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World Steel Price Update

At the close of trading on June 16th, the July 2026 rebar futures price on the Shanghai Futures Exchange (SHFE) fell 0.13% (4 yuan) to 3,188 yuan/tonne. On the Dalian Commodity Exchange (DCE), iron ore futures prices rose 0.06% (0.5 yuan) to 781.0 yuan/tonne. Meanwhile, on the Singapore SGX, the July iron ore futures price fell 0.96% (0.98 USD) to 101.20 USD/tonne.

Price movements of July 2026 rebar futures on the SHFE. Source: Barchart

On June 16, leading Australian iron ore mining companies said that increased steel demand in India and Southeast Asia would help offset the slowdown in the Chinese market – currently their largest customer. At the same time, businesses are facing increasing pressure from China to lower prices and improve terms of trade.

Currently the world's second-largest steel producer, India aims to increase steel production to 400 million tonnes by 2035–2036, a significant increase from the current level of around 168 million tonnes.

While this scale is still considerably lower than China's nearly 1 billion tonnes of steel production, expanding capacity will require large quantities of additional iron ore and metallurgical coal. Notably, India is currently almost entirely dependent on imports for metallurgical coal.

Speaking at an industry conference in Singapore on June 16, Michiel Hovers, Head of Sales and Marketing at BHP Group, said the group forecasts demand for metallurgical coal in India to double by 2050. BHP, one of the world's largest metallurgical coal producers, has long identified South Asia as a key growth market.

At the same event, Bold Baatar, Commercial Director of Rio Tinto, noted that new steel demand from India and Southeast Asia will help offset the weakening Chinese market.

The world's second-largest economy is still reeling from its real estate crisis, now in its fifth consecutive year. This sector used to be the largest consumer of steel in China and a key driver of iron ore demand for many years.

According to mining companies, China's steel production is projected to fall to its lowest level in seven years by 2025. This trend increases challenges for international iron ore suppliers, as China Mineral Resources Group (CMRG) increasingly plays a role in raw material procurement.

CMRG is reportedly employing tough negotiating tactics, including restricting or suspending purchases from certain suppliers, to pressure for lower prices and more favorable terms for the Chinese steel industry.

Analysts predict that in the coming years, growth in steel demand in India and Southeast Asia will be a key driver for the global mining industry. However, the consumption scale of these markets remains significantly smaller than that of China, meaning iron ore producers will continue to closely monitor economic developments and steel demand in Asia's largest economy.

Domestic Steel Price Update

Domestic steel businesses are stabilizing prices. Specifically, Hoa Phat quoted CB240 and D10 CB300 at 15,120 VND/kg. Similarly, Viet Y Steel Northern Vietnam recorded CB240 at 14,850 VND/kg. Viet Duc Steel Northern Vietnam recorded CB240 and CB300 at 14,750 VND/kg.

Meanwhile, some other businesses such as VJS Steel Northern Vietnam quoted CB240 and D10 CB300 at 14,850 VND and 14,750 VND/kg respectively. Thai Nguyen Steel offered CB240 at 14,990 VND/kg and D10 CB300 at 14,890 VND/kg.

Steel prices recorded up to June 17, 2026. Source: SteelOnline