Weekly Steel Market Report – Week 18, 2026

Iron Ore

Last week, prices for 61% grade iron ore in China’s import market saw a slight increase, rising from 107.60 to 108.05 dollars per tonne CFR China.

Scrap

In Turkey’s scrap import market, the price of HMS 20-80 improved from 406 to 412 dollars per tonne CFR. The main driver behind the increase was higher freight costs.

Japan’s H2 grade export scrap reached 54,400 yen per tonne FOB, up 700 yen from the previous week.

In East Asia, imported scrap was heard at 496 dollars per tonne CFR, showing an 8-dollar increase week on week.

Billet

Last week, the average Black Sea export billet price increased from 472 to 482 dollars per tonne FOB.

In China’s domestic market, billet prices rose 4 dollars to 444 dollars per tonne ex-works.

In Turkey’s import market, billet prices increased 10 dollars, reaching 510 dollars per tonne CFR.

In Southeast Asia, imported billet was reported at 499 dollars per tonne CFR.

Billet – Iran Market

Billet prices continued to rise due to controlled supply and the increase in the exchange rate.

Long Products

Rebar – International

• Turkey’s rebar export price was heard at 595 dollars per tonne FOB, remaining stable compared to the previous week, although it briefly reached 597.5 during the week.

  In Turkey’s domestic market, rebar was reported at 608 dollars per tonne ex-works, unchanged week on week.

  China’s rebar export price improved slightly from 498 to 499 dollars per tonne FOB.

  In Europe’s domestic market, rebar prices reached 645 euros per tonne ex-works, up 15 euros.

  In the United States, domestic rebar prices remained stable at 920 dollars per short ton.

Rebar – Iran Market

Rebar prices increased due to limited supply and the rise in the exchange rate.

Beam – Iran Market

The beam market remained weak, although the stronger exchange rate provided some support.

Flat Products

Hot Rolled Coil (HRC) – Global Market

The Platts index for China’s HRC export price averaged around 504 dollars per tonne FOB, up 1 dollar week on week.

Black Sea HRC export prices were reported at 525 dollars per tonne FOB, rising 25 dollars.

Turkey’s HRC export price was heard at 625 dollars per tonne FOB, unchanged from the previous week.

In Southeast Asia, imported HRC prices in Vietnam increased from 585 to 619 dollars per tonne CFR.

In Europe’s domestic market, the latest HRC index was 700 euros per tonne ex-works, down 5 euros.

In the United States, domestic HRC prices were reported at 1,055 dollars per short ton, up 10 dollars.

Hot Rolled Coil – Iran Market

The price of 2 mm hot rolled coil from Mobarakeh Steel was 1,260,000 rials on Saturday and rose to 1,305,000 rials by Wednesday. Market imbalance between supply and demand, together with the rise in the exchange rate, pushed prices upward.

Plate – Iran Market

Offers of Oxin plate in the exchange temporarily pushed prices downward, but overall the market moved higher under the influence of the rising exchange rate.

Cold Rolled Coil – Iran Market

A shortage of supply, combined with uncertainty about future availability and the rising exchange rate, disrupted stability in the cold rolled coil market.

Galvanized Sheet – Iran Market

Despite the increase in exchange rates, steady supply from Mobarakeh Steel and other producers kept the galvanized sheet market relatively stable.

Weekly Steel Market Report

Global Market

The global steel market is currently under dual pressure. On one side, rising fuel prices are increasing freight and production costs. On the other side, weak demand is preventing significant price growth. This situation is expected to continue while the Strait of Hormuz remains closed. Even if conditions normalize, prices may not decline sharply since demand could recover.

Key market movements during the week include:

Brent crude oil increased from 106 to nearly 114 dollars per barrel.

Iron ore rose slightly to 108.05 dollars per tonne CFR China.

Scrap in Turkey increased 6 dollars to 412 dollars per tonne CFR.

Black Sea billet rose 10 dollars to 482 dollars per tonne FOB.

Black Sea slab remained stable at 492 dollars per tonne FOB.

Black Sea HRC increased 25 dollars to 525 dollars per tonne FOB.

Turkey rebar export price remained unchanged at 595 dollars per tonne FOB.

Many economic participants are reluctant to provide forecasts because the global economic environment is heavily influenced by political developments and the future of the Middle East. The global steel market is currently difficult to predict because key market dynamics have changed. The absence of Iran, the world’s tenth-largest steel producer, from international markets has created more room for Russia and Turkey. At the same time, the reduced supply of raw materials such as pellets from Iran may increase raw material costs for China.

The only commodity with a clearer outlook is gold, with some projections suggesting it could reach 6000 dollars next year, reflecting continued instability and economic slowdown in global markets.

Domestic Market (Iran)

Domestic demand remains weak. In the sheet market, unsold products from last year are still available in warehouses, while sellers are waiting for new-year pricing levels.

Although sheet production is not limited to Mobarakeh Steel, the company remains the market leader in price setting. The main issue in the sheet market is the limited availability of slab feedstock. Mobarakeh offered material last week, but due to quota limitations and liquidity constraints, buyers could not absorb the entire volume.

In the coming weeks, purchasing activity may increase. Meanwhile, import offers for hot rolled coil at around 590 dollars CFR and cold rolled coil at 660 to 670 dollars CFR Anzali have been reported. Although delivery would take around three months, these offers may help ease short-term price pressures.

In the long products market, consumption remains weak and warehouses are filled with rebar purchased earlier at around 600,000 rials. Producers are attempting to control supply levels. Recent changes in credit sales interest rates effectively raise the annual rate to around 40 percent. Some market participants expect supply to increase, but such moves could also push prices higher. Additionally, there are indications that the central bank may raise interest rates, suggesting a contractionary monetary policy.

The Iranian economy is currently facing a high level of uncertainty. Due to wartime conditions, the government cannot clearly announce its economic plans, which increases uncertainty, reduces investment, encourages capital outflow, and raises unemployment risks.

Under current conditions, exchange rates have become the main factor determining prices, not just supply and demand. However, exchange rate movements depend not only on Iran’s domestic economy but also on global oil prices and the strength of the US dollar.

If current global conditions persist, economic slowdown may deepen, potentially spreading instability from stock markets to the global banking system. In such circumstances, market predictions become extremely difficult.

Source: Foolad Iran