Global Steel Prices Rise as Brazil Outpaces Markets

SEATTLE (Scrap Monster): Global steel prices kept climbing in April and early May this year, especially in Brazil, according to a new Goldman Sachs report.

The investment bank’s Global Steel Market Barometer highlights that hot-rolled coil prices rose pretty much everywhere. Brazil led the way, jumping 10% for the month. Japan followed at 6.5%, and China was up 2.9%. Looking at the year so far, Brazil’s growth reached 21%, outpacing the U.S., which saw a 15% increase.

Long steel prices went up too—Brazil’s rebar prices shot up 12% in April. Europe and the Black Sea region weren’t far behind, with gains of 6.9% and 6.1%.

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But while prices got stronger, steel production in China didn’t keep up. It actually dropped 3.2% year-on-year in the first half of May. Goldman Sachs points out that delays in rolling out capacity cuts have slowed China’s effort to reform its steel industry.

India’s crude steel output jumped 11% in March compared to last year, making India one of the fastest-growing steel markets in the world.

Looking ahead, Goldman Sachs expects steel prices to stay mostly steady through 2026. Strong infrastructure demand in China and healthier output from top steel-producing countries are likely to keep the market stable.