Steel prices increased across the production chain in mid‑September 2026, driven by higher scrap and sponge iron costs and limited hot‑metal output. Stronger demand from construction and infrastructure, along with power‑related disruptions, kept availability tight. Market outlook suggests prices may remain firm if domestic output does not catch up.
Construction steel futures edged slightly higher while spot quotes were mostly stable with some declines. Inventory destocking accelerated as total construction steel stockpiles fell significantly week-on-week, though sluggish downstream purchases and limited demand drivers capped upside momentum. Blast furnace mills continued operating below capacity amid persistent cost pressure, while some EAF producers extended hours, keeping supply loose in the near term.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Steel | China | FOB | USD 488.00/MT | August 2026 |
| Steel | India | FOB | USD 721.00/MT | August 2026 |
| Steel | USA | FOB | USD 1,601.00/MT | August 2026 |
| Steel | Germany | FOB | USD 712.00/MT | August 2026 |
| Steel | Australia | CIF | USD 582.67/MT | August 2026 |
| Steel | China | FOB | USD 481.61/MT | July 2026 |
| Steel | India | FOB | USD 718.12/MT | July 2026 |
| Steel | USA | FOB | USD 1,590.41/MT | July 2026 |
| Steel | Germany | FOB | USD 700.74/MT | July 2026 |
| Steel | Australia | CIF | USD 580.07/MT | July 2026 |
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Asia
In China, the average price of Steel rose from ~USD 481.61/MT (FOB) in July to ~USD 488.00/MT in August, a modest gain of ~1.3%. India saw a smaller increase, with average export prices edging up about 0.4% from ~USD 718.12/MT (FOB) to ~USD 721.00/MT. Chinese prices stayed close to production cost, leaving little room for further cuts. Crude steel output in China fell 3.7% in August, which supported prices, but exports of sheet and plate still rose, keeping regional supply ample. In mid-September, holiday restocking, better machinery and appliance orders, and mill maintenance in North China lifted the market slightly. Rising output in India limited price gains there.
Europe
In Germany, steel averaged approximately USD 700.74/MT (FOB) in July and rose to about USD 712.00/MT in August, an increase of ~1.6%. New EU import quotas from July 1 restricted cheaper imports, as Turkey quickly exceeded its quarterly allowance, which allowed local mills to raise offers. Prices held firm in August despite slow holiday trading, as German steel consumption improved. In September, producers announced further increases for late Q4, citing tighter domestic supply and high coking coal costs.
North America
In the USA, average steel prices moved up from nearly USD 1,590.41/MT (FOB) in July to roughly USD 1,601.00/MT in August, a rise of ~0.7%. The 50% Section 232 tariffs on imported steel remained the main support, keeping US prices far above other regions. Nucor held its spot price in early July after a long run of increases, then raised it every week in September. US crude steel output rose 3.0% in August, which kept the pace of increases moderate.
Analyst Insight
According to Procurement Resource, Steel prices are likely to firm slightly as quotas, tariffs and restocking support offers, though heavy Chinese exports may limit gains.
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Asia
In the second quarter of 2026, the monthly average steel price in China was ~RMB 3.36/kg in April and ~RMB 3.43/kg in the subsequent month, showing an increase of ~1.9%. Price movement stayed under pressure due to persistent export availability from mills and weak domestic construction-linked consumption. Property sector slowdown reduced restocking appetite, while overseas buyers absorbed limited volumes amid competitive Asian export flows. Meanwhile, the monthly average steel price in India was ~INR 71.79/kg in April and ~INR 70.31/kg in the subsequent month, showing a decrease of ~2.1%. Domestic mills maintained higher realizations supported by controlled imports and steady downstream consumption from construction and capital goods segments.
Europe
In the second quarter of 2026, the monthly average steel price in Germany was ~EUR 0.63/kg in April and ~EUR 0.62/kg in the subsequent month, showing a decrease of ~1.8%. Weak end-use demand in automotive and construction limited upside, but supply-side constraints prevented sharp declines.
North America
In the second quarter of 2026, the monthly average steel price in North America was ~USD 1,572.00/MT in April and ~USD 1,617.60/MT in the subsequent month, showing an increase of ~2.9%. Production outages and planned maintenance tightened supply, while steady construction and energy sector consumption supported baseline demand.
Steel is an alloy of iron and carbon and chromium. It is used as a significant component in buildings, infrastructure, tools, ships, trains, automobiles, machines, appliances, and weapons because of its high tensile strength and low cost. Iron is known as the base metal for Steel.
Construction, Infrastructure, Structural Engineering Applications, Automobiles, General Industrial Applications
ArcelorMittal S.A, Hindustan Steel Corporation (LTD.), Tata Steel Limited, Nippon Steel Corporation
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Steel can be produced in both blast furnaces as well as by electric furnaces via iron ores. While in the blast furnace steel is produced by converting liquid iron and steel scrap into steel. Electric furnaces uitlises melting scrap steel or direct reduced iron to produce steel.
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