New Delhi, May 17 -- Global steel prices continued to strengthen across major markets in April and early May, with Brazil emerging as the strongest-performing region, while China's steel production remained under pressure amid delayed implementation of capacity cuts, according to a recent Goldman Sachs report.

In its latest "Global Steel: The Steel Market Barometer - May Update" report, Goldman Sachs said average hot rolled coil (HRC) prices increased across almost all major regions in April, led by Brazil with a 10 per cent month-on-month rise, followed by Japan at 6.5 per cent and China at 2.9 per cent.

"On a YTD basis, Brazil's HRC steel price performance has been the strongest in our sample (+21%), followed by the US (+15%) with oth...