During Q1’26, HRB steel prices in Asia followed a volatile yet slightly declining trend, influenced by oversupply and uneven demand recovery. Global crude steel production remained elevated at ~1,849.4 million metric tonnes in 2025, maintaining strong supply pressure across markets. In January, prices saw limited support from higher raw material costs, but demand weakened due to the Lunar New Year slowdown, reducing construction activity and procurement. As the quarter progressed, the prices faced further pressure as inventories increased due to slow consumption and continued production, which weighed on market sentiment. By the last month of the quarter, demand improved with the resumption of construction projects, but high stock levels and cautious buying restricted price recovery. Export disruptions linked to the Iran war affected shipments through the Strait of Hormuz, raising freight costs and delaying deliveries.
Analyst Insight
According to Procurement Resource, HRB steel prices are expected to remain slightly weak, as demand recovery may continue, but elevated inventories are likely to limit significant upward movement.
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During the fourth quarter of 2025, the global HRB steel market showed mixed performance across different regions. In Europe, prices demonstrated some strength as producers announced increases for deliveries later in the quarter and into early 2026. This upward movement was primarily driven by changes in trade regulations and new import measures rather than actual demand improvement. The introduction of stricter quota systems and origin verification requirements reduced import flows significantly, giving domestic producers more pricing power. However, actual consumption remained disappointing throughout the quarter.
In Asia, particularly India, the market remained under pressure during Q4. Despite earlier expectations of recovery after the extended monsoon season, demand failed to pick up meaningfully. Domestic steel mills continued operating with high inventory levels as production outpaced consumption. Export prices stayed under pressure as mills offered competitive terms to attract overseas buyers. Trading activity remained subdued with most customers avoiding inventory buildup and maintaining cautious purchasing outlook throughout the quarter.
Analyst Insight
According to Procurement Resource, HRB steel prices are expected to remain mixed in the near term, with regulatory factors potentially supporting European markets while oversupply and weak demand affecting Asian regions.
HRB steel is a hot rolled processed type of steel that is produced by heating steel ingots or billets and then rolling them into different shapes. This type of steel has high strength, durability, and malleability and thus is widely used in construction, automotive, manufacturing, and several other sectors. It can also withstand heavy loads and can sustain various fabrication processes such as welding and bending useful in building structures, machinery and many other industrial products.
Construction, Furniture, Infrastructure, Ship building, Agricultural equipment
ArcelorMittal S.A., Nippon Steel Corporation, Shagang Group Inc, JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co Ltd
CurrencyUS$ (Data can also be provided in local currency)
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