Country Report
Global steel cost summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The global steel industry weathered a turbulent 2025 as prices and margins weakened despite production costs falling 7% year-on-year to 553 US$/t. China's property sector downturn and economic weakness across Europe dragged raw material prices lower, delivering mixed cost relief across steel technologies—BOF mills saw costs plunge 8.5% whilst EAF operations edged up half a percentage point. Hot rolled coil margins emerged as the year's unexpected winner, posting strong gains that should extend into 2026. Looking ahead, steelmaking costs face a modest one per cent decline in 2026 before carbon costs begin reshaping the industry's cost structure from 2027 onwards, particularly for emissions-intensive blast furnace routes.
Table of contents
- Sinter
- Coke
- Pellet
- Iron production
- Crude steel production
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Raw materials pricing
- Iron ore
- Coal
- Scrap
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Average country costs
- BOF cash costs
- EAF cash costs
- Outlook for cash costs
- Emission curve
- Asia Pacific
- Americas
- EMEARC
Tables and charts
This report includes the following images and tables:
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2025 steel CO2-e emission curve (scopes 1 and 2)2025 crude steel cost curves under carbon price scenariosAsia Pacific steel plant coverage
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Americas steel plant coverageEMEARC steel plant coverageRaw materials price outlook2025 weighted average finished steel cash cost by country - BOF2025 weighted average finished steel cost by country - EAF (US$/tonne)2025 cash negative costed production2025 weighted average operating margin and finished steel cash cost by country2025 total emissions by country (CO2-e/t)2025 BOF emissions by country (CO2-e/t)
- 1 more item(s)...
What's included
This report contains:
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