Last week, steel markets in Europe and the US experienced volatility due to the summer holidays and the upcoming elections. The hot-rolled steel market continued to face challenges, although traders noted slight growth for the markets of cold-rolled and galvanized steel products. Local steel mills struggled to stabilize prices, and persistent import pressures made buyers more cautious.

Traders highlighted that although the European market is entering the summer break and purchasing demand is weakening, reduced procurement over the past few months is expected to lead to restocking needs after the holidays. However, almost used up import quotas might lead to import tariffs increase, further raising costs and prompting importers to shift to domestic purchases. This shift has boosted sentiment for price increases among steel mills. Despite this, price hikes have not been fully implemented, and some buyers continue to seek opportunities in the import market.

In the US, uncertainties surrounding the presidential election have heightened concerns. Reports of Trump's shooting incident significantly increased Trump's chances of winning. Given Trump's strong stance against imports, the future of the US steel market is under close watch, with some buyers hesitating to make significant purchasing decisions amid the uncertainty.