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The world steel market has always been one of the most competitive markets. With the strong development of the steel industry in many countries, the US recently decided to impose a 25% duty on imported steel, a move that could open up great opportunities for Vietnam steel enterprises.To learn more about the prospects that the Vietnam steel industry can take advantage of in the future, read the article below from MRS Steel.A wave of US duties is affecting the global steel marketThe effects of US tariffs on the global steel industryThe US recently levied a 25% duty on steel imports. This choice was taken in order to shield the homegrown steel industry from intense competition from low-cost steel suppliers. This policy not only affects countries with developed steel industries but also affects the global steel industry. The imposition of tariffs will make steel more expensive, reducing competitiveness in the US market. This will lead to some steel importers looking for more cost-effective sources, which could alter the global supply chain.US tariffs will make steel more expensiveWhat opportunities for Vietnam's steel industry?As the US imposes a 25% duty on imported steel products, Vietnam's steel industry can take advantage of some great opportunities to expand its market and increase exports.Growth in exports to the US market: Vietnam is one of the leading steel-producing countries with low production costs, enabling Vietnam steel products to have more competitive prices than competitors. This is a key factor that helps Vietnam steel enterprises compete directly with other countries in exporting to the US.Promote technological innovation and product quality: The US decision to impose high tariffs may force steel exporters from other countries to seek new markets. Vietnam steel can take advantage of this opportunity to increase exports not only to the US but also to other countries affected by US tariffs, thereby contributing to expanding its global market share.Encourage investment and development of the domestic steel industry: To meet the strict requirements of the US market, Vietnam steel enterprises need to improve product quality and improve production processes. This will not only help satisfy the needs of customers in the US but also open up opportunities for Vietnam steel to reach other international markets, especially those with high standards.Vietnam can take advantage of available opportunities to boost exports to the USCompetitive advantages of Vietnam's steel industryCompetitive production costs: Vietnam's labor costs are still far lower than those of steel-producing giants like China, Japan, and South Korea. This gives domestic businesses a competitive price edge in the global market by enabling them to drastically cut production costs.Convenient geographical location: Vietnam's advantageous geographic location next to major markets like China, Asean, India, and Japan helps companies export steel at a lower cost of transportation. Furthermore, importing raw materials and exporting goods to other countries is made easier by the contemporary and growing seaport network.Free Trade Agreement: Due to its membership in numerous significant trade agreements, including the RCEP, CPTPP, EVFTA,... Vietnam has advantageous conditions for the export of steel. Domestic businesses benefit from preferential duty rates as a result of these accords, which makes Vietnam steel products more competitive when compared to nations without such advantages.Product quality is increasingly improving: Significant technological advancements have helped Vietnam steel industry meet international standards and increase product quality. Numerous domestic businesses have been successful in producing high-quality steel that is suitable for export to markets with significant demand, like the US and Europe.Products are increasingly improving in qualityChallenges and strategies to seize opportunitiesVietnam steel mills have numerous obstacles while trying to break into the US market, despite the abundance of prospects. Both adherence to import laws and extremely high standards of quality are necessary in this industry. Vietnam steel mills must thus concentrate on raising their level of competitiveness and increasing the quality of their products. Additionally, companies must thoroughly research US import and tariff laws to minimize needless risks. The opportunities and difficulties that the Vietnam steel industry faces when the US levies a 25% duty on imported steel products have been briefly discussed in the article on MRS Steel. Please get in touch with us if you need to buy premium steel products. MRS Group is always available to help and guide you in selecting the product that best meets your needs.

In the Weekly Steel Price Index for 2025/02/15, MRS Group provides an in-depth look at global steel price trends, highlighting key market changes in the EU, US, and Asia. The latest update from MRS Group offers valuable insights for businesses and investors to stay ahead and adapt their strategies in 2025.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaHRC (Q195 3mm)Viet Nam465-470CFR Viet Nam – Mar/April shipmentChinaHRC (Q235)Viet Nam470-475CFR Viet Nam – Mar/April shipmentChinaSAE1006 50% 2mmViet Nam490CFR Viet Nam – Mar/April shipmentRizhaoSAE1006 50% 2mmViet Nam490CFR Viet Nam – Mar/April shipmentGermanyHRCNorth Europe 650-661EXW Germany – April shipmentItalyHRCNorth Europe619-650EXW Italy – April shipmentTurkeyHRCEU619-629CFR EU main port – April/May shipmentVietnamHRCEU>500 FOBIndonesiaHRCEU566-587CFR EU ports – April/early May shipmentKoreaHRCEU598-608CFR EU ports – April/May shipmentJapanHRCEU596-603CFR EU ports – April/May shipmentUSHRC US881EXW Mar/April shipmentMexicoHRCMexico685-710 Delivered priceIn the past week, investigations and updates regarding anti-dumping tariffs on steel exports to the EU have garnered significant attention from stakeholders in the steel industry. The EU has implemented robust anti-dumping measures on steel imports from several countries with high steel export volumes, particularly from Turkey, India, and China. Tariff rates for steel producers in Turkey, such as Çolakoğlu Metalurji A.Ş. (7.3%) and Erdemir Group (5%), reflect the EU's efforts to protect domestic steel manufacturers from unfair competition due to cheap steel imports. Companies such as Habaş Sinai and Ağir Haddecilik also face tariffs ranging from 4.7% to 7.3%, depending on the steel product being exported. These measures are part of the EU's long-term strategy to safeguard its domestic steel industry and maintain market stability.The situation in the U.S. steel market in the past week has continued to be influenced by rising prices due to import tariffs and protective measures for the domestic steel industry.. These price increases are primarily driven by import tariffs on steel from countries such as Mexico, Canada, and China. The U.S. tariff policy has created a favorable environment for domestic steel producers to raise prices, but it has also led to higher costs for imported steel, which in turn affects industries that rely on steel, such as construction and automotive manufacturing.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

The decision to impose tariffs on all steel imports to the US was made by President Donald Trump. The purpose of this action was to reduce reliance on imported steel and safeguard the indigenous steel production sector. But this choice has also sparked worries about a world trade war. These changes have the potential to impact numerous other economic sectors in addition to the steel industry.You can read more about this event in detail in the article that follows. For a better understanding of relevant developments, please follow MRS.Donald Trump makes the decision to duty all steel importsImported steel under duty pressure from the United StatesA deal that would impose tariffs on all nations that import steel into the US was just signed by US President Donald Trump. Therefore, exclusions and duty-free quotas for significant suppliers like Canada, Mexico, Brazil, and other nations are eliminated, and the imposed duty rate is 25%. The action is regarded as a watershed in the improvement of US trade policy and was a campaign pledge made by Donald Trump. Furthermore, President Trump made hints that he would think about enacting more tariffs on computer chips, pharmaceuticals, and cars. To reduce the amount of Chinese steel products that are imported into the US, the US will also impose new rules that require imported steel products to be "melted and poured" in addition to additional duties.Prior to this, in 2018, Donald Trump levied a 25% tariff on steel imports during his first term. Nonetheless, a few nations that trade with the United States, like Canada, Mexico, and Brazil, have been given tariff-free quotas for these goods. Since Biden took office, the UK, Japan, and other EU nations have been included in this quota. The domestic steel sector has suffered in recent years as the US steel mills reduced capacity due to this limitation. According to government statistics from the American Iron and Steel Institute, the top four countries from which the United States imports steel are Canada, Brazil, Mexico, and Vietnam. The tariffs are intended to improve national security, lessen reliance on imports, and safeguard the domestic steel sector. There are worries that nations would react against President Trump tariff policies, plunging the economy into a trade war. According to a February Reuters survey, U.S. consumer confidence dropped to its lowest level in seven months as respondents began to fear higher inflation as a result of tariffs.Imported steel under tax pressure from the United StatesWhat happens if steel products are subject to tariffs from the US?For the production of automobiles, aircraft, and buildings, steel is considered a crucial raw element. There will be numerous significant effects if the US levies a 25% tariff on steel imports:Increase product price: The chance to raise steel pricing will be available to domestic steel producers. This would raise the price of steel products in the US, which would have an impact on steel-dependent businesses, including construction, industrial manufacture, and automobiles. Negative impact on steel-dependent industries: Steel-using companies and industries will have to pay more, which may result in lower output, fewer jobs, or higher final product prices.Encourage domestic production: In order to lessen reliance on imported steel, this policy may incentivize indigenous steel companies to increase their output and make investments.While the purpose of this policy is to protect domestic industries, the decision could also have unintended consequences for the US economy. You learned about the increased duties the US is putting on imported steel products from the story on MRS. To read the most recent news about the steel business, follow MRS.

Stay updated with the Weekly Steel Price Index for 2025/02/08, brought to you by MRS Group. This report covers key global steel market trends, pricing shifts and trade updates, giving you the essential information you need to make informed decisions.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermViet NamHRCViet Nam503 - 505 USD/MTCFR Viet Nam – April shipmentChinaHRC Q195 (3mm base)Viet Nam465 - 475 USD/MTCFR Viet Nam – Mar/April shipmentChinaHRC Q235Viet Nam475 - 485 USD/MTCFR Viet Nam – Mar/April shipmentChinaSAE1006 (50% 2mm)Viet Nam490 USD/MTCFR Viet Nam – Mar shipmentChinaSAE1006 (50% 2mm)Viet Nam485 - 490 USD/MTCFR Viet Nam – Mar/April shipmentGermanyHRCEU630 - 640 EUR/MT (650 - 661 USD/MT)Mar/April shipmentItalyHRCEU600 - 610 EUR/MT (619 - 630 USD/MT)Mar/April shipmentTurkeyHRCEU590 EUR/MT (609 USD/MT)CFR FO EU main port – April shipmentUSHRCUS800 USD/Short ton (881 USD/MT)EXW – Mar/April shipmentMexicoHRCMexico660 - 710 USD/MTDelivered price – EXWViet NamHRCViet NamHPDQ closed offerExportStrengthening anti-dumping measuresThe European Union has launched an anti-dumping investigation on hot-rolled steel imports from Egypt, India, Japan and Vietnam. This investigation aims to protect the domestic steel industry from unfairly priced steel imports.Many Asian countries, including Japan, Turkey, and South Africa, have implemented over 40 new anti-dumping measures in 2024, mainly targeting steel products from China. This has led to a shift in steel flows to markets like Africa and the Middle East, putting pressure on prices and market stability in these regions.Impact of US trade policyThe Trump administration in the United States announced a 25% tariff on all imported steel and aluminum. This decision could affect global steel prices, especially for major steel exporters like China and Japan. However, the implementation of tariffs may lead to retaliation from other countries, creating trade tensions and impacting global supply chains.Global steel market outlook:Forecasts for 2025 indicate that the global steel market will continue to face challenges, including price volatility, pressure from trade protection measures and changing steel demand. Analysts recommend that businesses in the steel industry remain flexible and be prepared to respond to these fluctuations.These insights provide an overview of the global steel market, particularly regarding prices and anti-dumping measures. Understanding these factors will help businesses and investors make strategic decisions in the current market context.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

The "Weekly steel price index for 2025/01/11" highlights key steel price movements worldwide, with insights on trade policies, production shifts, and supply-demand dynamics. Discover how tariffs, production cuts and regional trends are influencing steel prices in major markets such as Europe, the US, China and India. Stay informed on the latest market changes affecting the steel industry this week with insights from MRS.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaQ195 HRC of 3mm baseVietnam450-455CFR Vietnam – End of Feb/Early MarChinaQ235 HRCVietnam455-465CFR Vietnam – End of Feb/Early MarChinaSAE1006 50% 2mmVietnam475-480CFR Vietnam – End of Feb/Early MarIndonesiaWire rodVietnam480CFR Vietnam – Feb/Early Mar shipmentChinaWire rodVietnam455-460CFR Vietnam – Feb/Mar shipmentChinaWire rodPhilippines455-460CFR Manila – Feb/Mar shipmentIndonesiaWire rodThailand480-485CFR Thailand – Feb/Mar shipmentChinaWire rodThailand470CFR Thailand – Feb/Mar shipmentIndiaIS2062/E250 BR grade HRCDomestic (Mumbai)542-548EXW Mumbai – Feb shipmentRussiaHRC (1.9-4mm)Turkey520-530CFR Turkey – Feb/Mar shipmentChinaQ195 HRCTurkey490-510CFR Turkey – Feb/Mar shipmentTurkeyDomestic HRCTurkey550-565EXW Turkey – Feb/Early Mar shipmentEUHRCGermany600-630 (tradable: 564-594)EXW Germany – Feb/Mar shipmentEUHRCItaly580-600 (tradable: 564-584)EXW Italy – Feb/Mar shipmentUSHRCDomestic market750-800EXW US – Feb shipmentGCC2mm SAE1006 re-rolling gradeGCC ports515-520CFR GCC ports – Feb/Mar shipmentGCC3mm SS400/S235JRGCC ports500-505CFR GCC ports – Feb/Mar shipmentGCC3mm Chinese A36/Q195/Q235GCC ports495-500CFR GCC ports – Feb/Mar shipmentIndia2mm SAE1006GCC ports535CFR GCC ports – Feb/Mar shipmentTurkeyErdemir/Borcelik HRCEU560CFR EU main ports – Mar shipmentKoreaE250A/SPHT/E350 grades HRCEU570-580CFR EU ports – Mar shipmentChina1st tier mills (Baowu/Ansteel)GCC ports515-520CFR GCC ports – Feb/Mar shipmentChinaDomestic rebarTurkey475CFR Turkey – Feb/Mar shipmentIndiaIS2062/E250 BR grade HRCEU540-550CFR EU ports – Mar shipmentTurkeyDomestic HRCDomestic market550-565EXW Turkey – Feb/Early Mar shipmentMexicoDomestic HRC (Ternium/ArcelorMittal)Domestic market695-724 (equiv. 676-705)Delivered MexicoIn the past week, trade policies have continued to significantly impact steel prices, especially the protective measures taken by major countries. In Europe, the anti-dumping duties on steel imports from countries such as China and India remain high. Accordingly, the anti-dumping duty on imported HRC (Hot Rolled Coil) steel into the EU is up to 30-40%, reducing the supply of steel from these countries, which has led to a 5-7% increase in steel prices in Europe last week, reaching approximately €620-630 per ton.Similarly, the US continues to maintain a 25% tariff on steel imports from countries outside North America, including China. This creates a price discrepancy between domestic and foreign steel in the US, with the price of HRC steel in the US maintaining at $700 per ton, significantly higher than in other export markets. US steel producers benefit from this policy as they can keep prices stable, but it also forces steel importers to carefully consider purchasing steel from countries with high tariffs.In the past week, one of the noteworthy updates has been the reduction in steel production from China. This trend has been ongoing since the beginning of 2024, with the Chinese government continuing to implement measures to limit steel production in order to reduce environmental pollution. As a result, China's crude steel production in the past week decreased by about 2-3%, which has caused HRC steel prices in the Asia and Southeast Asia regions to rise slightly, by about $5-10 per ton compared to the previous week. Meanwhile, India and other major steel-producing countries like South Korea have been increasing their steel production to meet domestic and international demand. This helps maintain stable steel prices in India and South Korea. However, this increase in production is not enough to offset the shortage of steel from China, especially for products like HRC and rebar, causing global steel prices to remain high.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times. 

In this week’s MRS Steel report, we dive into recent shifts in global steel prices, focusing on the impact of fresh anti-dumping policies from countries like South Korea, Turkey, and the EU.These measures reflect a growing trend of market protectionism, affecting both price and supply dynamics.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaHRCViet Nam490-498CFR Viet Nam – Nov/Dec shipmentChinaHRCViet Nam500-503CFR Viet Nam – end Nov/Dec shipmentChinaHRCViet Nam515CFR Viet Nam – Dec shipmentChinaHRCViet Nam510-515CFR Viet Nam – end Nov/Dec shipmentJapanHRCViet Nam545CFR Viet Nam – Dec shipmentChinaWire RodViet Nam490-495CFR Hai Phong/Ho Chi Minh – Dec shipmentIndonesiaWire RodViet Nam525-530CFR Viet NamThailandWire RodThailand525CFR Thailand – Dec shipmentMalaysiaWire RodThailand520CFR Thailand – Dec shipmentChinaWire RodPhillipines505-510CFR Manila – Dec shipmentIndiaHRCIndia553-565EXW Mumbai for IS2062/E250 BR gradeTurkeyHRCTurkey600-610EXW Turkey – Nov/Dec shipmentChinaHRCTurkey540-550CFR Turkey (rumor) – Nov/Dec shipmentRussiaHRCTurkey555CFR Turkey – Nov/Dec shipmentVietnamHRCGlobal540FOB – Nov/Dec shipment – no deal yetEUHRCEU615-637EXW Germany – Nov/Dec shipmentItalyHRCEU604-615EXW Italy – Nov/Dec shipmentEUHRCEU583-604EXW Germany – tradable valuesItalyHRCEU572-594EXW Italy – tradable valuesEUWire RodEU620ex-works – Drawing-quality wire rod (rumor)EUWire RodEU610ex-works – Mesh-grade wire rod (rumor)EgyptWire RodEU626-637CFR Rotterdam – limited impactUSHRCUS804EXW – Nov/Dec shipmentMexicoHRCMexicoDropping trendEXW – closely linked to US marketEgyptHRCEU615-621CFR EU main ports – Dec shipmenThis week saw several notable developments in global anti-dumping (AD) policies impacting the steel industry. South Korea officially launched an AD investigation on stainless steel plates imported from China, following claims from domestic manufacturers of unfair competition due to low-priced imports. Preliminary results are anticipated within three months, potentially affecting import duties and subsequent pricing​.Turkey also made headlines by implementing AD duties ranging from 15% to 43% on steel imports from China, Russia, India, and Japan. This decision reflects Turkey's response to rising steel imports and aims to stabilize its domestic market amid ongoing trade disputes between China and the EU, where similar protective measures are in place​.The European Union is weighing an extension of its steel safeguards through 2026. This strategy is part of the EU’s efforts to curb the impact of low-priced imports on its market, accompanied by environmental reviews on the steel production process in several European countries​.These developments reflect increasing global measures to protect domestic steel industries, contributing to price volatility and supply adjustments that market participants are closely watching.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

Welcome to the latest edition of the Steel price index – 2024/10/12-19 from MRS Steel, where we deliver an in-depth analysis of recent price movements within the steel industry.This report offers valuable insights into the fluctuations across global steel markets and various product categories. Stay informed with the latest trends and developments shaping the international steel market, ensuring that you are prepared for changes in this dynamic industry.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaQ195 HRC of 3mm baseViet Nam492-500CFR Viet Nam – Nov/Dec shipmentChinaQ235 HRCViet Nam500-510CFR Viet Nam – Nov/Dec shipmentChinaSAE1006 50% 2mmViet Nam515CFR Viet Nam – Nov/Dec shipmentChinaSAE 1006 50% 2mmViet Nam510-515CFR Viet Nam – Nov/Dec shipmentJapanSAE 1006Viet Nam535CFR Viet Nam – Nov/Dec shipmentChina6.5mm wire rod meshHai Phong/Ho Chi Minh505-510CFR Hai Phong/Ho Chi Minh – Nov/DecIndonesiaWire RodThailand540CFR Thai Lan -Nov/Dec shipmentChinaWire RodManila505-510CFR Manila – Nov/Dec shipmentIndiaHRCIndia575-585EXW MumbaiTurkeyHRCTurkey600-620EXW Turkey – Nov/Dec shipmentRussiaHRCTurkey555CFR Turkey – Nov/Dec shipmentGCCSAE 1006 HRCGCC605CFR GCC ports – Nov/Dec shipmentIndiaSAE1006 HRCGCC570-580CFR  GCC ports – Nov/Dec shipmentEUHRCEU630-652CFR EU main port – Nov/Dec shipmentEUHRCItaly619-630EXW Italy –Nov/Dec shipmentVietnamHRCEU540-550FOB CFR EU ports – Dec shipmentUSHRCUS720-750EXW – Nov/Dec shipmentMexicoHRCMexico751CFR Mexico domestic deliveryVietnamHRCMexico620-625CFR Mexico portsLast week, steel prices in Vietnam continued to fluctuate, primarily influenced by global market conditions. The import price of HRC from China recorded a slight decrease, with offers ranging from 492-510 USD/MT CFR Vietnam for shipments scheduled in November and December. However, many experts forecast that steel prices will rebound by the end of the year due to increasing demand in the construction sector.According to a report from SteelOrbis, global steel prices are also under pressure, primarily due to declining demand from major manufacturing plants, especially in China. Nevertheless, with stimulus policies from the Chinese government to support the construction industry, the market is expected to recover in the first quarter of 2025.The steel market in Southeast Asia, particularly in Indonesia and Thailand, shows signs of recovery as demand from infrastructure projects rises. However, steel prices remain high due to production costs and raw material prices. Experts warn that without timely measures, the market could face steel shortages by the end of the year.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times

Welcome to the latest Weekly Steel Market Update by MRS Steel, where we offer a thorough analysis of the steel industry’s most recent price movements. This report provides essential insights into the fluctuations observed across global steel markets and various product categories. Stay ahead of the curve by diving into the trends and developments shaping the international steel landscape, ensuring you remain informed and ready for shifts in this dynamic sector.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaQ195 HRC 3mmVietnam520-525CFR Vietnam – Nov/Dec shipmentChinaQ235 HRCVietnam525-530CFR Vietnam – Nov/Dec shipmentChinaSAE1006 50% 2mmVietnam540CFR Vietnam – Nov/Dec shipmentChinaSAE1006 50% 2mmVietnam530-540CFR Vietnam – Nov/Dec shipmentTaiwanSPHC/SS400/SAE1006 ≥2mmVietnam575CFR Vietnam – Nov/Dec shipmentIndonesiaSAE1006Vietnam540CFR Vietnam – Nov/Dec shipmentJapanSAE1006Vietnam545-550CFR Vietnam – Nov/Dec shipmentChinaWire rod 6.5mm mesh qualityVietnam510CFR HP/HCM – Nov/Dec shipmentIndonesiaWire rod 6.5mm mesh quality(Not specified)520FOBIndonesiaWire rodThailand520FOBChinaWire rodThailand530CFR Bangkok – Nov/Dec shipmentIndiaHRC IS2062/E250 BRIndia575-585EXW MumbaiTurkeyHRCTurkey600-620EXW – Nov/Dec shipmentChinaHRCTurkey565-575CFR Turkey – Nov/Dec shipmentRussiaHRCTurkey550-560CFR Turkey – Nov/Dec shipmentTurkeyWire rod mesh quality(Export)620-625FOB TurkeyChinaSAE1006 re-rolling grade 2mmGCC600-615CFR GCC ports – Nov/Dec shipmentChinaSS400/S235JR 3mmGCC580-590CFR GCC ports – Nov/Dec shipmentChinaA36/Q195/Q235 3mmGCC565-575CFR GCC ports – Nov/Dec shipmentGermanyHRCGermany613-657EXW Germany – Nov/Dec shipmentItalyHRCItaly591-613EXW Italy – Nov/Dec shipmentTurkeyHRCEU635-646CFR EU main port – Nov/Dec shipmentIndiaHRCEU640CFR EU main port – Nov/Dec shipmentTaiwanHRCEU602-613CFR EU ports – Nov/Dec shipmentKoreaHRCEU613-624CFR EU main ports – Nov/Dec shipmentJapanHRCEU607-618CFR EU main ports – Nov/Dec shipmentEgyptWire rodEU (Rotterdam)635-646CFR RotterdamUSAHRCUSA804EXW – Nov/Dec shipmentUSAHRCUSA804EXW – Nov/Dec shipmentUSAHRCUSA793EXWKoreaHRCUSA (Houston)727-749DDP HoustonMexicoHRCMexico738EXWChina's steel pricing influence China's steel prices, particularly for HRC, have seen volatility due to a mix of domestic challenges and export pressures. A slowdown in China’s construction sector, especially in the property market, has led to surplus steel production. Moreover, China's ongoing struggles with excess capacity and slower-than-expected recovery in domestic demand contribute to this downward pressure on prices​.Impact of trade policies Trade measures like anti-dumping duties are playing a significant role in the steel market. These policies can lead to price hikes for local buyers as they reduce competition from lower-cost imports​. Similar duties are being applied in Europe and Turkey, which are affecting trade dynamics and could drive prices up in those regions​.Energy costs and secarbonization The steel industry globally is grappling with high energy costs, especially coking coal, which has risen by 50% in 2024​. Steel producers, particularly in Europe and Japan, are facing squeezed margins as input costs rise while demand softens in construction and manufacturing. This has resulted in price disparities across regions - Europe and Japan have higher prices compared to China and Southeast Asia​.Near-term price trends Analysts are forecasting a further decline in global steel prices towards the end of 2024 and into mid-2025. This is attributed to both excess capacity, particularly in China, and slower global economic growth. While Europe and the US may see some price stabilization due to production cuts and energy transitions, Asia could continue facing lower prices due to surplus exports​.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

Welcome to the Weekly Steel Market Update from MRS Steel. In this comprehensive report, we provide a detailed analysis of global steel prices, offering insights into price fluctuations across key markets and product categories. We invite you to explore the latest trends and market developments, keeping you well-positioned in the ever-evolving international steel sector.Exporting CountryProductImporting CountryPrice (USD/MT)Trade & Shipment TermChinaHRC Q195Vietnam495-496 CFREarly Nov ShipmentChinaHRC Q235Vietnam496-499 CFREarly Nov ShipmentChinaHRC SAE1006 50% 2mmVietnam500-505 CFROct/Early Nov ShipmentChinaWire rod 6.5mm meshVietnam498 CFRNov ShipmentIndonesiaWire rod 6.5mm meshVietnam502 CFRNov ShipmentKoreaHRC SAE 1006Vietnam500-510 CFRNov ShipmentJapanHRC SAE 1006Vietnam505-510 CFRNov ShipmentJapanWire rod 6.5mm meshThailand502 CFRNov ShipmentChinaWire rod 6.5mm meshThailand480-490 CFRNov ShipmentIndonesiaWire rod 6.5mm meshThailand498 CFRNov ShipmentThailandWire rodThailand500-505 CFRNov ShipmentChinaWire rodPhilippines485-490 CFRNov ShipmentMalaysiaWire rodPhilippines500-505 CFRNov ShipmentPhilippinesWire rodPhilippines485-490 CFRNov ShipmentChinaHRC IS2062/E250 BRIndia568-580 EXWEXW MumbaiIndiaHRCTurkey570-575 EXWEXW PriceTurkeyHRCTurkey485-495 CFRCFR TurkeyRussiaHRCTurkey485-495 CFRCFR TurkeyIndiaHRC S235Turkey530-535 FOBFOB IndiaChinaHRC SAE 1006GCC525-530 CFRNov ShipmentChinaHRC SS400/S235JRGCC515-520 CFRNov ShipmentChinaHRC A36/Q195/Q235GCC500-505 CFRNov ShipmentIndiaHRC SAE 1006EU585-590 CFRNov ShipmentEUHRCEU625-642 EXWEXW GermanyEUHRCEU614-625 EXWEXW ItalyEUHRCEU570 CFRCFR EU PortEUHRCEU530-550 EXWCFR EU PortTurkeyHRCEU540-560 EXWEXW ItalyIndiaHRCEU530-535 CFRCFR AntwerpTaiwanHRCEU575-585 CFRCFR EU PortChina’s export strategy and price fluctuationsThe prices of Chinese HRC for different grades (Q195, Q235, SAE1006) range from $495 to $505 CFR for the Vietnam market, indicating a slight increase over recent weeks. This price rise can be attributed to China's ongoing efforts to stabilize their steel market amidst oversupply and regulatory pressures. However, these adjustments also reflect China's strategy to maintain competitiveness in international markets by keeping prices attractive for key importers like Vietnam​.The Chinese domestic and export wire rod prices also remain competitive in different ASEAN regions, such as Thailand and the Philippines, with offers varying between $485 and $505 CFR.Korean and Japanese competitivenessKorean suppliers like Hyundai, Dongkuk and Posco have set HRC SAE1006 prices in the range of $500-510 CFR for Vietnam, while transactions have been heard at around $490 CFR. This pricing indicates that Korean mills are aiming to stay competitive against Chinese offerings, adjusting prices to maintain market share in Southeast Asia.Japanese HRC prices for SAE1006 remain slightly higher ($505-510 CFR) with potential transaction prices of $500 CFR for the Vietnam market. This suggests that Japanese suppliers are maintaining a premium over Chinese and Korean offerings, possibly leveraging their perceived quality and consistency.India’s domestic price drops and anti-dumping measuresIndia's JSW and Tata have dropped domestic HRC prices (IS2062/E250 BR) to around $568-580 EXW Mumbai, likely due to subdued domestic demand and the impact of regulatory challenges, including import restrictions and BIS licensing issues.Furthermore, anti-dumping measures against Indian imports in regions like Turkey (11.65% margin on Tata Steel) and the EU are influencing India’s export strategy and competitiveness.Europe's steel market dynamicsThe European HRC market has been under pressure from oversupply, with tradable values declining to around €540-560 EXW Germany and €530-550 EXW Italy. Demand in key steel-consuming sectors remains low and the competition from external imports has pushed European mills to reduce prices. This situation is aggravated by the ongoing anti-dumping investigation against imports from Egypt, India, Japan and Vietnam, which affects the volume and price dynamics of HRC in Europe.Turkey's Erdemir and other mills are offering at around €510/mt ($570 CFR), indicating their attempt to remain competitive despite the downward pricing trend in the EU.* Please note that all pricing information in this article is based on data collected and analyzed by our team and is intended for reference purposes only. Prices are subject to change and may not be accurate at all times.

Recently, the international shipping situation has encountered many major fluctuations due to crises in the Red Sea and trade tensions between the US and China. These attacks have severely impacted international shipping, particularly in key routes connecting the Indian Ocean to the Suez Canal and the Mediterranean Sea. Additionally, China's accelerated export efforts to the US ahead of new tariffs have exacerbated the demand for empty containers, further driving up global shipping costs.Global shipping is under siege as crises in the Red Sea and trade tensions between the US and China send costs soaringImpact of rising container shipping costs due to red sea instabilitySince mid-November 2023, the Houthi group's have attacked on commercial vessels in the Red Sea, especially those they believed were linked to Israel. However, the reality is that they attack without distinction any ships passing through the area. Major shipping lines, such as Maersk, have had to reroute their ships via the Cape of Good Hope, significantly increasing travel time and fuel costs. For instance, the journey from Singapore to Rotterdam now takes approximately 36 days via South Africa, compared to 26 days through the Suez Canal.This diversion adds about 10-15 days to each trip and causes fuel costs to increase significantly. Shipping companies have had to increase freight rates to cover costs, resulting in freight rates from China to Europe rising to $7,000 per 40-foot container, five times higher than pre-COVID-19 levels. Freight rates from Asia to Northern Europe increased to more than 4,000 USD/40-foot container and 5,175 USD to the Mediterranean. For routes from Asia to the US, with rates reaching up to 3,900 USD/container to the East Coast and more than 2,700 USD/container to the West Coast.Houthi attacks in the Red Sea force shipping reroutes, skyrocketing freight rates to unprecedented levelsThese disruptions not only affect the shipping industry but also risk causing global inflation as businesses adjust their prices to account for higher transportation costs. The attacks have also increased insurance costs for ships passing through the Red Sea by 10 times compared to before, adding further financial strain on shipping companies and consumers.Impact on Vietnamese steel exportsThe attacks have reduced the flow of steel and aluminum to Europe via the Suez Canal by about 775,000 tons per month, impacting the global steel supply chain and increasing transportation costs. Rerouting through the Cape of Good Hope adds 10-15 days to shipping times and transportation costs from Vietnam to European ports have nearly tripled, from under $2,000 per 40-foot container in December 2023 to over $5,000 in January 2024.Houthi attacks choke steel flow to Europe, tripling Vietnam-to-Europe shipping costsVietnamese advantage in steel exports amid rising shipping costsFaced with escalating tensions, many countries such as the US and EU countries have deployed military operations to protect commercial ships and maintain maritime security in this area. However, this deployment cannot completely prevent attacks and experts say the situation could continue for a long time without a lasting political solution in Yemen.Despite these challenges, Vietnam's steel exports maintain a competitive edge due to several factors. Firstly, Vietnam's strategic location in Southeast Asia provides proximity to major international shipping routes, reducing shipping time and costs to major markets like Asia, Europe, and the Americas.Amid escalating tensions, Vietnamese strategic location keeps steel exports competitive despite global shipping disruptionsSecondly, Vietnam boasts a well-developed logistics system, featuring major ports such as Hai Phong, Cat Lai, and Da Nang, offering diverse transportation services including container and bulk shipping. Additionally, the abundance of empty containers in Vietnam helps minimize waiting times and rental costs, optimizing export-import processes. These factors enable customers importing steel from Vietnam to benefit from lower shipping costs and more efficient services compared to other countries with limited container availability.The shipping crisis in the Red Sea and trade tensions between the US and China have increased shipping costs and disrupted global supply chains. However, customers importing Vietnamese still have advantages thanks to its favorable geographical location, developed logistics system and abundant empty containers. These strengths help reduce costs and shipping times, enhancing the competitiveness of Vietnamese steel in the global market, especially during these volatile times. Follow MRS Steel to get the latest updates on the Vietnamese and global steel industry!