The International Energy Agency says the global oil market is likely to tighten this year as the Iran war disrupts Middle East production. The IEA estimates major supply losses and forecasts a deficit of about 1.78 million barrels per day by 2026, while demand is expected to soften due to higher prices and an economic slowdown tied to the conflict.
Global steel demand is forecast to grow only 0.3% in 2026, dragged down by China, even as India is expected to stand out in the demand rebound in 2027. Steel prices are still climbing due to higher raw-material costs, tighter supply, and geopolitical risks. Aluminium is gaining, while copper, zinc and nickel edge lower amid volatility.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Swipe through stories, personalise your feed, and save articles for later — all on the app.
