[Vietnam] Construction steel prices held at around 531 USD/tonne EXW, while HRC prices remained at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Although HRC offers from Indonesia have increased, persistent weakness in downstream demand continues to offset higher raw-material costs, keeping buyers cautious and limiting price upside. Meanwhile, Taiwan launched an anti-dumping investigation on cold-rolled stainless steel imports from Vietnam on August 14, covering 20 Vietnamese enterprises including Vnsteel, Posco VST, YGS Vina and Nam Thuan Phat, with the applicants alleging a dumping margin of up to 31.36%. The latest investigation, together with Turkey’s anti-dumping measures, adds to growing trade-remedy pressure on Vietnamese steel exporters and could further constrain overseas sales, shifting greater attention toward the domestic market. Domestic steel demand is expected to benefit from accelerating urbanisation, infrastructure development and project-linked sales, providing support for construction steel consumption.

Formosa Ha Tinh Steel (FHS) plans to recruit 300 additional employees for production, maintenance and fire-prevention positions as the integrated steel complex continues to expand its workforce. The company currently operates a 3,318-hectare complex with annual steel and iron output of more than 6 million tonnes and employs over 6,500 workers. However, FHS continues to face pressure from trade-remedy measures in key export markets, including anti-dumping actions by the EU and India on Vietnamese HRC, while weaker Asian steel prices and higher financial costs continue to weigh on profitability.

[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Strong Note and Move Higher; Stainless Steel Spot Offers Hold Steady, Transaction Recovery Hard to Sustain According to SMM on August 18, SS futures maintained a strong consolidation pattern, extending the previous day's stronger tone, with prices moving higher. At the close, the most-traded SS futures contract settled at 14,275 yuan/mt. In the spot market, SS futures rebounded and strengthened yesterday afternoon; with guidance prices at mainstream steel mills holding steady, inquiry and transaction activity in the spot market clearly recovered. Today, momentum for further gains was insufficient, transactions weakened somewhat, and trader offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2610 traded at 14,235 yuan/mt, up 15 yuan/mt from the previous trading day. Wuxi 304/2B spot premiums were in the 435-635 yuan/mt range. In the spot market, the average price for Wuxi cold-rolled 201/2B coil held steady; for cold-rolled raw-edge 304/2B coil, the Wuxi average rose 25 yuan/mt and the Foshan average rose 25 yuan/mt; Wuxi cold-rolled 316L/2B coil prices fell 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes were flat; cold-rolled 430/2B coil prices in Wuxi and Foshan were unchanged. This week, stainless steel futures were repeatedly disrupted by macro sentiment and overall remained on a weak pullback trend. During the week, news on Indonesian RKAB nickel mining approvals repeatedly disturbed industry expectations. Combined with the US Fed's hawkish policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty in the market stayed high. Multiple bearish factors combined to drag SS futures through a sustained pullback during the week, with overall bearish sentiment dominating the market...

[India] India’s domestic steel market remained stable but cautious on Monday compared with Friday with scrap and finished steel prices largely unchanged across key regions. The market sentiment is bearish and subdued with buyers adopting a wait-and-watch approach amid limited price movement and balanced demand-supply conditions. In northern Mandi Gobindgarh, HMS 1&2 (80:20) flat delivered Mandi 355USD/tonne (33,900 INR/tonne). Billet prices stable delivered Mandi at 443USD/tonne (42,400INR/tonne). Meanwhile, Mumbai HMS 1&2 (80:20) unchanged delivered Mumbai 324USD/tonne (31,000INR/tonne). Rebar prices unchanged delivered Mumbai 495USD/tonne (47,300INR/tonne). In South India, billet unchanged delivered Chennai at 455USD/tonne (43,500INR/tonne).

[Vietnam] Vietnam’s steel market remained stable, with construction steel prices holding at around 531 USD/tonne EXW and HRC at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Export prices remained largely unchanged as mills faced increasing pressure from trade remedies, tariffs and stricter environmental standards in overseas markets. Meanwhile, project-linked sales are showing stronger momentum as big cities like Ho Chi Minh City begins construction and inaugurates projects around National Day, supporting demand for construction steel and providing a positive signal for the domestic market.

[Turkey] Last week, Turkish HRC prices remained broadly stable amid persistently weak demand in both the domestic market and the EU. Domestic HRC prices held at around USD 585–600/tonne EXW, with one southern mill offering at about USD 585/tonne EXW, while northern mills quoted around USD 590–595/tonne EXW and another mill at USD 600/tonne EXW. With two major mills planning maintenance in September, most producers are currently focusing on booking October production, leaving only limited September tonnage available. On the export side, mainstream offers remained at USD 570–575/tonne FOB, while large-volume deals could be negotiated down to around USD 560/tonne FOB. EU demand remained weak during the summer holiday period, although some Turkish mills still secured delivery orders ahead of the new quota period starting on 1 October. For imports, Chinese HRC for late-September shipment was offered to Turkey at around USD 530–535/tonne CFR.

Non-oriented Silicon Steel Price Dynamics Shanghai B50A800 grade: 4,350-4,350 yuan/mt Guangzhou B50A800 grade: 4,150-4,150 yuan/mt Wuhan 50WW800 grade: 4,160-4,160 yuan/mt Shanghai market: This week, cold-rolled non-oriented silicon steel spot prices in the Shanghai market were in the doldrums, and overall market transactions maintained off-season performance. Market feedback indicated that HRC futures consolidated this week, market confidence recovered somewhat, the current supply-demand imbalance was relatively pronounced, demand visibly weakened, and most downstream motor enterprises mainly purchased as needed, with low stockpiling willingness. Overall, cold-rolled non-oriented silicon steel prices in the Shanghai market are expected to remain in the doldrums next week, with expectations of following cost declines. Guangzhou market: This week, the cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums, and transactions were somewhat sluggish. Market feedback indicated that ferrous metals futures consolidated this week, and the spot market lacked direction. However, the industry is currently in its traditional consumption off-season, downstream end-users such as motor and appliance enterprises maintained low operating rates, purchasing sentiment was cautious and conservative, and typhoon and rainstorm weather affected sales, making the market even more sluggish. Overall, cold-rolled non-oriented silicon steel prices in the Guangzhou market are expected to remain in the doldrums next week. Wuhan market: This week, the cold-rolled non-oriented silicon steel market in Wuhan was in the doldrums, with prices generally declining by 30-50 yuan/mt and lackluster transactions. Market feedback indicated that futures consolidated, downstream enterprises showed strong wait-and-see sentiment, demand resilience was insufficient, and traders reported that actual transactions were average, and they held cautious expectations for the future market outlook and chose to control inventory levels. Overall, cold-rolled non-oriented silicon steel spot prices in the Wuhan market are expected to remain in the doldrums next week. Data Source Statement: (All other data in this report are derived from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, NBS data, customs import and export data, and various data published by major associations and institutions), market communications, and the SMM internal database model, and are obtained through comprehensive analysis and reasonable inference by the research team; they are for reference only and do not constitute decision-making advice.) SMM has the final right to interpret the terms of this statement and reserves the right to adjust and amend the content of this statement according to actual circumstances.

[SMM Analysis] Futures Drag Down Stainless Steel Prices, Steel Mill Profits Narrow Significantly This week, finished stainless steel product prices and production costs pulled back slightly in tandem. Driven by a sharp decline in SS futures, the drop in stainless steel prices widened noticeably, and steel mills’ overall smelting profits narrowed significantly. Based on 304 cold-rolled calculations, this week’s profit margin was 0.24% based on current raw materials and 0.68% based on inventory raw materials. On the nickel-based raw material side, high-grade NPI ended its previous streak of gains this week and entered a pullback after the rally stalled. During the week, high-grade NPI prices fell under pressure as SHFE nickel futures declined and market sentiment was disrupted by news that Indonesian nickel ore approval quotas may increase. Dragged down by the continued build-up of market pessimism and narrowing profit margins at stainless steel mills, high-grade NPI purchasing activity remained weak and sluggish. As of Friday this week, the delivered duty-paid price in China for 10-12% grade Indonesian high-grade NPI fell by 2 yuan/nickel unit to 1,136 yuan/nickel unit. This week, stainless steel scrap prices held steady for the time being, but the market already showed clear signs of pressure. Affected by falling futures and lower finished steel prices, market pessimism continued to intensify. The weak downward trend in high-grade NPI kept narrowing the economic advantage of stainless steel scrap, and cost support continued to weaken. Although higher production schedules fueled expectations of a recovery in rigid demand, steel mills’ limited profit margins and cautious restocking attitudes provided insufficient support for the market. Against a backdrop of multiple bearish factors resonating, stainless steel scrap will weaken in tandem with futures in the short term and remain in the doldrums overall. As of Friday this week, mainstream 304 off-cuts prices in Shanghai were flat, quoted at 10,450 yuan/mt...

[SMM Stainless Steel Daily Review] News Disruption Sends SS Sharply Lower; Stainless Steel Spot Prices Weaken, Trading Sluggish According to SMM on August 14, SS futures saw a sharp pullback. In the night session, the nonferrous metals sector was broadly in the doldrums. SS was already pulling back in tandem with the sector. Coupled with the morning disruption caused by news that Indonesian nickel ore quotas may be increased significantly, SHFE nickel and SS fell sharply in tandem. As of the close, the most-traded SS contract settled at 14,120 yuan/mt. In the spot market, driven by the pullback in SS futures and lower offers from steel mill agents, stainless steel spot prices pulled back significantly. The price drop further reinforced market pessimism, and market trading remained in the doldrums. The Most-Traded SS Futures Contract. At 10:15 a.m., SS2610 traded at 14,245 yuan/mt, down 150 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 425-825 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B mill-edge coil, the average price in Wuxi fell 100 yuan/mt and that in Foshan fell 150 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi fell 300 yuan/mt; hot-rolled 316L/No.1 coil offers in Wuxi fell 350 yuan/mt; and cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, stainless steel futures were repeatedly disrupted by macro sentiment and generally maintained a weak pullback trend. During the week, news on Indonesia’s RKAB nickel ore approvals repeatedly disturbed industry expectations. Coupled with the US Fed's hawkish policy stance, the US-Iran geopolitical conflict still...

July Price Review ： Domestic grain-oriented silicon steel prices rose first and then retreated in July. Supported by rigid demand from downstream transformer manufacturers as well as orders in the new energy and UHV sectors from early to mid-July, mainstream grades including B23R085 climbed to cyclical highs. Nevertheless, persistently high prices suppressed downstream purchasing willingness, market trading turned sluggish, and spot prices came under pressure and fell at month-end, ending the upward rally. In view of forward expectations, the market generally holds the view that this round of price surge has come to an end. Fundamental Analysis Domestic steel mills plan to maintain roughly the same output of grain-oriented silicon steel in August as in July, sustaining high production levels with no obvious tightening in supply delivery pace. In terms of product mix, production is still overwhelmingly dominated by high magnetic induction (HIB) grain-oriented silicon steel, while the output proportion of conventional CGO grain-oriented silicon steel remains low. Output of both varieties changes little compared with July. Steel mills have no intention of carrying out concentrated voluntary production cuts. The continuously ample supply keeps weighing on the spot market and creates obvious resistance to further price hikes. Newly added installed capacity of various power sources showed divergent performance in June, forming structural support for grain-oriented silicon steel demand. Newly installed thermal power capacity maintained relatively strong year-on-year growth. Thermal power supporting step-up transformers and auxiliary transformers for power plants continued to generate rigid demand for grain-oriented silicon steel. Newly installed hydropower capacity increased substantially, driving demand for main and auxiliary transformers of hydropower stations. Newly installed wind and solar power capacity was weaker than the same period of previous years, leading to limited incremental demand for box transformers and main transformers supporting new energy. Newly installed nuclear power capacity declined, resulting in periodic weakening of demand for special grain-oriented silicon steel for nuclear power applications. Overall, construction of traditional power sources gained momentum in June. Thermal and hydropower installed capacity contributed major incremental demand, supporting orders for large power transformers and further boosting demand for high-grade grain-oriented silicon steel. Insufficient incremental wind and solar power installations offset part of the demand growth. Therefore, demand presented a structural pattern: strong demand from traditional power sources and weak demand from the new energy sector. August Price Outlook Looking ahead to August 2026: On the supply side, domestic supply of grain-oriented silicon steel will edge down slightly. Major state-owned steel mills will basically continue high-load production, while some private enterprises will conduct minor maintenance, leaving overall supply broadly stable. Despite the price correction of grain-oriented silicon steel in July, most steel mills still enjoy decent profits. In addition, leading steel mills including Baowu lifted the August base price of grain-oriented silicon steel by RMB 50 per tonne, demonstrating obvious price-support sentiment and sound overall production enthusiasm. Deliveries of high-grade products remain steady; however, sufficient supply of conventional grades has brought inventory pressure to the market. On the demand side, China’s 15th Five-Year Plan UHV projects keep being launched. Transformer enterprises prioritize fulfilling supporting orders for UHV construction, and demand for high-grade grain-oriented silicon steel used in transformers for new energy grid interconnection stays resilient. Nevertheless, the impact of the high-temperature off-season will surface in August. Most downstream enterprises will only conduct inventory replenishment for rigid demand. The conversion of tender orders issued by State Grid and China Southern Power Grid is subject to time lags, and enterprises lack motivation for proactive stockpiling. Furthermore, India’s ongoing anti-dumping investigation against Chinese grain-oriented silicon steel has disrupted exports. Cargo diverted from overseas markets flows back and continuously hits the domestic market, putting prices under pressure. On the cost side, hot rolled coil prices are expected to fluctuate weakly in August with limited upward momentum, and the monthly average price will continue to decline month-on-month. In summary, SMM forecasts that grain-oriented silicon steel prices will fluctuate on a weak trend in August 2026. High-grade grades will be relatively resilient against price falls, while conventional grades will face more prominent downward pressure. Data source statement: (Data in this report other than public information are all sourced from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics data, customs import and export data, and various data published by major associations and institutions), market communication, and SMM's internal database models, and are produced by the research team through comprehensive analysis and reasonable inference; they are for reference only and do not constitute decision-making advice.) SMM reserves the final right of interpretation of the terms of this statement and the right to adjust and amend the content of the statement according to actual circumstances.