Fastmarkets’ April 2026 revision to its global crude steel production forecast underscores how policy actions, geopolitical disruptions and cost pressures are reshaping the near-term steel supply outlook.

For decades, tungsten sat on the margins of US industrial policy. Despite its essential role in armor piercing munitions, aerospace alloys and advanced manufacturing, the ultra hard metal was sourced overwhelmingly from China, while US domestic mining faded from view.

Aluminium markets in the US and Mexico are facing an unprecedented mix of geopolitical disruption, trade policy shifts and tightening supply conditions.

Military readiness relies on a narrow set of industrial inputs that enable advanced systems to function under extreme conditions. As supply chains become more complicated and politicised, securing reliable access to these materials is emerging as a strategic challenge for the defense industry.

The Canada HRC hot-rolled price hovered around C$55 ($40) per hundredweight as market participants reacted with dismay to new US policies that affect the way tariffs are calculated on derivative metals products.

Decarbonization has become the defining theme for heavy industry. With the EU’s Carbon Border Adjustment Mechanism (CBAM) now in force and mounting pressure to curb emissions, hard-to-abate sectors such as steel are being pushed to adapt to a lower-carbon economy.

Growing uncertainty over Guinea’s bauxite export policy, alongside severe disruption to alumina supply chains caused by the closure of the Strait of Hormuz, emerged as key themes at the Fastmarkets Bauxite & Alumina Conference in Miami on March 24-25, with delegates warning of heightened price volatility and shifting trade flows.

The global tungsten market in 2026 is marked by extreme volatility driven by geopolitical tensions, trade disputes, and resource nationalism, especially between China and the US. These dynamics have caused significant supply disruptions and price surges across tungsten products.

In the past year, trade policy has and continues to fuel change and dynamics in the North American steel market. Meanwhile, inflation has remained at or above 2.7% while the Fed Fund rate hovers around 2.64. The consumer continues to bear a growing burden to keep the economy from stalling, as finished goods markets search for their own nadir, stability and potential growth paths.

The recent wave of anti-dumping measures approved in Brazil has been met with some concern in China — the country most affected by the Brazilian government’s decisions in this case — but despite the negative impact, Chinese participants see the moves as just another phase of doing business.