JPM Steel | Daily Despatch: CRU sees Chinese steel export prices remaining depressed; Fed Beige Book highlights employment uptick

Research evidence excerpt

JPM Steel | Daily Despatch: CRU sees Chinese steel export prices remaining depressed; Fed Beige Book highlights employment uptick

bullish market through the second half of 2026: Some HRC market participants said they’re

optimistic that the market will remain strong throughout the rest of the year. In recent conversations with a variety of sources

in the hot-rolled coil market, SMU found that many of them expect consistent demand until the holiday season at the close of

2026. The prolonged sales cycle caused by less supply in the market has stretched project timelines through the fall. This

combination of steady demand and constricted supply, they anticipate, will maintain pricing strength. Source: SMU

• Australia starts consultation on future of Safeguard Mechanism: The Australian Climate Change Authority opened a

public consultation on its Annual Progress Advice to the government. Preliminary calculations show that businesses covered

by the Safeguard Mechanism would have to reduce emissions slightly faster between 2030 and 2035 than is currently the case

to meet the 2035 NDC target. Source: CRU

• India returns to US pig iron import ledger in May after tariff shift: The US in May received its first Indian pig iron in 10

months as lower tariff pressure improved the economics of Indian exports, while Brazil regained its position as the top

supplier after Ukraine briefly led shipments in April. US pig iron imports rose 12.7% MoM in May to 531,837mt. India

supplied 59,975 mt of pig iron to the US in May, returning to the import ledger after higher tariffs precluded US buying from

India since July 2025. The rebound followed a shift in US tariff treatment after the US Supreme Court in February 2026 struck

down tariffs imposed under the IEEPA. Source: Platts