India among fastest growing steel markets due to rising global prices: Goldman Sachs & more related News Here

In its “Global Steel: The Steel Market Barometer – May Update”, Goldman Sachs said average hot rolled coil (HRC) prices increased in almost all major markets in April, with Brazil up 10 percent month-on-month, followed by Japan by 6.5 percent and China by 2.9 percent. “On a YTD basis, Brazil’s HRC steel price performance has been the strongest in our sample (+21%), followed by the US (+15%), with other regions also seeing prices rise by 6%-13%,” the report quoted ANI as saying.The report said India continued to show strong growth within this global boom, with crude steel production rising 11 per cent year-on-year in March, compared to 10 per cent year-on-year and 7 per cent growth in February. Meanwhile, long steel prices also strengthened in April across key regions, with rebar prices in Brazil rising by 12 per cent, followed by Europe by 6.9 per cent and the Black Sea region by 6.1 per cent. On the supply side, China’s steel output continued to decline, falling 3.2 percent year-on-year in the first two weeks of May. Commenting on the sector, Goldman Sachs said, “At the industry level, while anti-invasion efforts and long-term capacity reduction plans for the Chinese steel sector remain intact, we see delayed execution in 2026E in terms of both capacity and production discipline.” Sector-wise trends showed a mixed performance among major producers. Europe’s crude steel output rose 16 percent month-on-month in March, although it was down year-on-year and year-on-year. In the US, average weekly steel production increased 3 percent in April, while the utilization rate averaged 79.6 percent. Goldman Sachs said infrastructure activity in China remained resilient despite weakness in the property sector, while manufacturing recovered and construction softened. It projected steel prices to remain broadly stable in major global markets through 2026, with US prices expected to remain strong compared to Europe, China and Brazil.