Global Steel Prices Surge Across Markets, with India Erupting as One of the Fastest-Growing Producers, Goldman Sachs Reports

Global Steel Prices Continue to Climb Across Major Markets

Global steel prices have continued to rise across major markets in April and early May, with Brazil emerging as the strongest-performing region. According to a report by Goldman Sachs, average hot rolled coil (HRC) steel prices increased in nearly all major regions during April.

Brazil led the gains with a 10 per cent month-on-month rise, followed by Japan at 6.5 per cent and China at 2.9 per cent. On a year-to-date basis, Brazil recorded the strongest HRC price performance with a 21 per cent jump, while the United States saw prices rise 15 per cent. Other major regions posted gains ranging between 6 per cent and 13 per cent.

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Long steel prices also strengthened globally in April. Brazil again topped the chart with a 12 per cent month-on-month rise in rebar prices, followed by Europe at 6.9 per cent and the Black Sea region at 6.1 per cent.

On the supply side, China's steel production continued to remain under pressure. Goldman Sachs said Chinese steel output declined 3.2 per cent year-on-year in the first two weeks of May, amid delays in implementing planned capacity cuts and production discipline measures.

India, meanwhile, continued to show strong momentum in steel production. According to Goldman Sachs, India's crude steel output growth accelerated to 11 per cent year-on-year in March, compared with 10 per cent growth for the year-to-date period and 7 per cent growth recorded in February.

The report highlighted mixed trends across global steel markets. Europe's crude steel production rose 16 per cent month-on-month in March, although it remained down 3 per cent on both yearly and year-to-date bases.

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In the United States, average weekly steel production increased 3 per cent month-on-month in April, with utilisation rates improving to 79.6 per cent.

Goldman Sachs also noted that infrastructure activity in China remained relatively resilient despite continued weakness in the property sector. Infrastructure investment excluding water and power supply grew 8.9 per cent year-on-year in the first quarter of 2026, while manufacturing activity improved in March even as construction activity weakened.

The investment bank expects steel prices to remain relatively stable across major global markets through the rest of 2026, with US steel prices likely to stay stronger than those in Europe, China, and Brazil.