CRU
August 21, 2026
CRU: Global finished steel prices diverge, US the rare bright spot
Written by Chetan Soni
This item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
Global finished steel prices have diverged in August, with longs softening while sheet and plate firmed in most regions. Weak construction demand persisted across most longs markets, with the US the notable exception. Higher sheet prices were driven by tightening supply in the US and reduced import attractiveness in Europe, even as APAC (Asia-Pacific) sheet prices declined. Plate prices were mostly firmer across APAC, stable to down in Europe, and continued climbing in the US.
Across all markets, supply responses (i.e., mill outages, import restrictions or tariff-rate quota implementation) drove the price direction rather than underlying demand, which remains weak in most markets outside the US.
Longs prices eased as construction activity remains subdued outside the US
Global longs prices pulled back for a second consecutive month in August, underscoring that construction demand remains weak. Prices increased through Q2 2026 on higher energy costs and elevated freight rates, though that strength has dissipated since the start of Q3 2026.
Weak construction activity is characteristic of the global market, excluding the US. In China this was compounded by typhoon disruptions and slow funding issuance. Heavy rain has impacted demand in the other parts of Asia too. In Europe, prices were under pressure as downstream customers continue to resist price increases due to weak end-use demand. They were also holding their stock positions in anticipation of further declines during the summer lull. This seasonal slowdown has also dampened Turkish export demand.
The US remains an outlier, where demand is supported by infrastructure projects, construction of data centers and various government-backed projects. Tighter import availability and mill supply cuts supported higher prices.
There are production cutbacks elsewhere too, with European and Chinese mills undertaking seasonal maintenance. In most cases, this has not been enough to offset the weak demand, although we did see India and Spain managing to pass through some price increases. While prices were stable to down in Europe, the revised tariff-rate quotas (TRQ) and higher costs on the back of the Middle East conflict have established a firmer price floor.
Global sheet prices rise, driven by policy in Europe and demand strength in the US
Global sheet prices moved higher in August, driven by strong US demand and policy in Europe. However, APAC prices declined on elevated inventories and intensifying competition. In China, softer manufacturing activity and slower destocking left inventories higher year over year. Southeast Asian prices fell as restocking demand was limited while there was increasing competition from India and Indonesia. Japanese export prices also slipped as the revised TRQs in Europe redirected volumes toward Brazil and Mexico. India was the regional exception, with HR coil prices rising on anticipated output curtailments and potential safeguard duty increases alongside antidumping investigations into Chinese, Russian and Japanese imports.
European sheet prices have increased steadily since the new TRQ system took effect in July, as reduced import attractiveness pushed buyers toward domestic supply. This is despite subdued real demand in the middle of the summer holiday period. Conversely, Turkish prices decreased, with domestic prices falling on weak manufacturing and construction activity and a slowdown in export sales since the exhaustion of its EU hot-rolled coil quota.
US sheet prices continued to climb, underpinned by an inventory deficit at service centers and continued demand from data center projects, reshored automotive steel demand and broader manufacturing strength. Supply remains tight even as maintenance outages conclude and import arrivals of flat-rolled product and slab rise from the low of Q4 2025.
Plate prices mixed as Asia and US prices rise, whereas EU prices came under downward pressure on weak demand
APAC plate prices were mixed in August amid the seasonal lull. China and Japan held steady on balanced supply and demand, while prices in Southeast Asia fell on weak demand caused by heavy rain. Indian prices were supported as mill maintenance tightened supply and buyers advanced restocking ahead of a possible safeguard duty hike.
In Europe, prices were stable to down. German prices held flat month over month (m/m) with spot availability tightening due to strong demand from the US pipe sector, which has been contracted. Italian prices fell €25 per metric ton (mt) m/m on weak real demand, while lower slab costs have alleviated cost pressures for re-rollers. UK prices eased £10/mt m/m on subdued demand and the re-emergence of southeast Asian import offers.
US plate prices were up $74 per short ton m/m, supported by tight mill supply, extended lead times, and robust demand from construction, energy and infrastructure projects. Imports are still constrained by tariffs and trade duties.
