HRC Steel Intelligence Report

CME HRC=F settled at $1,124/st on June 2, consolidating after a sharp late-May rally from $1,080 to $1,127 — the largest upward move since Q4 2025. The $47/st spike reflected renewed Section 232 enforcement signals and service center restocking. On the SHFE, HRC futures entered a corrective phase, sliding from CNY 3,428 on June 1 to CNY 3,362 on June 3, as iron ore input costs fell 4% to $105/mt and Chinese domestic demand failed to absorb elevated mill output. The global HRC market remains structurally oversupplied by an estimated 8-12 million tonnes annually — a surplus China exports into a world building tariff walls.