Hydrogen-based DRI projects expand from pilot to commercial. Premiums for low-carbon billets begin to firm.
Across the Yangtze delta, integrated mills have held to first-half output caps even as margins have widened. Spot prices in eastern China have gained ground, and benchmark contracts have cleared technical resistance for the first time this season.
The supply-side picture
Capacity utilization at the largest mills sits below the level that historically signals oversupply. With coke gate prices firm and scrap competitive at the EAF margin, the pricing floor for finished products is well-supported on cost.
- Iron ore 62% Fe holding above $108/t at Qingdao
- Coke gate prices stable across Hebei
- Scrap-EAF margins back in positive territory in Jiangsu
- Rebar inventories at port well below the five-year band
What buyers should do now
For buyers running tonnage into next quarter, our trading desk recommends locking in the longer-dated tenor on a portion of book exposure. Reach out to our Shanghai desk for a tailored read on contract pricing for your specific grade and origin mix.