Steel prices in the fourth week of May 2026

Steel and raw material prices in global markets witnessed notable fluctuations during the fourth week of May compared to the previous week. Scrap, iron ore, and some finished steel products recorded declines, while Russian billet and Russian hot rolled coil prices posted slight increases, amid continued market caution and weak demand in several global markets, according to data obtained by Arab Iron and Steel Union.

Prices of HS1&2 scrap (80:20 mix) exported to Turkey reached $410 per ton CFR, down by $3 compared to last week, while Australian iron ore fines 62% dropped to $106 per ton CFR, decreasing by $2.

In the billet market, Russian billet prices increased to between $485–490 per ton FOB, up by $5, while Chinese billet prices declined to between $475–480 per ton FOB, down by $10. Meanwhile, billet prices in Turkey (ex-CIS CFR) remained stable at $505–510 per ton without significant change.

Turkish rebar prices recorded between $585–600 per ton FOB, declining by $3, while rebar prices from CIS countries remained stable at $535–545 per ton FOB. Turkish wire rod prices also decreased to $610–615 per ton FOB, down by $3 compared to the previous week.

Regarding flat steel products, Russian hot rolled coil prices increased to between $530–535 per ton FOB, up by $3, while Chinese cold rolled coil prices (1 mm thickness) remained stable at $580–590 per ton FOB.

The following is the

steel prices

statement in the global markets on 16 May 2026