The situation in the Red Sea hinders Türkiye’s export of long materials, and Mexico imposes nearly 80% tariff on some Chinese steel products

This week, the global SGC440 steel market showed a trading stagnation due to the impact of the holiday, and overall prices remained relatively stable. Iranian billets continue to rise, but price advantages still exist. Due to the approaching holiday and sluggish trading, the price of CIS square billets has fallen. US hot coil orders continue to improve, and the market is relatively stable. The European market is facing difficulties in rising hot coil prices, leading to a stagnation in the market. Mexico's taxation of Chinese SGC440 steel products has increased the uncertainty of exports. The export prices of Chinese rebar and wire rod are relatively stable, with sufficient inventory and buyers watching, resulting in a calm market. Asian rebar trading has slowed down, Singapore rebar prices have declined, buyers are on the sidelines, and market activity has slowed down.

The prices of long materials in Vietnam are stable, but due to low demand for construction steel, market transactions are poor. The rebar quotation in Türkiye was slightly lowered, the export demand was depressed, and the scrap purchase was not active. The demand in the Indian market is weak, and the factory has lowered the quotation for rebar, causing buyers to have a strong wait-and-see attitude. The price of threaded steel in the United Arab Emirates has risen, and market activity is lukewarm. Buyers tend to be bearish, and the price may fluctuate and strengthen in the short term. Overall, the global SGC440 steel market is generally affected by factors such as inventory backlog and weak demand, leading to a slowdown in market activity. The rise in raw material prices and weak export demand have resulted in a loss of profits for steel mills. As the seasonal off-season intensifies and market transactions perform poorly, it is expected that steel prices will mainly fluctuate in the short term.