Analysis
May 15, 2026
CRU Sheet Outlook: Prices will keep rising across most regions, except for EU and Southeast Asia
Written by Juliana Guarana
The uptrend in sheet prices is expected to continue in the coming month in most markets amid elevated energy and freight costs stemming from the Middle East conflict. Europe will buck the trend as demand in the region is likely to remain soft.
Sheet prices in China are expected to continue rising over the next few weeks, supported by resilient domestic manufacturing demand. However, from June, Chinese sheet prices are likely to ease slightly as construction demand softens seasonally with the onset of the rainy season.
In Southeast Asia, after a sharp cost driven price increase, stocks have returned to normal levels. As a result, prices in the near term are expected to decrease amid buyer hesitancy in the market.
In India, domestic sheet prices are expected to remain rangebound around current levels as elevated costs will continue to support prices despite subdued demand. In addition, planned maintenance outages at several mills this month will tighten sheet supply. A downside risk is demand destruction from major end-users, which may reduce production to protect margins amid higher input costs.
Despite elevated energy and freight costs, sheet prices in Europe are likely to continue trending lower over the coming month, weighed down by soft demand and sufficient inventories.
In parallel, domestic demand is expected to remain strong in the USA in the near term. As a result, the sheet market is likely to stay tight, with service center inventories extremely low and mill lead times extending until August.
The duration of the conflict in the Middle East is a key variable in near term price direction. CRU’s current base case is that disruptions in Hormuz will start to ease by the end of May.
