According to the latest customs data, China’s galvanized steel sheet exports totaled 1.10 million mt in July 2026, up 2.63% MoM but down 8.14% YoY. Cumulative exports from January to July reached 7.8066 million mt, down 3.87% YoY.

This week, the EU hot-rolled coil (HRC) market quietly ignited momentum at the tail end of the summer break. Northwest European offers jumped by $7 to $850/tonne EXW, while Italian prices held steady at $845/tonne EXW during the holiday period. With October production order books filled, mills collectively raised their asking prices, with some even suspending fourth-quarter offers to hold back sales, while steel service centers followed suit with higher quotes. Upward price momentum is expected to remain intact next week. This rally is backed by solid structural support: on one hand, robust order books and tight material availability have triggered "liquidity shortages driving price gains"; on the other hand, import channels continue to narrow (Indian material offers no arbitrage window, Turkish material sees no buyer interest, and Japanese origin is hit hard by anti-dumping duties). On the cold-rolled coil (CRC) front, following anti-dumping duties on five countries combined with quota restrictions, the "usable" duty-free import space for the EU is estimated to shrink by approximately 40% compared to 2025. However, underlying risks remain clear: end-user demand has yet to show confirmed recovery, the Kaub water level on the Rhine River remains consistently below 30 cm (forcing inland freight costs higher), and Italy's Valsider steel plant declared force majeure to halt production. Long steel products, meanwhile, performed quietly, staying sideways due to sluggish domestic demand. Looking ahead to next week, whether buyers returning from vacation will engage in actual transactions will serve as the primary challenge for this round of price hikes.

[Vietnam] Vietnam’s steel market remained largely 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. Buyers and sellers are largely taking a wait-and-see approach ahead of the next price announcements from major mills, expected next week before the September 2 Independence Day holiday, with the new offers likely to provide a clearer signal for near-term price direction. Domestic project-linked demand remains supportive as major infrastructure projects move toward the September 2 inauguration, while the market awaits the next wave of infrastructure investment in Hanoi. Meanwhile, discussions between steel industry participants and the Ministry of Industry and Trade regarding Taiwan’s anti-dumping investigation have intensified, with the government urging affected companies to submit company profiles and relevant information to the Taiwanese authorities and actively cooperate with the investigation.

The EU's temporary steel safeguard expired at end-June 2026 and a permanent TRQ took its place — duty-free volume nearly halved to about 18.35 Mt, the out-of-quota duty doubled to 50%, and a first-ever "melt and pour" origin rule. Using the official allocations, this piece breaks the quota down category by category and country by country: HRC alone claims about 5.2 million tonnes, Türkiye takes the largest share, Taiwan, China is squeezed hardest — and CBAM stacks a second barrier on top.

Vietnam’s steel market remained relatively 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. Project-linked sales largely settled ahead of the September 2 inauguration of major public infrastructure projects in Ho Chi Minh City. The market is now awaiting the next wave of infrastructure investment in Hanoi, where the city is still developing its project plans. In overseas markets, growing trade-remedy measures continue to weigh on demand, with Taiwan’s anti-dumping investigation into Vietnamese cold-rolled stainless steel adding further pressure on exports. To support the manufacturing companies, preferential lending programs from more than 10 banks, alongside accelerating infrastructure investment, are expected to improve financing conditions and provide additional support for domestic construction steel demand.

Vietnamese producers and exporters of cold-rolled stainless steel to Taiwan have been advised to prepare production, sales, cost and export data following Taiwan’s initiation of an anti-dumping investigation. The investigation covers flat cold-rolled stainless steel products exported between July 2025 and June 2026, with the petitioner alleging a dumping margin of 31.36%, although this is not a final determination. The case involves 20 Vietnamese enterprises, and companies that fully cooperate with the investigation may qualify for individual anti-dumping duty rates, while non-cooperating exporters could face duties based on unfavorable available information.

Chinese Taiwan's anti-dumping investigation into Vietnamese cold-rolled stainless steel is tightening supplies for specific dimensions including 3-foot and 5-foot materials, with some processors facing order suspensions from steel mills. Vietnamese imports accounted for nearly 70% of total inbound volumes exceeding 34,000 tonnes through July. Following the petition filed by Yusco and Tang Eng Iron Works, a public hearing is scheduled for September 14. Growing import caution is expected to eliminate cheap Vietnamese alternatives, potentially reshaping market dynamics and lifting the inverted pricing trends that have weighed on painted stainless steel values.

Chinese Taiwan's anti-dumping investigation covers 50 tariff codes, primarily 304 and 316-series cold-rolled stainless steel with thickness of 0.05–6.10mm, excluding coated or clad products. A research firm commissioned by the applicants estimated Vietnamese products carried a dumping margin of approximately 31.36% in 2025, with CIF prices USD 80–100/ton below local market levels, with some offers falling below production costs. The investigation names 20 Vietnamese producers and exporters including Posco VST, Yongjin Metal Technology (Vietnam), Tan Viet Metal Technology, Nam Phat Group, and Hoa Sen Nhon Hoi. Procedurally, the Ministry of Economic Affairs must issue a preliminary injury determination within 40 days, while the Ministry of Finance has 70 days for a preliminary dumping finding. Should preliminary findings be affirmative, provisional duties and possible retroactive application may follow. If implemented, the measures are expected to potentially disrupt Vietnamese export flows to Chinese Taiwan and raise near-term procurement costs for end users.

[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.

In 2026 the EU's CBAM crossed from "report-only" into a phase where importers pay real money. This piece lays out the five newly-landed implementing regulations, the timetable and thresholds, and — using hot-rolled coil, cold-rolled coil, coated sheet and other flagship traded steels as its sample — draws a cost map from the official country default values. For the same coil of HRC, Indonesia's carbon cost is about 581 EUR/tonne while the USA's is about 15 EUR/tonne: a near-40× gap.