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Steel Alloy: Five things to look for in 2026
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Report summary
2026 will be a policy driven reset for the steel alloy markets. Across bulk and noble alloy, markets are being shaped less by consumption and increasingly by government intervention. Regulation, protectionism and cost inflation are shaping prices, while any recovery in end-use demand remains uneven and, in many cases, fragile.
Table of contents
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Executive summary
- 1. A Sword of Damocles for chromium: South Africa’s export tax looms
- 2. CBAM is here: clarity at the last minute, but uncertainty still baked in.
- 3. Manganese stuck in the doldrums: policy shocks rise, demand refuses to cooperate
- 4. China’s anti-involution push forces a reckoning for silicon markets
- 5. Energy, defence and aerospace will move the noble alloy markets in 2026
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