JPM Steel | Daily Despatch: Asian spreads +2%; Worthington sees mixed outlook; US HRC lead times lift

Research evidence excerpt

JPM Steel | Daily Despatch: Asian spreads +2%; Worthington sees mixed outlook; US HRC lead times lift

enforcement and Section 232 tariffs continue to drive higher production, new

investment, and facility restarts nationwide. Nucor told the Caucus US demand remains solid and credited tariffs for a sharp

drop in imports. “Since the full reinstatement of 232 in 2025, import market share has dropped by more than 30%.” Source:

SMU

• SMU Survey: Mill negotiability falls to multi-year low: Most steel buyers responding to SMU’s market survey this week

report mills remain firm on new order spot prices. The percentage of buyers reporting mills as negotiable fell to the lowest

rate witnessed since September 2021. Negotiation rates remain at or near historic lows across most sheet and plate products.

This week, 12% of SMU’s respondents said mills were willing to talk price to secure an order. This is down 14 points from

our early June survey, which had marked the strongest reading since March.

• Australia issues AD/CVD margins on flat rolled steel from China and S. Korea: Australia’s Antidumping Commissions

determined that South Korean steelmaker POSCO was not dumping flat rolled steel products into Australia and therefore was

not subject to provisional antidumping measures. It was also found that although Baosteel Zhanjiang and Hunan Valin

received subsidies, their subsidy margins were negligible and did not justify provisional countervailing duties. Source:

SteelOrbis

• China’s stainless steel exports fell by 30.8% YoY in January-May: In the first 5 months of 2026, stainless steel imports

into China totalled 634.8 thousand tonnes, down 11.6% YoY. Exports of steel products over the same period fell more sharply

– by 30.8% YoY. Source: GMK