Global steel prices rise in Apr'26 on tighter supply and firm input costs

• Finished steel prices increase m-o-m across key markets
  
  
• Iron ore prices stable while scrap firms
  
  
• Supply-side tightening supports prices, demand recovery uneven
  
  

Morning Brief: Global steel prices moved higher m-o-m in April 2026, led by gains in finished steel across major export markets. HRC export prices from India rose to $641/t (EU), while Turkish rebar increased to $598/t, reflecting improved price realisations amid tighter supply conditions. At the same time, raw material trends remained mixed, with iron ore largely stable and scrap prices firming, supporting cost structures across the value chain.

The price increase comes after a period of volatility in March, when supply chain disruptions linked to geopolitical tensions lifted input costs and freight rates. While these pressures have partially eased, the impact continues to be reflected in steel pricing, particularly in export markets.

Snapshots of key price movements in Apr'26

Iron ore stabilises as supply concerns ease

Iron ore fines (Fe 61%) prices remained largely stable m-o-m at $107/dmt CFR China, following volatility in the previous month. Prices eased toward the end of April as earlier concerns over restricted portside cargoes subsided, allowing mills to resume procurement.

Port-stock prices also declined, as expectations grew that previously restricted volumes would gradually re-enter the market, improving spot availability. While demand remained steady, the easing of supply constraints limited further price increases.

Scrap and coal trends remain mixed

Imported scrap prices strengthened, with HMS (80:20) scrap CFR Turkey rising to $404/t in April from $383/t in March, supported by tighter supply and improved restocking activity.

In contrast, coking coal prices edged up slightly to $255/t CFR India, reflecting stable demand but limited upward momentum. The mixed trend in raw materials indicates that while input costs remain supportive, they are not driving sharp price increases.

HRC prices rise across export markets on tighter supply

HRC export prices increased across key regions in April. Indian HRC (EU-bound) prices rose to $641/t from $570/t in March, while Chinese HRC increased to $505/t, and Japanese HRC climbed to $536/t.

The increase reflects a combination of firm input costs and tighter supply conditions, as mills maintained discipline amid earlier margin pressures. In addition, easing inventory levels and improved domestic sales in China supported export pricing.

However, demand conditions remain uneven. While supply tightening has supported prices, buying activity has been cautious, particularly in overseas markets, where higher freight costs and uncertain demand continue to weigh on transaction volumes.

Semis and long steel follow with moderate gains

Billet prices (FOB Black Sea) increased to $466/t in April from $450/t in March, tracking gains in finished steel and reflecting improved sentiment in the semi-finished segment.

Turkish rebar prices rose to $598/t, supported by firmer scrap costs and restocking demand. However, downstream demand remained cautious, with buyers resisting higher prices and limiting the pace of increase.

Outlook

Global steel prices are likely to remain supported in the near term, as supply-side discipline and firm input costs continue to provide a floor to prices.

However, demand recovery remains uneven across regions. While domestic markets in China have shown signs of improvement, export markets continue to face cautious buying and logistical uncertainties.

With input costs stabilising and supply conditions tightening, prices are unlikely to see sharp corrections. At the same time, the absence of strong demand growth may limit further upside, keeping the market dependent on supply-side adjustments and macro developments for direction.