In our March 4, 2026 QuickTakes , we wrote that the war between the US and Iran might last longer than widely expected. We suggested that any peace deal with Iran's government would effectively be vetoed by the Islamic Revolutionary Guard Corps simply by their threatening to attack ships sailing through the Strait of Hormuz. "These terrorists are likely to be hard to eradicate with just air power," we wrote.
The IRGC remains in control of the war. They fired at ships in the Strait in recent days, violating the interim US-Iran agreement signed last month that aimed to reopen the Strait and end the war after a further 60 days of negotiations. So the war has re-escalated.
Here’s what’s been going on in the global financial markets as a new week of war begins:
(1) Commodities. The price of a barrel of Brent crude oil rose 2.75% to $78.75 this evening. President Donald Trump said today that the Strait is open to commercial traffic, although Iran declared earlier that it had closed the Strait. The sharp drop in oil prices during June confirms that the war might have interrupted, but only briefly, a bear market in crude oil that started after Russia invaded Ukraine in 2022 (chart). That would explain why the disruption of oil supplies transiting the Strait hasn't had a much bigger impact on the oil price.
The FIBER industrial materials price index, which includes West Texas Intermediate crude oil, remains elevated, suggesting that the global economy is handling the latest oil crisis remarkably well (chart).
(2) Go Global vs Stay Home. It was a good week for Stay Home. The Stay Home/Go Global ratio rose last week but remains below its multi-year uptrend (chart).
Go Global leadership rotated again last week. The exchange-traded funds of China and Singapore led all the country ETF markets, up 4.9% each, while Germany and France lagged, down 1.9% each (chart). South Korea bounced 1.9% last week after recent profit-taking, a sign that the sharp sell-off in Korea over prior weeks may be stabilizing. Vietnam brought up the rear, down 2.8%.
(3) Revenues & Earnings. All Country World (ACW) MSCI’s forward revenues per share rose to a record high last week, confirming that the global economy is performing remarkably well.
https://www.yardeniquicktakes.com/global-market-call-war-peace-war/
Retail investors made SK Hynix (SKHY) one of their biggest buys on Friday, according to the latest data from VandaTrack. By Monday, the stock had fallen as much as 9% as South Korea's KOSPI (^KS11) plunged nearly 9%.
That kind of whiplash is becoming familiar. Retail traders are cashing out of Apple (AAPL), Tesla (TSLA), Nvidia (NVDA), and chip stocks while chasing newer stories. The broader market is not following them lower.
VandaTrack data shows Sandisk (SNDK), Apple, Tesla, and Nvidia among the biggest sources of retail selling last week. Western Digital (WDC), Meta (META), and American Airlines (AAL) also made the list.
The flow pattern looks "more consistent with rotation than outright de-risking," Vanda wrote Monday. Retail trading activity remains near records, but investors are selling nearly as much as they buy.
The "Magnificent Seven" is no longer one retail position. Microsoft and Nvidia attracted net buying over Vanda's 10-day window, while Apple and Tesla became sources of cash.
"Retail aren't buying the Mag 7 anymore," Vanda wrote. "They're picking winners."
But while the retail crowd changes seats, participation across the S&P 500 (^GSPC) continues to expand.
The index's advance-decline line — a running total that adds the number of advancing stocks and subtracts the number declining each day — reached a record on Friday and pushed higher again on Monday.
That marks a sharp reversal from the breadth divergence flagged this spring, when the S&P 500 was climbing without confirmation from the average stock. The divergence disappeared last week, even as semiconductor stocks continued to lag.
The chip trade is still under pressure, but the PHLX Semiconductor Index (^SOX) has held the key 12,000 area tested during last week's sell-off. Since the June 25 pivot, the Magnificent Seven tech complex is up about 10%, while the SOX is down roughly 10% — keeping the market's recent leadership pattern intact and helping to maintain balance at the index level.
That makes earnings season the next test.
Analysts have raised rather than lowered their forecasts heading into the second quarter reports, leaving companies with a higher bar to clear.
In a Monday earnings preview, JPMorgan argued that resilient profits could continue supporting the broader market, writing that "rotation and broadening in leadership is underway" and "will likely have legs."
The firm added that volatility should not become a prolonged sell-off "especially if [the] earnings backdrop remains resilient."
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
By Harry Robertson and Laura Matthews
NEW YORK/LONDON, July 13 (Reuters) - The dollar was barely higher on Monday as hostilities in the Gulf escalated ahead of the monthly U.S. inflation report, while the yen slid following a Reuters report that Japan had no immediate plan to change state pension funds' asset allocations.
President Donald Trump said on Monday the U.S. was reinstating a naval blockade on Iran. Trump said the process would begin immediately, without elaborating.
The dollar index, which tracks the currency against six peers, was last up 0.04% at 101.11. The U.S. currency rose earlier in the session along with oil prices but later lost ground. The euro was off 0.1% at $1.1402 and sterling was down 0.24% to $1.3370, while the Australian dollar weakened 0.27% to $0.6931.
U.S. and Iranian forces exchanged heavy missile and drone assaults at the weekend, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz shipping route.
Oil prices rose, with Brent crude futures up 4.39% at $79.32 a barrel.
INFLATION IN FOCUS
Inflation risks are likely to remain in focus with the release of U.S. CPI data on Tuesday, PPI gauges the following day, and Fed Chair Kevin Warsh's testimony before the House and Senate, Westpac analysts wrote in a research report.
"Investors are balancing renewed geopolitical uncertainty against a reluctance to take on meaningful risk ahead of two major catalysts on Tuesday: the latest U.S. inflation report and Fed Chair testimony," said Joel Kruger, market strategist at LMAX Group in London.
"Those events should provide much clearer direction for markets and are likely to trigger a pickup in volatility after today's cautious trade."
Fed funds futures are pricing in about 30 basis points of rate hikes by the U.S. central bank this year, according to LSEG data.
"I think the bar to a July rate decision by the Fed is very high," said Marc Chandler, chief market strategist at Bannockburn Capital Markets in New York. "Just given the volatility of the events in the Middle East, I think that the market doesn't have much conviction here, and that's leaving the currencies mostly sideways."
YEN SLIDES AGAIN
The Japanese yen slipped against the dollar on Monday after Reuters reported that Tokyo had no imminent plans to change the asset allocations of its state pension funds.
The dollar was last up 0.42% at 162.37 yen, putting traders back on alert for possible intervention from authorities in Tokyo as the Japanese currency continues to languish at 40-year lows.
By Charles Kennedy - Jul 14, 2026, 3:45 AM CDT
Brent Crude prices soared by 3% early on Tuesday to above $86 per barrel, following an Iranian attack on two tankers of the United Arab Emirates in the southern lane of the Strait of Hormuz, in one of the biggest attacks in the recent re-escalation in the region.
In early trading in Europe today, Brent Crude prices jumped by over 3% to above $86 per barrel, and were trading at $86.06 a barrel at 9:00 a.m. London time.
The U.S. benchmark, WTI Crude, was surging by 3.1% to top $80 per barrel for the first time in a month. The front-month WTI Crude futures traded at $80.58 as of 9:00 a.m. London time, up by 3.12% on the day.
The latest flare-up in tensions in the Middle East reignited a crude rally, with prices jumping by 12% between Friday and early Tuesday.
The news of the fresh attack on UAE tankers in the Strait of Hormuz added further fuel to the oil price rally as the market realized safe passage through the chokepoint, even through the southern lane close to Oman, isn’t safe at all.
“The national tankers Mombasa and Al Bahiyah were targeted by two Iranian cruise missiles while transiting the southern shipping lane of the Strait of Hormuz, within Omani territorial waters,” the UAE’s Ministry of Defense said.
The attack resulted in the death of one Indian crew member aboard the Mombasa tanker and the injury of eight others, including four who sustained serious injuries, the UAE said, condemning “this blatant attack, which is considered a serious violation and a clear breach of international law that threatens the security and stability of the region.”
“The UAE reserves its full right to respond to this escalation,” the defense ministry added.
Early on Tuesday, ADNOC Logistics and Services confirmed the attacks took place in the early hours of Tuesday, July 14, and condemned them.
Al Bahyah, an ADNOC L&S-owned Very Large Crude Carrier (VLCC), and Mombasa B, a VLCC operated by ADNOC L&S under a time-charter arrangement, sustained significant damage in the attacks, the Abu Dhabi national oil company said.
PUBLISHED MON, JUL 13 202610:41 PM
KEY POINTS
NANJING, CHINA - JULY 09: Aerial view of new energy vehicles waiting for shipment at Longtan Port Area of Nanjing Port on July 9, 2026 in Nanjing, Jiangsu Province of China. Yang Suping | Visual China Group | Getty Images
China’s trade growth accelerated far more than expected in June, as booming global demand for AI hardware and a rush by exporters to beat anticipated U.S. tariff hikes turbocharged shipments.
Overall exports rose 27% from a year earlier in U.S. dollar terms, the strongest since October 2021, customs data showed Tuesday, quickening from the 19.4% gain in May and sharply beat economists’ estimates for a 18.2% growth.
In the first half-year, China’s fastest-growing export categories were semiconductors, rare earths, autos and ships, while laggards included toys, footwear, steel and furniture.
The country’s shipments to the U.S. jumped around 14% last month, while imports grew 26%, according to CNBC calculation of the official data.
Factory activity accelerated in June, as U.S.-bound orders recorded sharp year-on-year gains, according to China Beige Book, pushing up freight rates. Manufacturers are bracing for additional tariffs from U.S. President Donald Trump’s Section 301 probes as the 10% broad-based duty is set to expire on July 24.
China’s exports to the U.S. have returned to positive territory in the first half of this year after experiencing double-digit year-on-year declines for most of last year.
Imports grew 36% in June, the largest jump since June 2021, gaining pace from the 27.4% growth in May and sharply beating economists’ forecast for a 24% growth. The trade surplus stood at $125.6 billion in June.
Similar to exports, the import strength was concentrated in high-tech products, while persistent weakness in other categories pointing to sluggish domestic demand.
Beijing has grappled with a deepening supply-demand imbalance, as strong industrial output and exports tied to the global AI investment boom continue to power headline growth, even as consumption and private investment weakens amid a prolonged property downturn and volatile global oil prices.
Exports will likely remain strong in the second half of the year, said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, potentially further increasing trade tensions between China and trading partners, particularly Europe. Brussels and Beijing set up a trade and investment consultation mechanism last month aimed at rebalancing bilateral trade, with European officials targeting October for “tangible results.”
Shipment to the EU and the Association of Southeast Asian Nations rose 18.5% and 35%, respectively, while imports jumped 9% and 27%, the customs data showed.
Another wildcard is the Russia sanctions bill proposed by the late U.S. Senator Lindsey Graham, which originally suggested secondary tariffs of up to 500% on goods from countries buying Russian oil and gas — a penalty that would hit China, the largest buyer of Russian crude.
“These factors could potentially throw a wrench in the excellent export performance so far,” said Lynn Song, chief economist for Greater China at ING Bank.
Oil import fell to decade-low
China’s crude imports dropped 41% from a year earlier to 29.3 million tons, according to CNBC calculations, reportedly the lowest level in nearly a decade. In the first half-year, China’s total oil imports dropped 11% from a year ago in terms of volume.
“This appears to reflect inventory drawdowns rather than a collapse in oil demand,” said Julian Evans-Pritchard, head of China economics.
China is expected to release its gross domestic product growth for the second quarter on Wednesday. Economists polled by Reuters expect growth to have slowed to 4.5% in the second quarter, after a solid 5% in the first quarter.
Industrial output and retail sales for June, also due Wednesday, are projected to expand 4.7% and shrink 0.1%, respectively. Urban investment is estimated to decline 4.9% in the first half-year, deepening from 4.1% in the first five months, according to a Reuters poll.
Investors are now looking to an expected Politburo meeting in late July for clues on stimulus that could shape policy for the rest of the year, although analysts expect no meaningful stimulus unless growth slows more sharply, given resilient exports and Beijing’s focus on curbing excess factory capacity to fight deflation.
https://www.cnbc.com/2026/07/14/china-june-trade-data-exports-imports.html
BRUSSELS, Belgium — EU foreign ministers said on July 13 that the bloc's much-anticipated 21st package of sanctions against Russia is unlikely to be finalized by the end of their meeting that day, as objections linger over measures targeting Russian fish, ships, and the price of oil.
The clock is ticking, as on July 15 the EU's current price cap on Russian oil, which limits Moscow to earning $44.10 per barrel, is set to lapse unless action is taken, Ireland's Foreign Minister Helen McEntee told journalists.
Agreement "may not be today, but it should be within a few days," Danish Foreign Minister Lars Lokke Rasmussen said, before he entered the meeting with his EU counterparts.
The EU's oil price cap mechanism is under political strain because of U.S. President Donald Trump's decision to attack Iran in February, which led to a spike in oil prices.
The price cap is calculated relative to free-market prices, meaning it can theoretically go up as well as down. A rise in the cap means more revenue for Russia, which it can invest in its war effort against Ukraine.
The EU proposed in June to freeze the price cap at $44.10 for another six months, until the price shock is hopefully over.
But the idea is facing pushback from several countries, led by Greece, which fear that sticking to such a low price could lead ships to no longer fly under a Greek flag, thereby earning Athens money, and instead go to countries outside the EU.
Nor is oil the only issue causing division.
Portugal led resistance to Commission proposals to limit imports of certain types of Russian fish, fearing it could spell the death of its fish finger industry, which relies on very low-margin operations.
Bulgarian objections to including the head of Russia's Orthodox Church and the head of the energy company Lukoil have already been accepted, and they will not appear in the sanctions listings, confirmed the country's foreign minister.
"Every time we make a sanctions pact, it gets a little harder," Rasmussen said.
"We see that with each new package, the more economic interests of member states are taking the lead in the discussion. And it's a very dangerous trend," his Lithuanian counterpart Kestutis Budrys told journalists.
One EU official familiar with the ongoing discussions was confident an agreement will be reached, telling the Kyiv Independent on condition of anonymity that "one or two days more or less don’t really matter."
German Foreign Minister Johann Wadephul said "the agreement will not happen today, but in the next few days. Europe must show this week that it is capable of acting.
"While we are not there yet, I do believe that we can reach an agreement," McEntee said.
"I think what's very clear from the room is that there is a determination from all member states that we would agree the strongest possible package," she added.
https://kyivindependent.com/eu-sanctions-package-flounders-over-fish-fight-oil-price-cap/
New Delhi, July 13: Hindustan Petroleum Corporation Ltd. (HPCL) has announced that its Board of Directors will meet next week to consider and approve the financial results for the April-June quarter, with investors closely watching whether rising crude oil prices have weighed on the company's profitability.
In a regulatory filing, the state-owned oil marketing company said the board will consider the unaudited financial results for the quarter ended June 30, 2026. The company has also said that its trading window for designated persons will remain closed until 48 hours after the financial results are declared.
Street expects a challenging quarter
Unlike the strong performance seen in the previous financial year, analysts expect the June quarter to be significantly weaker for India's oil marketing companies, including HPCL.
Brokerage estimates suggest that higher international crude oil prices during the quarter, coupled with weak fuel marketing margins and under-recoveries on domestic LPG sales, are likely to put pressure on earnings. Industry estimates indicate that India's three state-run fuel retailers, HPCL, BPCL and Indian Oil Corporation could together report an EBITDA loss of around ₹47,700 crore for the quarter.
For HPCL, analysts expect profitability to decline sharply from the previous quarter, with refining margins and marketing earnings likely to remain under pressure. Some brokerages have also cautioned that gross marketing margins during the quarter remained below historical averages because retail fuel prices did not fully reflect the increase in crude oil costs.
18 hours ago
The European Union imported a record 9.89 million metric tons of liquefied natural gas (LNG) from Russia’s largest production plant during the first six months of the year, the Financial Times reportedMonday.
The purchases mark an 18% increase compared to the same period in 2025. The spike comes despite the EU’s plan to completely phase out all imports of Russian LNG by the end of the year.
According to data from analytics firm Kpler cited by the FT, France led the purchases with 3.6 million tons, followed by Belgium at 2.9 million tons and Spain at 2.7 million tons. All of the shipments originated from the Yamal LNG facility, a plant that accounts for more than 60% of Russia’s total LNG exports.
The environmental and human rights NGO Urgewald estimates that those shipments cost the bloc up to 6 billion euros ($6.85 billion). By comparison, the EU spent a total of 7.2 billion euros on Yamal LNG imports in 2025.
Sebastian Rötters, a sanctions campaigner for Urgewald, noted that the record EU purchases coincided with a period during which Russia intensified its attacks on Ukrainian energy infrastructure and civilian targets.
Meanwhile, Yamal LNG volumes bound for Asia plunged 74% to 510,000 tons. Sources familiar with the matter told the FT that Asia-bound shipments dropped amid concerns over potential EU sanctions.
Despite collective efforts to sever energy ties with Moscow, the EU still relied on Russia for 13% of its total natural gas imports in 2025, a dependency that officials warn leaves the bloc exposed to significant trade and energy security risks.
India’s state-owned power producer NTPC is looking to help finance overseas uranium mines to fuel the country’s plan to massively expand nuclear power generation in the coming decades.
The world’s most populous country is planning one of the world’s largest nuclear power expansions, aiming to lift installed generating capacity from about 8.8 GW today to 100 GW by 2047 under its Nuclear Energy Mission. NTPC plans to develop about 30 GW, accounting for nearly a third of the national target
The company issued a tender to appoint consultants who would help identify potential sources in uranium-producing countries such as Canada, Kazakhstan, Australia and South Africa, The Economic Times reported. Bids are due by Thursday.
Round of deals
The mines search comes amid India’s expanded efforts over the last several months to source uranium. Last week, Australia signed the final administrative arrangements on a deal to supply India with uranium for civilian nuclear use, but detailed volumes weren’t specified. Negotiations on the deal have been ongoing since 2014.
In March, the South Asian country signed a $2.6-billion (US$1.9-billion) deal with Cameco (TSX: CCO; NYSE: CCJ) to supply uranium ore concentrate; and in February, Kazatomprom (LSE: KAP), the world’s top producer of uranium, agreed to sell a significant amount of output to India.
India currently sources domestic uranium from state firm Uranium Corp. of India, though its mines in the states of Jharkhand and Andhra Pradesh yield “medium tonnage and low-grade” uranium, the corporation said. Last December, India’s parliament enacted a law enabling private nuclear power companies, ending decades of state monopoly in the sector.
https://www.canadianminingjournal.com/news/india-to-invest-in-foreign-uranium-mines/
A leading Russian commercial bank, VTB, has completed the sale of Armenia’s second largest mining company to a locally registered firm owned by an unknown entrepreneur.
The Teghut company has mined copper and molybdenum in a deposit of the same name located in Armenia’s northern Lori province for more than a decade. VTB’s Armenian subsidiary took over Teghut in 2019 after its previous owner failed to repay a $400 million loan provided by the bank.
The mine and an adjacent ore-processing facility suspended operations following Russia’s 2022 invasion of Ukraine that led to sweeping Western sanctions against Moscow. VTB was one of the first Russian entities sanctioned by the European Union and the United States.
Although Teghut gradually resumed operations in the following years, the state-owned bank seemed keen to get rid of the asset. Its chief executive, Andrei Kostin, announced in April this year that VTB is in the final stages of selling its controlling stake in the enterprise. He gave no details.
Armenia’s state anti-trust regulator cleared the deal last week. It emerged that Teghut’s buyer is Kuprar RA, an obscure company founded in February by Sergei Virabian, a former Armenian government official who has also held senior executive positions in various local banks. Virabian said at the weekend that he sold Kuprar to another “entrepreneur” this month but refused to name him or her.
Sources told RFE/RL’s Armenian Service earlier this year that Konstantin Sokolov, a Russian-born businessman who co-owns one of Armenia’s three mobile phone operators, is showing an interest in Teghut. Virabian would not say whether Sokolov is Kuprar’s new owner.
“I can't reveal that to you, it's a commercial secret,” he told RFE/RL’s Armenian Service.
Teghut was Armenia’s 22nd largest corporate taxpayer last year, with almost 14.4 billion drams ($39 million) in various taxes contributed to the state budget. It employed more than 1,100 people as of 2022.
By comparison, the country’s largest mining enterprise, the Zangezur Copper-Molybdenum Combine (ZCMC), paid over 52 billion drams in taxes. The company based in the southeastern Syunik province is controlled by entities linked to Russian billionaire Roman Trotsenko.
Carpenter Technology Corporation (NYSE:CRS) was among Jim Cramer's stock calls on Mad Money, as he advised investors to stick with the largest tech companies in the market. Toward the end of the lightning round, when a caller mentioned that they like the company, Cramer said:
And so do I, and not just because… CarTech is one of Philly's best. You got a terrific company there. What a great chart, too. I think I would buy some here and buy some if it comes down. But definitely add some right here.
Carpenter Technology Corporation (NYSE:CRS) distributes specialty metals, including titanium alloys, stainless steels, alloy steels, tool steels, and metal powders, as well as engineered metal parts. The company's products are used in aerospace, defense, medical, transportation, energy, industrial, and consumer markets. A caller inquired about the stock during the April 10 episode, and Cramer replied:
It's an amazing company, CarTech, and I think that you should just hold on to it. I always think of Nucor, and then I think of CarTech…
https://finance.yahoo.com/markets/stocks/articles/jim-cramer-carpenter-technology-buy-152609522.html
Ferrous metals fell across the board today. The most-traded HRC contract settled at 3,272, down 1.06%. In the spot market, cold-rolled and hot-rolled prices fell by 10-30 yuan/mt, with overall sluggish trading and end-users mainly holding a wait-and-see stance.
In the short term, regarding HRC fundamentals, production continued to fluctuate at mid-to-low levels due to profit constraints and production restrictions in some regions, while demand was suppressed by the off-season and extreme weather, leading to a simultaneous weakening of supply and demand. Inventory is expected to enter a slow buildup cycle in July, and from a fundamental perspective, it is difficult to provide strong support or momentum for prices. In other aspects, the market has recently focused on marginal changes in export orders, the progress of iron ore long-term contract negotiations, and whether the Politburo meeting in mid-to-late July can trigger a periodic price rebound. In the short term, sheets & plates prices will continue to consolidate at lows, while attention should be paid to whether related news amplifies price volatility in stages.
The increase in supply reflects expectations of a future improvement in demand
Baoshan Iron & Steel (Baosteel), a subsidiary of the world’s leading steel producer China Baowu Steel Group, has raised prices for its main flat steel products, including hot-rolled coil (HRC), for domestic sales in August. This was reported by MySteel Global, citing the company’s announcement.
The increase amounts to 50 yuan per tonne ($7.4/t).
According to a Shanghai-based ferrous metals analyst, the price rise for August partly reflects the major steel producer’s expectations of a future improvement in demand from end-users.
According to BigMint, the price hike was likely driven by rising raw material costs, particularly metallurgical coke.
Currently, demand for flat steel in the processing sector remains low due to weather conditions, whilst purchasing activity in key steel-consuming sectors remains weak.
It should be noted that in June, Baosteel maintained its domestic prices for flat steel for July sales. The exception was grain-oriented electrical steel, for which the company raised its price by a further 300 yuan per tonne ($44.3/t).
As reported by GMK Center, Vietnam’s Formosa Ha Tinh Steel (FHS) reduced its domestic prices for hot-rolled steel by approximately $40/t compared with the previous month for deliveries in August–September.
In early July, another Vietnamese steel producer, Hoa Phat, announced a sharp reduction in prices for these products for August deliveries. The new offer fell by $34/t compared with the previous month. The domestic market for hot-rolled steel is likely to remain under pressure in the near term, given limited trading activity.
https://gmk.center/en/news/baosteel-is-raising-prices-for-hot-rolled-steel-for-august-sales/
By Lisa Wang / Staff Reporter
China Steel Corp (CSC, 中鋼), Taiwan’s largest integrated steelmaker, yesterday announced that it would cut steel prices by NT$800 per tonne across the board for domestic delivery next month, a larger reduction than the NT$300 reduction for this month’s deliveries.
The price cuts cover products ranging from hot-rolled coils, hot-rolled plates and regular cold-rolled plates to electro-galvanized steel coils, galvanized steel coils and electrical steel coils, the Kaohsiung-based company said in a statement.
CSC is matching price cuts by its Asian peers, including Vietnam’s Hoa Phat Group and Formosa Ha Tinh Steel Corp, in response to sluggish steel demand in the region and growing wait-and-see sentiment in the market, the company said, adding that it aims to help customers win more business by offering lower-priced steel.
Rolls of steel are stored at the Stellantis automobile plant in Poissy, near Paris, France, on May 4.
Photo: Reuters
“As the Asian markets are entering a traditionally slow season, customer demand is softening,” the company said.
CSC said customer demand is weakening further as unreasonably low-priced steel products flood the Taiwanese market after being diverted from the EU and Japanese markets.
The EU and Japan have implemented protective measures such as anti-dumping duties or tariff hikes to safeguard their steel industries, it said.
CSC is closely monitoring the market situation and accelerating its efforts to pursue trade remedies to safeguard the nation’s steel industry, it added.
Global steel markets showed mixed trends, CSC said. In the US, hot-rolled coil prices stabilized at about US$1,250 per tonne, supported by Washington’s tariff policy and robust domestic demand, while steel prices advanced in the EU as the bloc slashed tariff-free steel import quotas, reducing overall supply, it said.
Meanwhile, raw material costs are hovering at high levels, with iron ore prices ranging from US$98 to US$100 per tonne and coking coal prices remaining unchanged at about US$240 per tonne, CSC said.