In June, regional markets saw a predominantly downward trend in slab prices. The key influencing factors remain weak export demand in many regions and US tariff policy.
Slab prices on FOB Black Sea terms fell by 5% in June, or $20, to $415/t. At the same time, the market itself remains very active. According to Kallanish, Turkey increased its slab imports by 34% in May compared to April, to 399,200 t.
Traditionally, Russian slabs dominate the Turkish market (66% of imports), with imports in May increasing 2.3 times compared to April, to 261,700 tons. The average price of slabs from Russia during this period was $514/t, while the average cost of imports from other sources (Algeria, Malaysia) was $475/t.
At the same time, the average benchmark price for slabs – hot-rolled coil (HRC) – fell by 5% or $25 in June to $520/t (FOB Turkey). Positive price dynamics are hampered by weak export demand due to the unpredictable tariff policy of Donald Trump’s administration, weak economic conditions in Europe, and geopolitical tensions.
Despite the position of the Eurofer association, the European Union did not reduce the quota and transition period for Russian slab deliveries to the EU. The scale of slab imports from Russia to European markets remains huge – 1.2 million tonnes (-3.6% y/y) in January-April this year, with a quota of 3.2 million tonnes until 30 September 2025.
Average prices for Brazilian slabs fell to $475/t in June from $495/t at the end of May (FOB terms). Brazilian slabs became cheaper amid growing US imports of the product from Asia and expectations of the introduction of duties on Brazilian imports. From August 1, the US may impose a 50% duty on goods produced in Brazil. Overall, in the first half of this year, Brazil exported 2.7 million tons of slabs to the US, compared to 4.3 million tons in 2024.
In turn, average slab prices in Japan have remained at $470/t FOB since the beginning of April. Other Asian slab markets are under pressure from low demand.
At the end of May, regional markets saw mixed dynamics in slab prices. The key influencing factors were Russian dumping, hot-rolled coil (HRC) prices, and US tariff policy. Slab prices on FOB Black Sea terms in May were at $435-445/t, in Brazil at $510/t, and in Japan at $460-470/t.
