Asian steel market sees price increase amid Middle East risks

In March, the Asian steel market was shaped by the supply-demand balance, rising production costs, and particularly geopolitical developments in the Middle East. While inventories at major mills in the region declined, increases in freight and raw material costs led to product-based price divergence, especially in HRC and CRC. Low profitability among Chinese producers and manganese ore supply tightness in India also supported upward price pressure.