Steel prices today, March 23rd: Slightly up at the start of the session

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World Steel Price Update

Opening trading on March 23, the price of April 2026 rebar futures on the Shanghai Futures Exchange edged up slightly by 0.5% (7 yuan) to 3,140 yuan/tonne. On the Dalian Commodity Exchange, the price of April 2026 iron ore futures fell by 0.2% (2 yuan) to 834 yuan/tonne. On the Singapore Exchange, the price of April 2026 iron ore futures decreased by 0.15 USD to 107 USD/tonne.

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

The global iron ore and steel markets improved in March thanks to positive sentiment from China; however, investor sentiment remains cautious due to geopolitical risks and rising input costs, according to GMK Center.

The global iron ore market recovered in March after a weak period in February, with prices fluctuating around $100/tonne CFR (KORE 62% Fe/Qingdao). As of March 16th, prices had risen to $107.58/tonne, representing a 7.6% increase from the previous month and a 0.6% increase year-to-date.

The main drivers of the March rally were not a significant improvement in underlying demand, but rather a combination of macroeconomic signals from China, logistical risks, and short-term supply concerns.

The first supporting factor came from expectations surrounding China's "Two Sessions" meeting. Although the announced stimulus measures were considered relatively modest, signals of record budget spending, new government bond issuance, and increased transfers to local governments improved sentiment in the futures market. In addition, the GDP growth target of around 4.5–5% was also seen by the market as a supporting factor for stable demand and raw material consumption.

The second factor stemmed from geopolitical factors. Escalating tensions in the Middle East pushed up oil and freight prices, indirectly supporting iron ore prices due to higher logistics costs. Concerns related to shipping transit through the Strait of Hormuz, diversion of shipping, and additional costs for shipowners created a significant “risk premium,” particularly evident at the beginning of the month.

In the finished steel market, Japanese steelmaker Tokyo Steel decided to raise product prices in April due to rising raw material costs, according to BigMint.

Specifically, hot-rolled coil (HRC) steel prices (1.7–22 mm) increased by 7,000 JPY/tonne (44 USD/tonne) compared to the previous month, while rebar and structural steel prices increased by 5,000 JPY/tonne (31 USD/tonne).

Following the adjustment, Tokyo Steel's HRC price reached 584 USD/tonne, and rebar (D13–25) was at 546 USD/tonne.

However, domestic demand in Japan remains cautious amid uncertainty about the outlook for construction activity in some areas. The shift to higher price levels has been slow, somewhat restraining market activity. Nevertheless, steel producers are still increasing their supply plans, while dispersed inventories in the distribution system have spurred demand for faster deliveries.

In the U.S., steel producer Nucor continued to raise its spot price for hot-rolled coil by $5/short ton compared to last week, according to a notice sent to customers on March 16.

With this adjustment, the new price reached $1,015/short ton, marking the ninth consecutive increase. The sharpest increase occurred on March 2, when the price was raised by $15/short ton.

The spot price of California Steel Industries (CSI) on the U.S. West Coast also increased by $5/short ton, to $1,065/short ton.

Delivery terms remain unchanged, maintaining a range of 3–5 weeks.

According to SMU, as of March 10th, the average spot price for HRC in the US market under FOB conditions (East Rocky Mountains region) reached US$1,005/ton (short ton), unchanged from the previous week.

Domestic Construction Steel Price Update

Domestic construction steel prices remained stable across businesses. Specifically, Hoa Phat quoted D10 CB300 steel and CB240 coil steel at 14,720 VND/kg.

Similarly, Viet Y Steel Northern Vietnam recorded CB240 and D10 CB300 prices at 14,440 and 14,340 VND/kg respectively. Viet Duc Steel Northern Vietnam recorded CB240 and CB300 prices at 14,550 VND/kg.

Kyoei Steel also recorded CB240 at 13,940 VND/kg and CB300 at 13,740 VND/kg. Pomina Steel Thai Nguyen recorded CB240 prices at 14,140 VND/kg and CB300 prices at 13,990 VND/kg.