Global steel markets show divergent growth trends

Global steel markets are showing divergent trends, with India emerging as the fastest-growing major market while global demand remains largely stagnant. According to the World Steel Association, global steel demand is projected to remain flat in 2026 at 1,722 million tonnes, before a modest 1.7% increase in 2027. This stagnation is attributed to a prolonged property downturn in China and geopolitical disruptions in the Middle East.

In contrast, India's steel demand is expected to expand by 7.9% in 2026 to 172.4 million tonnes, followed by an 8.0% increase in 2027. This growth is driven by investments in infrastructure, real estate, machinery, and automotive manufacturing.

In the United States, flat-rolled steel import licenses reached a 14-month high in September, rising 4.9% month-on-month to 679,889 short tons. This increase comes amid a period where domestic mills have maintained significant pricing power due to supply constraints in the sheet and plate markets.