Steel flat prices remained at a lower level through 2025 compared to Q1 2024, reflecting weak construction activity, persistent overcapacity and strong regional competition, particularly from China. Market conditions softened further in the second half of the year, as subdued domestic demand and elevated inventories continued to limit mill driven pricing power across Asia. Taiwan stood out during 2025, supported by improved order books for steel flat products linked to robotics, automotive and electric vehicle manufacturing. Taiwan exports to the US rose despite global trade restrictions. These factors helped sustain mill utilisation and provided some late‑year price support.

Steel prices in Q1 2026 were low at the start of the quarter but began to firm gradually. In Taiwan, higher raw material costs, currency weakness and tighter supply following antidumping measures on Chinese and Japanese steel coil have supported price increases. India recorded a sharper rise, driven by strong infrastructure-led demand, higher input costs and limited import competition. Prices in the KSA and UAE increased modestly, supported by ongoing construction and infrastructure activity alongside higher input costs and logistic risks. Japan recorded a modest decline from previous quarter, reflecting subdued domestic demand and limited pricing power amid slower construction activity.

The QoQ increase of steel flat prices is expected to be in the range of 1% to 2% in Q2 2026 across most markets, with the underlying drivers largely unchanged from those observed in Q1 2026. India is expected to record the strongest QoQ increase of 13%, supported by firm domestic demand, higher raw material costs and limited import pressure. Australia is projected to record a modest downturn in prices, with subdued construction demand and sustained oversupply weighing on market pricing. Overall, in Q2 2026, prices are being supported by higher costs rather than stronger demand, so prices are more likely to stabilise than rise sharply.