Steel prices in the last week of August 2026

Global steel and raw material prices recorded limited and mixed movements during the last week of August 2026, according to data obtained by the Arab Iron and Steel Union (AISU). While some key raw materials remained stable, several steel products recorded noticeable increases, reflecting a balance between production costs and cautious buying sentiment in global markets.

Prices for HMS 1&2 scrap, 80:20 mix, U.S. origin, CFR Turkey, remained stable at $375 per ton, unchanged from the previous week. This stability reflects a balanced Turkish scrap market, as mills continue to purchase cautiously while monitoring developments in demand for finished steel products.

The price of 62% Fe iron ore increased to around $99 per ton CFR Australia, up $1 per ton from the previous week. This modest increase comes as the market continues to monitor steel production levels and demand across Asian markets, particularly China, which remains the key factor influencing the global direction of iron ore prices.

As for billet prices, Russian billet remained stable at $460–465 per ton FOB, while Chinese billet prices increased to around $460–465 per ton FOB, up by approximately $5 per ton. Meanwhile, CIS billet to Turkey remained stable at $500–505 per ton CFR.

Turkish rebar FOB prices recorded a notable increase, reaching $590–605 per ton, up by approximately $10 per ton compared with the previous week. This increase reflects a relative improvement in price levels, despite continued caution among buyers in export markets.

Turkish wire rod FOB prices also increased to $600–615 per ton, up by around $5 per ton. This improvement came alongside higher rebar and other long steel product prices, as producers seek to support price levels amid production cost pressures and changing demand conditions.

In the flat steel products segment, Russian hot-rolled coil (HRC) FOB prices remained stable at $500–510 per ton, unchanged from the previous week. Meanwhile, Chinese cold-rolled coil (CRC), 1 mm, FOB prices increased to $540–550 per ton, up by approximately $5 per ton.

Overall, price movements during the week were characterized by stable scrap and Russian billet prices, accompanied by modest increases in iron ore, Chinese billet, wire rod, and cold-rolled coil prices, while Turkish rebar prices recorded a more significant increase. These developments reflect a market that remains cautious, with producers continuing to seek to maintain price levels, while buyers are waiting for stronger end-user demand before increasing purchasing activity.

The following is the steel prices statement in the global markets on 29 August 2026