In the past week, the global steel industry has witnessed a series of key developments. Three major events—trade liberalization between China and the US, the commissioning of a world-class iron ore mine in Guinea, and Peru's termination of provisional anti-dumping duties on Chinese wire rod—have joined forces to boost the global steel market from both the trade environment and raw material supply ends, injecting positive momentum into the sector.
On November 9 (local time), the Office of the United States Trade Representative (USTR) announced two policy adjustments in succession, directly benefiting China-US steel-related trade. Firstly, it suspended the punitive measures under Section 301 investigation targeting China's maritime, logistics, and shipbuilding industries for one year, starting from November 10. Industry estimates indicate that this move will reduce the cost of relevant exported steel products by 8%-12%. Following the policy's implementation, inquiries for some marine steel plate orders have already begun. Secondly, the USTR announced the suspension of the export control "kill chain" rule over the same period, effective until November 9, 2026. During this period, affiliated enterprises in which entities on the US Entity List hold more than 50% equity will no longer be subject to the same export control sanctions under this rule. This constitutes an important step by the US in implementing the consensus reached at the China-US economic and trade consultations in Kuala Lumpur.
On November 11 (local time), the commissioning ceremony of the world-class Simandou iron ore project was held at Guinea's Port of Matakong. As one of the world's largest iron ore reserves, the commissioning of the Simandou mine will disrupt the existing global iron ore supply pattern. As a core raw material for steel production, the project's launch will provide a more stable upstream raw material guarantee for the international steel industry. In the long run, it is expected to ease the procurement cost pressure on steel mills and exert a positive regulatory effect on global steel prices. Chinese enterprises such as Baowu Group have participated in the project's related processes.
Peru's National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI) announced the termination of provisional anti-dumping duties on wire rod products originating from China, effective November 10. Previously, the provisional duty of $64.6 per ton had been in place since July 9, 2025, covering various types of round plain wire rod with diameters ranging from 5.5mm to 16mm. The termination of this duty will directly reduce the cost pressure for Chinese wire rod exports to Peru and further enhance the competitiveness of Chinese wire rod in the South American market.
