Steel price today June 2: Continues to decrease due to US increasing steel tax

Update on world steel prices

At the opening of the trading session on June 2, the price of June rebar on the Shanghai Futures Exchange continued to decrease by 5 yuan to 2,920 yuan/ton. On the Dalian Exchange, the price of June iron ore futures was flat at around 750 yuan/ton. Similarly, the price of June iron ore futures on the Singapore Exchange decreased by 0.18 USD to 96.3 USD/ton. Steel prices continued to decline due to concerns about the US's increase in steel import tariffs and the reactions of the regions.

Shanghai Rebar Futures for June. Source: Barchart

In the spot market, although rebar prices increased in Türkiye and China, most other markets were under pressure.

The global rebar market continued to fluctuate in May. Most regions faced weak demand, a seasonal slowdown in the construction industry and downward pressure on prices. Only China and Turkey recorded slight increases, but the overall market remained quite limited.

In Turkey, rebar prices increased by 2.4% to $550.6/mt FOB as of May 30, but the pace of increase slowed sharply in the second half of the month. Total supply since the beginning of the year decreased by 2.2%. The main reasons for the price increase were higher input costs, such as scrap and billet, and some mills temporarily shutting down.

Meanwhile, the EU rebar market has been under pressure from weak construction activity and falling scrap prices, leading to a decline in steel prices across most regions. The most notable decline was in Italy, where prices fell 8% on the month to EUR 550.60/t EXW (ex-works) as of 30 May. This was due to a general slowdown in demand, particularly in residential construction, and fierce competition among producers as they resumed full operations after a shutdown in April.

In May, US rebar prices fell 1.9% to USD 765/t, breaking a two-month streak of stability. Although prices are still 7.7% higher than at the start of the year, the market showed signs of weakness due to falling demand, scrap price volatility, excess inventories and tariff uncertainty.

In China, prices fluctuated little during the month. After three months of stagnation, the price of steel bars increased by 0.2% to 423.3 USD/ton FOT. However, compared to the same period last year, the price is still 5.3% lower. In June, prices are expected to continue to be under pressure due to the decline in demand during the rainy season, production output continues to increase while export prospects are unstable. The next developments will depend on the results of the US-China tariff negotiations and possible support policies from the government.

Domestic steel price update
Domestic businesses keep steel prices stable. Specifically, Hoa Phat's CB240 steel price is recorded at 13,650 VND/kg; CB300 steel is quoted at 13,790 VND/kg. Similarly, at Viet Duc Steel, the price of CB240 steel is at 13,350 VND/kg; D10 CB300 steel is priced at 13,350 VND/kg. For Thai Nguyen steel, the price of CB240 steel remains at 13,970 VND/kg and D10 CB300 at 14,080 VND/kg.

Steel prices recorded as of June 2, 2025. Source: SteelOnline

(According to Vietnam.biz newspaper)