Steel prices today, March 7, 2025: Slight recovery.
Steel prices today, March 7th: showing a slight recovery, but the upward trend is not yet clear.
World market
At the close of trading on March 6th, the price of April-delivery rebar on the Shanghai Futures Exchange (SHFE) rose slightly by 0.15% to 3,242 yuan/tonne. Meanwhile, the price of iron ore on the Dalian Commodity Exchange (DCE) continued to fall by 0.57% to 784 yuan/tonne. On the Singapore Exchange, the price of iron ore increased by $0.60, reaching $100.36/tonne.
In early March, several steel mills in the European Union (EU) withdrew their lower price offers for hot-rolled coil, indicating they were preparing to raise prices. According to traders, prices could increase by at least 20 EUR/tonne, as the market is poised for the change.
This optimism stems from the European Commission's decision to extend the deadline for applying CO2 emissions regulations for cars until 2028 instead of 2026. This has been welcomed by the automotive industry and could have a positive impact on steel demand.
In February, hot-rolled coil steel prices in Southern Europe rose to 600-605 EUR/tonne, while in Northern Europe they reached 600-625 EUR/tonne. Prices are expected to reach 620-640 EUR/tonne in the second quarter. However, the upward trend may be hampered by large inventories carried over from the first quarter.
The global steel market continues to face competition from foreign suppliers, particularly from countries not subject to additional tariffs. In early March, the import price of hot-rolled steel coils into Italy was 550-560 EUR/tonne, 7% lower than the price offered by domestic producers. The situation could change if the European Commission implements trade restrictions on steel imports.
In India, steel prices are likely to fall sharply after the US imposed new import tariffs, altering trade flows. S&P Global forecasts that steel prices in India could fall by around 3,000 rupees per ton (equivalent to $34.52 per ton). Indian steel producers are currently facing pressure from cheap steel imports from China, South Korea, and Japan, which are impacting profits.
The US is expected to impose a 25% tariff on imported steel and aluminum starting March 12, escalating global trade tensions. Steel exporters fear that India's planned safeguard tariffs of up to 14% on imported steel could drive up domestic prices and reduce profit margins.
India's Commerce Minister is currently negotiating with the US to find a solution to reduce tariffs on certain goods, including steel scrap, in order to balance the impact of new trade policies.
Domestic market
Construction steel prices in the Vietnamese market remain stable. Currently, Hoa Phat's CB240 steel is priced at 13,480 VND/kg, while D10 CB300 steel is priced at 13,580 VND/kg.
At other businesses, the price of CB240 steel fluctuates between 13,360 and 13,800 VND/kg, while D10 CB300 steel is priced at 13,560 to 13,850 VND/kg.
