Prices on regional slab markets rose by $15–35 per ton in March

All regional slab markets saw price increases of $15–35 per ton in March. This was driven by rising demand in the U.S., Europe, and Southeast Asia, as well as a supply shortage linked to the withdrawal of Iranian steel semi-finished products from the market.

Brazil

The most significant price increase over the 25 days of March occurred in the Brazilian market. According to SteelOrbis, the reference export price for Brazilian slabs rose by $35 in March to $575/t (FOB), a 21-month high. Analysts expect prices to continue rising in the coming weeks due to the depreciation of the U.S. dollar against the Brazilian real.

This price trend is accompanied by growth in production and export figures. According to the Brazilian Steel Manufacturers Association (IAB), local mills increased semi-finished product output in February by 7% compared to January, to 664,000 tons, of which 608,000 tons were slabs (up 12.4% from January).

Slab exports from Brazil rose by a record 93% in February, reaching 794,000 tons (FOB) compared to 411,000 tons in January. This was made possible by the continuous growth of shipments to the U.S., which totaled 538,000 tons in February, or 68% of the total volume, as well as broader market diversification.

The introduction of CBAM also affected the slab market. According to Kallanish, transparency regarding emissions and the impact of CBAM remains a key factor influencing purchasing decisions. EU countries stepped up their purchases of slabs from Brazil in February: France – 73,000 tons (9% of total imports), Spain – 61,000 tons (8%), Poland – 41,000 tons (5%).

Europe

Despite all attempts to restrict imports of Russian slab into the EU market, its share there exceeds 50%. According to Eurostat, slab imports into the EU in 2025 rose by 30% year-on-year, to 6.5 million tons. Of this total, Russia supplied 3.7 million tons (+18% year-on-year), although its market share fell to 58% from 63% in 2024. The largest importers of slabs were Belgium (1.3 million tons), Italy (837,000 tons), and the Czech Republic (826,000 tons).

Under the EU’s 12th package of sanctions against Russia, EU importers are permitted to import 3 million tons of slabs from Russia per year until October 2026. According to Kallanish, the remaining quota as of February 12 stood at 1.36 million tons. This means that approximately 65% of the quota has already been used.

Turkey

Average FOB Black Sea prices rose to $455/t in March, up from $443/t at the end of February. Weak demand for rolled steel in Turkey is limiting the scope for price increases.

According to the Turkish Statistical Institute (TUIK), in January of this year, the volume of slab imports into Turkey decreased by 3.4% month-on-month to 305,000 tons. The value of these imports amounted to $141.8 million, down 17.7% from December of last year. The largest suppliers in January were Russia—134,000 tons (24.3% y/y)—and Malaysia—100,500 tons (-34.5% y/y).

Other markets

Price dynamics were also upward in other regional markets. At the beginning of the month, prices for slabs from Asian producers rose sharply amid high demand in Southeast Asia and a supply shortage caused by the withdrawal of Iranian steel semi-finished products from the market. According to Kallanish, prices in Indonesia rose by $15 – to $485/t. Vietnamese suppliers raised export prices for slabs to $510–515/t (FOB).

Meanwhile, in March, average slab prices in Japan rose by $15 – to $480/t.

It should be noted that regional slab markets saw mixed trends in February. In Brazil, prices rose by $25 per ton, while in the Black Sea market, they fell. The divergence in trends is explained by the introduction of the CBAM mechanism: Brazil gained significant competitive advantages in the European market thanks to its low carbon footprint.