from the previous day.