Weekly steel price tracker: 3rd week of August – 2025

The global steel market is experiencing mixed developments with Saudi Arabia advocating for a shift to trading long steel products based on actual weight rather than theoretical weight to enhance fairness and transparency. This change aims to standardize practices and reduce manipulation, potentially raising domestic prices by at least 5%. Meanwhile, the MENA region sees varied activity: Turkey’s imported scrap market remains quiet due to weak demand, UAE registers new hot-rolled coil (HRC) bookings with India re-entering trade, and Iranian long steel exporters seek new markets like Syria amid challenges in Iraq.

In Asia, steel futures prices mostly declined driven by sluggish demand, with Chinese rebar futures falling sharply and iron ore prices holding steady but possibly set to drop soon due to environmental production cuts and intensified trade tensions, including expanded US steel tariffs. Major players like BHP Group reported lower profits in FY 2025 due to iron ore price weakness despite record volumes. India’s steel sector is rapidly expanding pellet production capacity to support growing steelmaking, while Japanese scrap prices saw modest revision.

In Europe and the Americas, steel production and operational activities are showing varied trends. British Steel aims to increase output at its Skinningrove profiles mill as it remains under government control. Polish coke production by Jastrzebska Spolka Weglowa remains strong, supporting exports to Asian markets. US crude steel production dipped recently, while investigations into circumvention of anti-dumping duties on seamless OCTG imports highlight ongoing trade enforcement. In Mexico, an explosion at ArcelorMittal’s Lazaro Cardenas plant is under investigation, with no injuries reported so far.