While Vietnam’s Hoa Phat and Formosa Ha Tinh held August steel prices steady, China’s Baosteel just shifted gears. Breaking a three-month flat pricing streak since May, the steel giant bumped up hot-rolled and cold-rolled coil tags by CNY 100 per tonne (roughly $14) effective yesterday. Electrical steel prices stayed put though.

This move comes as Chinese mills throttle back production, finally putting a floor under sliding China steel prices. Industry watchers see Baosteel’s adjustment as a measured play – not too aggressive given the fragile market.

But here’s the rub: with US-China trade tensions still muddy and end-user demand sluggish, many traders aren’t popping champagne yet. “We’re in wait-and-see mode,” one Shanghai-based purchaser noted. “This could just be a temporary blip unless real demand materializes after summer.”