India Among Fastest Growing Steel Markets As Global Prices Rise, Says Goldman Sachs

India has emerged as one of the fastest growing steel markets at a time when global steel prices are moving upward across major regions, according to a Goldman Sachs report. The trend highlights India’s strong domestic demand, steady production growth and continued momentum in infrastructure and manufacturing activity.

In its Global Steel: The Steel Market Barometer May Update, Goldman Sachs said average hot rolled coil prices increased across almost all major markets in April. Brazil led the rise with a 10 percent month on month increase, followed by Japan at 6.5 percent and China at 2.9 percent. On a year to date basis, Brazil recorded the strongest HRC price growth at 21 percent, followed by the United States at 15 percent.

India continued to stand out within this global uptrend. The report said India’s crude steel production rose 11 percent year on year in March. This was higher than the 10 percent year to date growth and also above the 7 percent growth recorded in February. The numbers indicate that India’s steel demand remains resilient despite global uncertainty and uneven trends in other major markets.

Long steel prices also strengthened in April. Brazil recorded a 12 percent rise in rebar prices, while Europe saw a 6.9 percent increase and the Black Sea region posted a 6.1 percent rise. These price movements reflect improving demand conditions in several construction and infrastructure linked markets.

On the supply side, China’s steel output continued to contract, falling 3.2 percent year on year in the first two weeks of May. Goldman Sachs noted that while China’s long term capacity reduction plans remain in place, execution could be delayed in 2026.

The report also pointed to mixed trends across other regions. Europe’s crude steel output improved month on month in March, while the United States reported higher weekly steel production in April with utilisation rates averaging 79.6 percent.

Goldman Sachs expects steel prices across major global markets to remain broadly stable through 2026, with US prices likely to stay stronger than Europe, China and Brazil.