Global steel markets stayed policy-driven in Q2'26, with pricing diverging across regions. In the US, HRC climbed to the mid-$1,200s/MT (+10.9% QoQ) as tight spot supply and import restrictions kept the market snug. EU prices rose early in the quarter and held steady as buyers waited out the July 1 safeguard changes. China lagged both, up just 1.6% QoQ to $494/MT on firming raw material costs but persistent demand weakness. Looking ahead, Western prices are expected to hold with modest upside, supported by trade barriers and supply constraints, while China stays range-bound as oversupply and soft demand cap any gains. 

In our Q3 report, we break down: 

• Regional price trends and forecasts
• Upwards and downwards market drivers
• Input costs
• EU ETS, CBAM, and Safeguard Quotas