Weekly Steel Market Overview: Key Drivers and Policy Developments
Weekly Steel Market developments took center stage this week as global pricing, trade tensions, and legal battles over US tariffs dominated headlines.
From Taiwan’s sharp rise in section steel prices to President Trump’s decision to double tariffs on imported steel and aluminium, the market reacted with heightened caution.
This week’s Weekly Steel Market update explores how these factors, combined with weakening raw material trends and volatile consumer sentiment, are shaping global steel flows and pricing outlooks.
To give you a clearer picture of short-term pricing momentum, we’ve compiled a week-on-week snapshot of key steel and metal products. The table below outlines cumulative price changes from May 26 to May 30, 2025, based on daily data from Mysteel, SteelOrbis, Platts, Fastmarkets, and the LME.
It’s followed by a bar chart to help you quickly visualise which segments led the movement in this week’s Weekly Steel Market.
Week-on-week price movement
(Cumulative change from Mon 26 → Fri 30 May 2025, based on Mysteel, SteelOrbis, Platts, Fastmarkets & LME daily snapshots)
| Product | Direction | W/W Change % | Market Insight |
|---|---|---|---|
| Iron Ore 62 % CFR China | ▲ | +2.4 % | Restocking stayed active all week while futures held firm, propelling ore higher. |
| Scrap HMS 2 CFR Turkey | ▲ | +1.1 % | Steady mid-week cargo bookings by Turkish mills lifted scrap values. |
| Billet FOB China | ▲ | +1.1 % | Stable domestic billet and cost pressure kept export offers climbing. |
| Billet CFR Turkey | ▲ | +1.2 % | MENA demand supported a consistent up-trend in billet imports. |
| Wire Rod FOB China | ▲ | +1.0 % | Tight billet supply and firm costs nudged wire-rod quotes higher each day. |
| Wire Rod Ex-work Turkey | → | 0.0 % | Domestic Turkish prices were unchanged amid thinning trade volumes. |
| Rebar FOB Turkey | ▲ | +1.0 % | Regional demand and billet strength drove a gradual export rebound. |
| HR Coil (HRC) | ▲ | +1.5 % | Southeast-Asian restocking kept HRC on a steady five-day climb. |
| CR Coil (CRC) | ▲ | +1.0 % | Followed HRC higher, though gains were tempered by limited spot offers. |
| HDGI Coil Z 120 g/m² | → | 0.0 % | Export offers remained flat as buyers waited for price direction. |
| Stainless 304 Coil | ▲ | +1.6 % | Continued nickel strength underpinned the week’s largest coil gains. |
| Aluminium (LME 3-mo) | ▲ | +2.1 % | LME prices rose on consistent inventory drawdowns and speculative buying. |
Global Steel Market Trends – May 31, 2025
Taiwan Section Steel Prices Surge
- Leading producers Feng Hsin and TS Steel increased section steel prices by NT$800/ton due to strong demand or tight supply.
- Feng Hsin’s new prices range from NT$19,300–20,300/ton, supporting reports of improved sales and profit growth. ( Yieh Corp )
Market Volatility and Trade Tensions
- The global Weekly Steel Market remains highly sensitive to trade policy developments and fluctuating demand.
- South Korea projects export declines in steel and autos due to US tariffs, adding to the uncertain outlook. ( SMM )
- Iron ore prices have dropped 4.19% year-to-date, driven by weak demand and higher shipments from major producers.
Raw Material & Product Update (US Focus)
- US hot-rolled coil prices stabilized at $885–938/ton while steel scrap held steady at $276/ton.
- Pig iron prices fell by $30–35/ton, tracking the drop in scrap values from Brazil and Ukraine.
- US market sentiment remains mixed as inflation slows, consumer confidence remains low, and trade tensions escalate.
US / Trump Tariff Update – Steel Market Impact
Tariffs Doubled on Steel & Aluminium
- President Trump announced a 50% tariff on imported steel and aluminium, up from 25%, effective June 4, 2025. ( Yahoo Finance )
- The goal is to “further secure the steel industry,” announced at a US Steel plant in Pennsylvania to reinforce support for domestic production.
- Tariff hikes are expected to increase costs for US manufacturers and consumers, drawing strong criticism from trade partners like Canada.
Escalating US–China Trade Tensions
- Trump accused China of “TOTALLY VIOLATING” trade agreements, further straining an already fragile tariff pause between both nations.
- US officials claim China delayed key export licenses for rare-earth materials, contributing to deteriorating trade relations.
- Despite this, trade talks continue with India and the EU, showing the administration’s multi-front negotiation strategy.
Legal Uncertainty Around Tariffs
- A US trade court initially ruled many Trump tariffs illegal, saying he overstepped executive powers.
- A federal appeals court temporarily reinstated them, pending further review, with final arguments due by June 9.
- Experts question whether targeted company-specific tariffs are lawful, especially if imposed without congressional approval.
Fiscal Implications and Market Sentiment
- Analysts warn that blocked tariffs may reduce federal revenue, potentially pulling forward the US debt ceiling “x-date” to late August.
- The S&P 500 and Nasdaq still closed May with their best monthly gains since November 2023, despite rising tensions.
- Ongoing legal and fiscal uncertainty could create ripples across the Weekly Steel Market, particularly affecting trade flows and pricing.
Outlook and Takeaways: Navigating the Weekly Steel Market
In conclusion, this Weekly Steel Market update highlights how price gains, trade shifts, and policy risks continue to shape global sentiment.
While short-term product prices mostly trended higher, uncertainty from US tariff moves and legal battles could limit further upside.
With restocking in Asia, steady demand in MENA, and Trump’s doubling of tariffs, the market outlook remains cautiously bullish.
Stakeholders should closely monitor legal developments, China-US trade tensions, and regional demand signals to navigate the weeks ahead confidently.
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