In 2025, the global steel plate market continues to face significant volatility due to economic uncertainties and trade policy conflicts among major players such as the U.S., China, and the EU. These geopolitical tensions have led to fluctuating import-export tariffs affecting global steel circulation. According to the World Steel Association, global crude steel production in Q1 2025 decreased by 2.3% year-on-year, mainly due to a slowdown in China, the world’s largest steel consumer. In contrast, India, Indonesia, and Vietnam have shown increasing demand, particularly in infrastructure and construction projects backed by strong government initiatives.
In terms of pricing, data from Trading Economics and Shanghai Steel Home indicates that China’s hot rolled coil (HRC) steel price currently stands at around USD 570/ton, down from its 2022 peak of USD 880/ton. In Europe and the U.S., prices remain volatile due to domestic demand and persistent high energy costs, which continue to impact steel production and export capabilities across Southeast Asia, including Thailand.