Global Steel Market on Fire! April 2026 – A Major Turning Point: Costs Soaring, Scrap Rising, Green Steel Emerging, and Thailand Facing the “Quadruple Cost Shock” : April 11, 2026 : Article by SO OK TRADING
Global Steel Market – April 2026 April 11, 2026 | BY SO OK TRADING
April 2026 is no ordinary month for the steel industry. Across the globe, every region is being hit by shocks from soaring energy costs, import tariffs, and unresolved economic uncertainty. As a result, raw materials and finished steel products are moving in “different directions,” creating a strikingly divided market picture.
Western Markets: Prices Soaring Like a Roller Coaster
In the United States, hot-rolled coil (HRC) prices surged past $1,040 per ton. The government’s Section 232 import tariff of 50% cut steel imports nearly in half, driving domestic prices sharply higher. Europe is facing a similar situation, with energy and electricity costs skyrocketing. Rebar prices continue to climb, and steelmakers are urging governments to reconsider the Carbon Border Adjustment Mechanism (CBAM) as carbon costs weigh heavily on the industry.
Asian Markets: Sluggish and Volatile
China’s real estate sector remains weak, dragging rebar prices down to a monthly low of ¥3,080–3,100 per ton. The government has also introduced export licensing to control oversupply. ASEAN markets mirror China’s volatility, though high freight costs provide some support. Vietnam imposed a steep 27.83% anti-dumping duty on Chinese HRC, nudging prices upward. Japan and Korea have chosen “survival through price hikes,” with major producers raising steel sheet prices to reflect rising raw material and energy costs.
♻️ Scrap Steel: The Rising Star of the Green Steel Era
Scrap steel has become the centerpiece of the market, as demand for environmentally friendly “Green Steel” accelerates worldwide.
Turkey: The global benchmark, holding firm at $380–395 per ton.
USA: New electric arc furnaces (EAF) are driving fierce competition for high-quality scrap.
Europe: Considering export restrictions to retain scrap for low-carbon steel production.
Asia: Freight costs are pushing Thailand and Vietnam to rely more on domestic scrap.
China: Demand remains weak as many mills halt operations due to negative margins.
In Thailand, scrap purchase prices have risen sharply. Heavy scrap is now 14.5–15.2 THB/kg, while light scrap is 11.5–12.5 THB/kg. Domestic competition is intense, and mills are enforcing stricter standards on cleanliness and size.
⚡ Thailand’s “Quadruple Cost Shock”
Thai steelmakers raised prices across all categories by 10–15% immediately, driven by four key pressures:
Middle East crisis pushing global energy prices higher
Freight rates soaring by more than 50%
Electricity tariffs rising steadily
Higher costs for imported scrap
The impact is clear: Thai housing prices are set to rise by 3–5% from late April. If energy issues remain unresolved in May, another round of price hikes is likely.
Looking Ahead (Q2/2026)
The second quarter is expected to be the most volatile period of the year. Some regions may hit annual price peaks, while global steelmakers plan further 10–15% price increases to protect margins. In ASEAN, anti-dumping measures against Chinese steel will be fully enforced, tightening the market even further.
April 2026 paints a picture of “two worlds” in the steel market. The West is surging, Asia remains sluggish, and scrap steel has emerged as a strategic resource in the Green Steel era. In Thailand, soaring energy and freight costs are weighing heavily on both producers and consumers.
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