Insight
Steel: 4 things to look for in 2026
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
2025 uncovered an uncomfortable reality for steel markets – protection did not equal recovery. Demand weakened further in China, while The European Union (and UK)’s rebound never arrived. Tariffs, though widely expected, combined with China' undeterred oversupply pushed prices in opposite directions. As a result, global steel flows became more constrained, volatile and uneven. Looking ahead to 2026, conditions are likely to improve only marginally. Lower raw-material costs may offer some margin relief, but demand recovery remains fragile and policy-driven distortions are set to intensify. Green steel economics remain unfavourable pushing timelines out in the European Union and China. The year will test CBAM’s effectiveness and whether its complex mechanics add a new layer of trade friction. The full impact of Trump’s tariffs will become visible, while China’s policy stimulus and supply rationalisation efforts will remain central to the outlook.
Table of contents
-
Executive summary
- Catching a falling knife: China’s steel demand contraction outpaces supply cuts
- Steel trade flows enter a new phase
- Green steel: timelines extended
- Prices diverge across regions, risks are asymmetric
Tables and charts
This report includes the following images and tables:
-
2025 weighted average operating margin and cash cost ratio by country
What's included
This report contains:
Other reports you may be interested in
Insight
CCUS: 5 things to look for in 2026
We highlight the five key themes to look out for in 2026
$1,250
Insight
CCUS: 5 things to look for in 2025
We highlight the five key themes to look out for in 2025
$1,250
Insight
India's energy roadmap: 5 key themes are emerging
5 key themes that remain on watch for India's energy landscape until 2035
$1,250
