The global steel market continued to witness a downward spiral in prices across key geographies in October 2025, signalling a weak start to Q4CY’25. Trade restrictions and the deceleration in steel demand in major regions of the world intensified market competition and negatively affected prices. The prospect of easing US-China trade tensions was positive for the market but the end of the construction season in China and weak demand in East Asia and the EU weighed on global steel prices. Analysts believe that the US rate cut will not be sufficient to charge up manufacturing demand globally, with tariff walls and geopolitical threats freezing investor and consumer confidence.
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