Steel and steel raw materials

The iron ore market in 2026 shows fragile recovery driven by rising freight costs rather than demand growth. This dynamic challenges pricing signals and margin management for miners and processors.

JSW Steel USA’s production of its first fully degassed 12-inch slab at its mill in Mingo Junction, Ohio, could reduce the company’s reliance on imported slab, according to information obtained by Fastmarkets, raising questions about future demand for Brazilian exports at a time when the global slab market is already facing weaker demand and increasing competition.

Latin America’s apparent steel consumption is expected to remain broadly stalled in 2026 before recovering more meaningfully in 2027, but the region’s steel industry continues to face mounting pressure from rising imports and historically weak production levels, according to Latin American steel association Alacero.

A United Auto Workers (UAW) strike at the American Axle factory in Three Rivers, Michigan, that began on Monday June 1 could lead to reduced demand for automotive steel if not resolved quickly, but analysts disagree on whether it will ultimately have a significant impact.

The newly signed Mexico-EU (EU) trade deal could signal a shift in steel trade toward the EU, but Mexican steelmakers will still prefer trade within North America, a steel producer told Fastmarkets.

European buyers were still seeking Ukrainian steel despite the recent rollout of the EU’s Carbon Border Adjustment Mechanism, but constraints on production during wartime were preventing mills from fulfilling the demand, the industry said.