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World Steel Price Update

At the close of trading on June 2nd, the price of July 2026 steel rebar futures on the Shanghai Futures Exchange rose 0.16% (5 yuan) to 3,194 yuan/tonne. On the Dalian Commodity Exchange, the price of July 2026 iron ore futures increased 0.44% (3.5 yuan) to 796.5 yuan/tonne. On the Singapore Exchange, the price of July 2026 iron ore futures increased by 0.7 USD to 105.25 USD/tonne.

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

In the European hot-rolled coil (HRC) market, prices remained stable, with steel mills intensifying negotiations for contract price increases in the second half of the year, according to Euro Metal.

On May 29th, spot prices for hot-rolled coil (HRC) in the European market continued to remain stable due to sluggish trading demand. However, steel producers in the European Union (EU) have begun raising their price targets for long-term contracts for the second half of 2025.

According to market sources, one major steel producer is aiming for an increase of approximately 80 EUR/tonne for long-term contracts. New offers for deliveries from July to December have increased by 50-120 EUR/tonne, depending on the customer, supplier, and previous contract prices.

Although market participants believe that long-term contract prices are likely to increase, the actual increase may be lower than the targets set by the mills. Some sources also expressed concern that demand for steel from end-use industries, particularly the automotive sector, could weaken due to geopolitical instability in the Middle East, as well as declining car sales in the region and globally.

Contrary to developments in the long-term contract market, the spot market has not seen a price recovery. Steel mills continue to maintain stable prices to ensure production capacity during the summer – a period typically characterized by low trading volumes.

Some producers attempted to offer HRC for Q3/2026 delivery at 730-750 EUR/tonne, delivered to market, but quickly adjusted prices down below 700 EUR/tonne ex-works to attract buyers.

In Northwest Europe, domestic HRC prices are currently generally around 680 EUR/tonne ex-works.

In Italy, domestic prices remained stable at around €680/tonne delivered, equivalent to €665-675/tonne ex-works.

A flat steel distributor in Northwest Europe commented: “The European flat steel market is in a temporary stalemate. Spot trading is subdued due to weak demand from the automotive and industrial sectors. Meanwhile, domestic mills are taking advantage of upcoming import restrictions to push up prices on paper, but buyers can still withstand the pressure by utilizing existing inventories.”

From July 1st, the EU will implement a new steel import quota mechanism with stronger protectionist measures. The current policy framework shows that the total quota will be cut by approximately 47%, while the over-quota tariff will be raised from 25% to 50%.

Market sources suggest that domestic European hot-rolled coil prices are likely to remain flat in the short term. Factories will try to use the new import protection measures as a supporting tool to raise their selling prices for the third quarter.

Domestic Steel Price Update

Construction steel prices at companies remain stable. Specifically, at Hoa Phat, CB240 and D10 CB300 steel are both at 15,430 VND/kg.

Similarly, Viet Y Steel Northern recorded CB240 and D10 CB300 steel prices at 15,150 and 14,700 VND/kg respectively. Viet Duc Steel Northern recorded CB240 and CB300 prices at 15,250 VND/kg and 15,050 VND/kg respectively. Several other businesses such as VJS Steel Northern, Pomina, and Southern Steel also maintained stable prices.

Steel prices recorded up to June 3, 2026. Source: SteelOnline