China showed outstanding HDG pricing stability by closing supplies purposefully, with producers holding USD***/MT, even in challenging conditions for steel mill companies in China. The differentials should have directed fair value to the producers, which could not be capitalized due to market conditions. The situation demonstrates producer attention to strategic supply management that reduced market overhang, and with overall steel production falling *.** year-over-year in June. Furthermore, the strength in automotive demand relative to HDG consumed linked to new energy vehicle production touched *.** million units produced - a +*** YTD improvement - supported. Effectively, export discourage from dumping duties in Malaysia, Vietnam, and the Eurasian Economic Union yielded challenges for mills, but were strategically tackled with shipment sequencing to maintain discipline.
Key Takeaways:
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China: HDG prices remained stable at USD ***/MT, supported by production cuts and steady automotive demand despite weak construction activity
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Germany: Domestic...
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