Pranay Shukla, head of S&P Global Energy Dry Bulk Transportation and Commodity Research, said it is expected that steel mill profit margins will remain sluggish or even lose money by the end of 2026. Although the price of iron ore has fallen below $100 per ton, it is still insufficient to offset the cost pressure caused by the tight supply of coking coal.

Pranay Shukla, head of S&P Global Energy Dry Bulk Transportation and Commodity Research, said it is expected that steel mill profit margins will remain sluggish or even lose money by the end of 2026. Although the price of iron ore has fallen below $100 per ton, it is still insufficient to offset the cost pressure caused by the tight supply of coking coal.