China Steel Daily Report: Prices Edge Higher on Rising Costs and Soft Demand Recovery

## Today's Key Prices

Shanghai market steel prices edged higher on August 25, driven by rising coke costs and cautious demand recovery.

### Price Table

| Product | Specification | Grade | CNY/MT | FOB Est. USD/MT | Change |
|---|---|---|---|---|---|
| Hot-Rolled Coil | 2.75*1500*C | Q235B/SS400 | ¥3,590 | $544.61 | ▲ +10 (+0.3%) |
| Rebar | φ10 | HRB400 | ¥3,580 | $543.13 | ▲ 0 (0.0%) |
| Cold-Rolled Coil | 1.0mm*1250*2500 | ST12/DC01 | ¥3,970 | $601.01 | ▲ +40 (+1.0%) |
| Medium Plate | 8mm*2000*L | Q235B | ¥3,970 | $601.01 | ▲ +10 (+0.3%) |

USD/CNY Rate: 1 USD = 6.7387 CNY (DSP database, 2026-08-25)

## DSP Composite Index

The DSP Composite Index stands at **961.05** (as of 2026-08-14), up +0.22% from the previous day, reflecting modest but consistent upward momentum across Shanghai market prices.

## Market Analysis

Chinese steel prices showed a broad-based mild rally on August 25, with all four core products posting gains. Cold-rolled coil led the advance at +1.0%, while hot-rolled coil and medium plate each rose +0.3%. Rebar held flat, indicating relatively balanced supply-demand dynamics in the long-product segment.

The primary catalyst for today's strength is the second-round coke price increase. According to Mysteel, mainstream coke producers have raised wet-quenched coke by ¥100/ton and dry-quenched coke by ¥110/ton, with Hebei and Tianjin steelmakers already accepting the new prices (来源：mysteel, 2027-01-01). This cost push is directly translating into higher steel production costs, providing strong bottom-line support for spot prices. The废钢 (scrap steel) market also confirmed the cost-driven momentum, with approximately 28 mills raising scrap prices by ¥10–30/ton on August 25 (来源：mysteel, 2026-08-26).

On the demand side, the August Langfang Steel Distribution PMI came in at 47.4%, up 1.3 percentage points month-on-month, signaling that the distribution sector is gradually transitioning from the traditional off-season toward the peak season (来源：lange, 2026-08-25). Sales, order volumes, and purchasing intent all improved, though the index remains in contraction territory. Meanwhile, global crude steel output in July dipped 0.3% year-on-year to 149.2 million tons, with Asia-Pacific production declining 1.2%—a modest signal that overseas competition remains manageable (来源：lange, 2026-08-25).

On the trade policy front, Vietnam has reduced the anti-dumping duty on Chinese H-section steel from 13.38% to 6.78% in its third periodic review (来源：mysteel, 2027-09-05). While this directly benefits H-beam exporters to Vietnam, the broader implication is a gradual easing of trade friction in key Southeast Asian markets. Conversely, former US President Trump's threat to impose 50% tariffs on Canadian steel imports starting January 2027 introduces further uncertainty in North American trade flows, which could indirectly affect global steel pricing and redirect Chinese export volumes to other regions (来源：mysteel, 2027-01-01).

## Procurement Advice

• **Immediate Purchase (急单):** For buyers needing delivery within 1–2 weeks, consider locking in orders now. The coke price increase creates an upward cost floor that is likely to support prices in the near term. Cold-rolled coil, in particular, has shown the strongest momentum (+1.0%) and may face further upside as downstream demand picks up ahead of the "Golden September, Silver October" peak season.

• **Stocking (备货):** For medium-to-long-term procurement plans, the current price level offers a reasonable entry point. The distribution PMI trend is improving, and cost support from coke and scrap is firm. However, the overall PMI remains below 50%, indicating that demand recovery is gradual rather than sudden. Buyers can adopt a staggered ordering strategy—locking in 50–60% of planned volumes now and holding the remainder for potential seasonal discounts in September.

## Market News

• **越南对对华H型钢反倾销税降至6.78%**：第三次期中复审终裁将河北津西等企业税率由13.38%下调至6.78%，有效期至2027年9月。对对华H型钢出口越南的采购成本将下降，建议关注该窗口期扩大对越订单（来源：mysteel, 2027-09-05）。

• **焦炭第二轮提涨落地**：湿熄焦上调100元/吨、干熄焦上调110元/吨，河北及天津钢厂已接受。原料成本支撑强化，钢材价格底部抬升，对下游采购形成成本倒逼（来源：mysteel, 2027-01-01）。

• **特朗普拟对加拿大钢铁加征50%关税**：计划2027年1月1日起生效。加拿大钢铁出口美国受阻可能促使美国市场转向其他供应源，间接影响全球钢材贸易流向与中国出口定价策略（来源：mysteel, 2027-01-01）。

• **8月钢铁流通PMI升至47.4%**：环比上升1.3个百分点，销售量、订单量、采购意愿等6项分类指数上升。淡季向旺季过渡趋势明确，但整体仍处收缩区间，需求复苏节奏偏温和（来源：lange, 2026-08-25）。

• **7月全球粗钢产量同比下降0.3%**：亚洲及大洋洲产量降1.2%，欧盟产增3.8%。全球供应端边际收紧，对中国出口形成一定支撑（来源：lange, 2026-08-25）。

• **废钢市场28家钢厂上涨**：涨幅10–30元/吨，覆盖华东、华南、华中、西南及西北地区。废钢涨价进一步夯实成材成本底部，支撑现货报价上行（来源：mysteel, 2026-08-26）。

## Data Disclaimer

Data source: DSP database (Shanghai spot prices, DSP index, USD/CNY rate). Prices are for reference only.