The U.S. Midwest and Chinese HRC markets exhibit diverging trends as of June 4, 2025, with U.S. prices stabilizing after tariff-driven volatility and China facing sustained export pressure.
The U.S. Midwest HRC spot market shows consolidation, with ex-works Indiana prices at $880/st, while front-month CME HRC futures trade at $890/st (+0.57% daily). Nucor’s weekly spot price (CSP) stands at $870/st FOB, down $60/st since May 2025. Mills maintain July 2025 delivery offers near $935/st, though transaction volumes remain subdued amid 3–5 week lead times.
China’s Q235B 4.75mm HRC ex-warehouse Shanghai prices hold at ¥3,425/tonne ($473/t), with SHFE June 2025 futures settling at ¥3,801/tonne ($525/t). Export markets face headwinds, with FOB China SS400-grade HRC offers at $625–630/t , constrained by Vietnam’s 27.83% anti-dumping duties.
| Region | Delivery Term | Price |
|---|---|---|
| U.S. Midwest | Ex-Works Indiana (Spot) | $880/st |
| U.S. Midwest | CME HRC Futures (July 2025) | $890/st |
| U.S. Midwest | Nucor Weekly Offer (FOB) | $870/st |
| China Domestic | Ex-Warehouse Shanghai | ÂĄ3,425/t ($473/t) |
| China Export | FOB Main Port (SS400 Grade) | $625–630/t |
| China Futures | SHFE HRC (June 2025 Settlement) | ÂĄ3,801/t ($525/t) |
U.S. prices face downside risks from import competition (Asian HRC at $646/t landed), while China’s production cuts (rumored 100,000–300,000 tonnes/month) may stabilize domestic prices near ¥3,400/t. Tariff policies remain critical for both markets’ near-term trajectories.
A total of 190,000 tonnes of PB Fines were sold at $92.10/t for delivery between 9–18 July. On the Singapore Exchange, May futures for 62% Fe and 65% Fe slipped by $0.41/t and $0.47/t, respectively, reaching $95.23/t and $105.81/t. The 58% Fe futures contract fell by $0.37/t to $82.20/t. Tangshan billet prices also softened by CNY 10/t to CNY 2,880/t.
The Dragon Boat Festival holiday in China dampened trading activity, with mills and traders remaining on the sidelines, leading to muted spot demand. Adding to the uncertainty, geopolitical tensions heightened as US President Donald Trump announced a plan to double steel import tariffs from 25% to 50%. Market participants are now taking a cautious approach, closely monitoring post-holiday demand recovery in China and potential implications from global trade policy shifts.
