Global Steel Price Comparison Matrix
| Product | China FOB | US | EU (EXW) | Turkey (FOB) | Japan (FOB) | Korea (FOB) | India (EXW) | Vietnam (CFR) |
|---|---|---|---|---|---|---|---|---|
| HRC | ~497index 97 | 1,190–1,205short ton | 736 EUR≈ 855 | — | 624 | 551 | ~648 | 522–537 |
| Rebar | ~483index 103 | — | — | ~620 | — | — | ~598 | — |
| CRC | ~510index 100 | — | — | — | — | — | ~742 | — |
| HDG | ~470index 94 | — | — | — | — | — | — | — |
HRC · Global Price Comparison (USD/t)
Rebar · Major Export Offers (USD/t)
China Mill Profitability Collapses to 7.79%
Chinese steel mill profitability plunged to 7.79% for the week ending September 11, meaning over 90% of mills are now loss-making. Cold-rolled coil losses reached 376 yuan/t, rebar losses 205 yuan/t, and HRC losses 185 yuan/t. The collapse was driven by surging coking coal and coke costs, compounded by geopolitical tensions in the Strait of Hormuz and Red Sea.
Baosteel Raises October HRC Prices by 200 Yuan/t
China’s largest steelmaker Baosteel raised domestic HRC prices by 200 yuan/t ($30/t) for October delivery, signalling that cost-push pressure is forcing mills to pass on higher raw material costs. Shagang followed with rebar up 50 yuan/t and wire rod up 150 yuan/t for mid-September sales.
Rebar Futures Hit Three-Week Low
SHFE rebar futures for October delivery fell 26 yuan/t to 3,054 yuan/t on September 12, a three-week low, as worsening mill profitability and weak demand weighed on sentiment. DCE iron ore futures fell 1.5% to 720 yuan/t, the lowest since September 3.
Iron Ore Posts Largest Weekly Drop in Three Months
SGX 62% Fe October futures fell 1.62% to 96.60 USD/t on September 12, capping a weekly decline of approximately 3% — the largest weekly drop in nearly three months. Daily hot metal output across 247 Chinese mills declined 0.2% week-on-week to 2.36 million tonnes as of September 10, reflecting output cuts amid widespread losses.
Coke Fifth Round Implemented, Sixth Round Underway
China’s fifth round of metallurgical coke price hikes took effect on September 10, bringing cumulative gains to 450–495 yuan/t ($67–74/t) since late August. The sixth round of negotiations has already commenced, with proposed increases of 100–110 yuan/t, though market outlook is clouded by weakening support from both upstream and downstream sectors.
Turkey Rebar Surges to $620/t FOB
Turkish mills raised export rebar offers to approximately $620/t FOB, with domestic ex-works offers reaching $630/t as the scrap-rebar spread widened. The rally was driven by tightening billet availability, rising import scrap costs (HMS 80:20 US-origin at $380–385/t CFR), and strong post-monsoon rebar demand.
UAE Rebar Declines to $783/t
UAE September rebar monthly assessments fell $4/t to $783/t ex-works as weak demand and buyer resistance to high prices prompted some mills to lower offers. Emirates Steel maintained its September rebar ex-works price unchanged, while Saudi Arabia’s Hadeed held rebar at $747/t CPT Riyadh but raised wire rod by $33/t to $807/t CPT.
India HRC Hits Four-Year High, Index Rises Seventh Straight Week
BigMint’s India steel composite index rose 2.8% week-on-week, marking the seventh consecutive weekly increase since late July. HRC benchmark reached INR 62,000/t ($648/t) ex-Mumbai, up INR 1,900/t week-on-week, while CRC surged INR 3,300/t to INR 71,100/t. BF-route rebar rose INR 2,200/t to INR 57,200/t ($606/t) as mills stopped accepting fresh project bookings amid tight availability.
South Korea Considers HRC Anti-Dumping Investigation
Korea’s MOTIE stated it is considering anti-dumping measures on certain Chinese and Japanese steel products, including a potential investigation into HRC imports. Separately, Korea’s Trade Commission is scheduled to issue a preliminary determination on September 17 regarding Chinese alloy-steel bars, following applications by SeAH Besteel and SeAH Changwon Special Steel.
EU HRC Expected at €750–800/t in Q4
An Argus survey conducted on September 8 showed 44% of respondents expect Northwest European HRC prices to settle at €750–800/t base ex-works in Q4, with 32% seeing €700–750/t and 15% above €800/t. The Argus ex-works NW EU HRC index has risen €71.75/t to €736/t since the announcement of new safeguard measures on June 30.
EU Melt-and-Pour Rules to Take Effect October 1
Implementing Regulation (EU) 2026/1963, published on August 31, requires melt country and heat number for every steel consignment entering the EU from October 1, 2026. The rules systematically close third-country transshipment loopholes, with a one-year transition period allowing alternative documents before standard MTC certificates become mandatory after October 1, 2027.
Vietnam Formosa Ha Tinh Recovers from Fire, Raises October Prices
Formosa Ha Tinh fully resolved its September 4 hot blast stove incident and brought the blast furnace back into operation. The company raised HRC prices by $15/t for October–November deliveries to approximately $537/t CFR HCMC. The incident is estimated to have impacted only 3–5% of Vietnam’s monthly HRC supply pool.
US HRC Holds at Elevated Levels
Nucor maintained its HRC consumer spot price at $1,190/short ton for the week, with CSI West Coast at $1,250/short ton. The SMU average US HRC price stood at $1,205/short ton at the start of September. The US-China HRC spread now exceeds $830/t, with limited spot availability keeping the market seller-dominated.
China Coking Coal Trading Cools as Caution Grows
Trading of coking coal in China’s online auctions slowed notably during September 4–10, with more players wary of future trends citing the steel market’s tepid performance. Coking coal price corrections are expected to be limited, with tight supply acting as a buffer.