Global steel prices have jumped 15% since April 2025 due to supply chain disruptions in iron ore and coking coal, coupled with soaring energy costs in Europe. Australia’s cyclone season and labor strikes in South African mines have tightened iron ore availability, while gas price hikes in the EU have forced some mills to curb production. Analysts warn that prices could remain elevated through Q3, squeezing margins for small-to-medium-sized manufacturers. Leading producers like ArcelorMittal and Nippon Steel are prioritizing long-term contracts to hedge against volatility.