Steel price today March 7, 2025: Slight recovery
Steel price today March 7: recorded a slight recovery, but the upward trend is unclear.
World market
At the close of trading on March 6, the April rebar futures price on the Shanghai Futures Exchange (SHFE) rose slightly by 0.15% to 3,242 yuan/ton. Meanwhile, the iron ore price on the Dalian Commodity Exchange (DCE) continued to fall by 0.57% to 784 yuan/ton. On the Singapore Exchange, the iron ore price increased by 0.6 USD to 100.36 USD/ton.
Several steel mills in the European Union (EU) withdrew lower offers for hot-rolled coil in early March, signaling they were preparing to raise prices. Traders said prices could rise by at least €20/tonne as the market braced for change.
This optimism stems from the European Commission's decision to extend the deadline for CO2 emissions regulations for cars to 2028 instead of 2026. This has been welcomed by the auto industry and could have a positive impact on steel demand.
In February, hot-rolled coil prices in Southern Europe increased to €600-€605/ton, while in Northern Europe they were €600-€625/ton. Prices are expected to reach €620-€640/ton in Q2. However, the price increase may be limited due to large inventories from Q1.
The global steel market continues to face competition from foreign suppliers, especially from countries that are not subject to additional tariffs. In early March, hot-rolled coil imports into Italy were at €550-560 per tonne, 7% lower than domestic producers’ prices. If the European Commission imposes trade restrictions on steel imports, the situation could change.
In India, steel prices are likely to fall sharply after the US imposed new import duties, changing trade flows. S&P Global forecasts steel prices in India could fall by about 3,000 rupees a tonne ($34.52 a tonne). Indian steelmakers are now facing cheap imports from China, South Korea and Japan, putting pressure on profits.
The US is set to impose a 25% tariff on steel and aluminum imports from March 12, escalating global trade tensions. Steel exporters fear that a planned safeguard duty of up to 14% on steel imported into India could push up domestic prices and squeeze profit margins.
India's commerce minister is currently in talks with the US to find ways to reduce tariffs on a number of items, including steel scrap, to balance the impact of the new trade policies.
Domestic market
Construction steel prices in the Vietnamese market remain stable. Currently, Hoa Phat's CB240 steel price is recorded at 13,480 VND/kg, while D10 CB300 steel is at 13,580 VND/kg.
At other businesses, the price of CB240 steel fluctuates between 13,360 - 13,800 VND/kg, while D10 CB300 steel is at 13,560 - 13,850 VND/kg.
