Report Period: June 17 – 24, 2026 (Week 25)
Cover: Vietnam | Philippines | Thailand | Indonesia | Malaysia
📌 Core Insights
- Chinese HRC FOB edges down to $492–501/t** – SMM reported HRC transaction prices at **$492–501/t on June 23, down $1/t day-on-day. Flat steel prices lowered by $1–2/t across the board. A major northern mill reported transaction price fell by more than $5–10/t week-on-week. (Source: SMM)
- China billet export competitiveness continues eroding – Billet export offers at **$470–476/t FOB**, down $3–4/t from earlier levels. Overseas billet export offers declined, weakening China’s competitiveness, resulting in mediocre inquiries and poor transaction performance. (Source: SMM)
- Indonesia HRC remains elevated at $605/t CFR on slab shortage** – SAE1006/SS400 (3mm) offers for July at **$605/t CFR Jakarta/Surabaya. SPHC (2mm) targeting $640–670/t CFR. Slab scarcity continues driving prices to new highs. (Source: Industry data)
- Thailand HRC sunset review from 14 countries underway – Thailand’s DFT initiated sunset review of AD duties on HRC imports from 14 countries, including Japan, South Korea, India, Russia, and Indonesia. DFT determined that if AD measures were terminated, dumping and injury could continue or recur. Existing AD rates remain in force for up to one year. (Source: SteelOrbis)
- Malaysia expands trade remedies to long products – MITI’s wire rod AD investigation on China, Indonesia and Vietnam progresses (preliminary determination due within 120 days). Malaysia Steel Association also petitioned for rebar dumping investigation from Singapore and Turkey. (Sources: MITI, The Edge Malaysia)
- Singapore port congestion eases slightly but remains severe – Approximately 380,000 teu of delayed vessels, down from 450,000 teu last week. 72% of containerships bound for Singapore are arriving late. Port Klang has 51 containerships waiting. (Source: Worldports.org)
💰 Price Benchmarks
| Product | Market | Week 24 (Jun 10–17) | Week 25 (Jun 17–24) | WoW Change | Source |
|---|---|---|---|---|---|
| Billet (3SP, 150mm) | FOB China | $473–476/t | $470–476/t | ▼ –$3/t | SMM |
| HRC (SS400, 3mm) | FOB China (Tianjin) | $497–506/t | $492–501/t | ▼ –$5/t | SMM |
| HRC (SAE1006, Jul) | CFR Indonesia | $605/t | $605/t | ▶ Unchanged | Industry data |
| HRC (Formosa Ha Tinh) | Vietnam domestic | $550–570/t | $550–570/t | ▶ Unchanged | Asemconnect Vietnam |
| Billet (5SP) | CFR Philippines | $498–500/t | $495–500/t | ▼ –$3/t | Industry calc |
| BDI | Global | 2,729 (Jun 12) | 2,722 (Jun 19) | ▼ –7 pts | Baltic Exchange |
🛡️ Policy Alert: ASEAN Trade Remedy Wall Deepens
Thailand expanded its HRC sunset review to cover 14 countries, with DFT determining that dumping and injury could recur if measures lapse. Importers must now provide security deposits equivalent to current AD rates for up to one year. Malaysia is simultaneously running three trade remedy actions: a CRC sunset review, a wire rod anti-dumping investigation (China, Indonesia, Vietnam), and a newly petitioned rebar dumping probe (Singapore, Turkey). Vietnam has tightened customs supervision on HRC imports wider than 1,880mm after identifying potential misclassification that could have cost the state budget over VND 2.3 trillion ($90 million).
💡 Actionable Advice
For Procurement Managers:
- Avoid Chinese HRC for Vietnam. Domestic HRC from Hoa Phat and Formosa Ha Tinh is $50–60/t cheaper** than Chinese imports after duties. Formosa’s aggressive pricing at **$550–570/t offers the best value.
- **Philippine billet buyers — maintain hand-to-mouth procurement at or below $500/t CFR.** Chinese billet FOB has softened to $470–476/t, and Indian billet offers competitive alternatives. Do not chase offers above $500/t.
For Sales Managers:
- Slab exporters — Indonesia remains the premium market. HRC at **$605/t CFR** confirms structural slab scarcity. Chinese slab FOB at $470–476/t offers profitable export window.
- HRC exporters to Thailand — defend market share. Chinese HRC remains $220–230/t below local Thai mills. The sunset review will not erode this advantage for at least 6–12 months.
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