🔹 Global Steel Market Weekly Review
Advisory Bazaar Info Services
On a week-on-week basis (from the Friday before the holiday to the Friday after), Chinese steel export prices fell by $4–5/mt, mainly due to a sharp drop in HRC prices, while medium plates, cold-rolled products, and silicon steel remained largely stable. In the Thai market, mainstream steel product prices also stayed steady — with CFR Thailand offers for galvanized products at $610–620/mt and wire rod at $510–520/mt. This stability was primarily due to low trading activity among Chinese exporters during the double holiday period.
According to an SMM survey, some Chinese steel mills have raised galvanizing prices by $5–10/mt for October, while wire rod prices are expected to decline. However, given the continuous drop in Chinese domestic prices and the uncertain trading environment, downstream buyers in Thailand remain cautious. As a result, prices are expected to stay weak and stable in the near term.
Globally, steel prices dropped by 2–15 yuan/mt week-on-week. Chinese export prices were pressured by tariff barriers and weaker market sentiment. The steepest declines were seen in the Commonwealth of Independent States (CIS), particularly Russia, where reduced demand from key markets such as China and Turkey led to price cuts. To secure November orders, Russian exporters lowered prices and sought new buyers in regions like India — but Indian market acceptance remained limited, resulting in weaker overall prices.
In Europe, the implementation of the Carbon Border Adjustment Mechanism (CBAM) and the expected reduction in import quotas have created uncertainty, reshaping trade dynamics between domestic and overseas suppliers. Combined with sluggish downstream demand, transaction prices continued to weaken.
🔸 Conclusion:
As post-holiday trading in China gradually returns to normal, CIS export prices may see slight improvement. However, due to rising overseas uncertainties, Chinese steel prices are likely to remain subdued. Most downstream buyers in Southeast Asia are maintaining a “wait-and-see” approach, keeping the market weak and range-bound, with a risk of slight price declines in the near term.