Italian-Thai Development vs US HRC Steel: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Italian-Thai Development Public Company Limited (ITD.BK)

Q3 202623 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

August 202623 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

Latest23 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

US HRC Steel (STEEL.COMM)

Q3 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

August 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

Latest24 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.