Global steel markets are heading into 2026 shaped by policy shifts, uneven demand, and ongoing supply-side pressure.
China continues to implement production cuts as construction demand weakens, with rising inventories signalling sustained pressure on the property sector. In Europe, steel markets are increasingly influenced by regulatory and policy developments, including CBAM implementation, safeguard quota changes, and decarbonisation costs, reducing long-term visibility for buyers.
The US market remains policy-driven, with trade measures, infrastructure spending, and capacity discipline shaping supply and pricing dynamics. Across raw materials, cost pressure and volatility persist, driven by energy prices, environmental regulation, and scrap availability.
Volatility remains a defining feature of the market, making informed sourcing and long-term positioning more important than ever.