A Shanxi Steel Mill's Ferromolybdenum Tender Price of 325,000 yuan/mt

[Korea] The downward trend in South Korea's scrap metal market continued, and some steel mills further cut prices this week. POSCO's Gwangyang plant recently announced a reduction of 5,000 KRW/tonne (approximately 3 USD/tonne) in steel scrap purchase prices, while the Pohang plant kept prices unchanged. Most South Korean steel mills intensively lowered prices in early July and this week, with some even scheduling reductions through late July. As panic selling in the market has increased supply, the price spread between domestic and imported steel scrap is expected to widen significantly.

The European Commission has launched an expiry review of anti-dumping duties on certain hot-rolled flat steel products from Turkey, following EUROFER’s request. The review will assess whether removing the measures could lead to renewed dumping and injury to EU producers. The investigation covers April 2025-March 2026 and should conclude within 12 months. Current duties range from 4.7% to 7.3%.

Vietnam’s Formosa Ha Tinh Steel cut domestic HRC prices for August-September deliveries by around USD 40/tonne from the previous month, with finished SAE1006 HRC at about USD 545/tonne in Ho Chi Minh City. Vietnam’s HRC market remains pressured by weak demand and cheaper Southeast Asian imports, while buyers stay cautious. Hoa Phat also reduced August-delivery HRC offers by about USD 34/tonne, and prices may remain under pressure without a clear recovery in manufacturing and construction demand."