World steel prices in March 2026 saw a slight increase, with steel billets reaching $480 per ton.
The global steel market recorded a slight increase in March 2026 due to rising raw material costs, despite the fact that demand in Southeast Asia has yet to recover.
In March 2026, the global steel market witnessed an upward trend in prices, but it was not yet truly stable. In Asia, the price of steel billets currently fluctuates between 450–480 USD/ton, recording a slight increase compared to the beginning of the month. However, analysts say that trading activity remains slow due to weak demand in Southeast Asian countries.
Rising raw material and energy costs are driving up steel prices.
The upward trend in finished steel prices is primarily supported by rising input costs. Specifically, iron ore and scrap steel prices on the international market are trending upwards. In addition, escalating energy and logistics costs are also contributing to pressure on manufacturers' selling prices.
In the European and North American markets, steel prices remain high due to limited supply caused by geopolitical factors disrupting the supply chain. Production costs in these regions remain a major challenge for metallurgical businesses.
Challenges from trade policy and the real estate market.
The global steel market is currently facing numerous hurdles from international trade policies, including regulations on tariffs, quotas, and especially the Carbon Border Adjustment Mechanism (CBAM). In addition, the trend of tightening credit in the global real estate sector has directly impacted the demand for construction steel.
Impact on the Vietnamese steel market
Fluctuations in global raw material prices in March 2026 have had a clear impact on the Vietnamese market. Domestic businesses are having to adjust their business strategies to adapt to rising input costs. Vietnam's steel exports are also affected by trade policies and the slow recovery of the global economy.
| Item | Area | Expected price (USD/ton) |
|---|---|---|
| Steel billets | Asia | 450 – 480 |
| Raw steel | World | Fluctuations based on raw materials. |
Looking ahead, steel prices are expected to continue fluctuating within a narrow range. Cautious buyer sentiment and the uneven recovery of major economies will be key factors determining market trends. Overall, the global steel market is still in the process of finding a new equilibrium between high production costs and low actual demand.
