Global steel prices holding above 2025 levels
- BMI maintained its 2026 global steel price forecast at US$620 a tonne.
- Higher input costs and Western policy support are keeping prices above the 2025 average of US$585 per tonne.
- The research firm expects ongoing property sector weakness in China to limit any major demand-side price upside.
Research firm BMI maintained its 2026 global steel price forecast at US$620 per tonne, stating that elevated input costs will keep prices above previous levels.
The projected figure sits slightly above the 2025 average of US$585 per tonne, though it remains well below the historical levels seen between 2021 and 2024.
"While prices are expected to recover from 2025 levels, the rebound remains limited," stated BMI analysts in the report.
In addition, China’s Iron and Steel Association recently urged major steelmakers, including China Baowu Steel Group, to enforce strict production controls to manage persistent industry oversupply.
Looking ahead, BMI expects steel prices to remain broadly range-bound through the remainder of 2026.
Global steel consumption continues to face ongoing headwinds from softer construction activity and broader post-pandemic demand changes.
At the same time, persistent weakness in China's property sector continues to place a firm cap on any potential long-term price recovery.