Asia Pacific Equity Research 21 September 2026 J P M O R G A N Australia Australia Industrials Lee Power AC (61-2) 9003-8725 lee.power@jpmorgan.com Dylan Adrian (61-2) 9003-7397 dylan.adrian@jpmorgan.com Nick Torelli (61-4) 6817-5219 nick.torelli@jpmorgan.com J.P. Morgan Securities Australia Limited Figure 1: Key prices and spreads US$/mt unless stated otherwise 18-Sep-26 1D 1W 1M 3M 12M Steel Spreads BSL: ASP Domestic Indicative Spread (Lagged) - 3M Fwd. 183 1% 3%-20%-33%-10% BSL: North Star Indicative Spread (Lagged) - 1M Fwd. 838 0% 1% 4% 13% 92% BSL: Glenbrook Indicative Spread (Lagged) - 1M Fwd. 267 0%-2%-9%-18% 4% BSL: Despatch-Weighted Indicative Spread (Lagged) 491 0% 0%-4%-5% 38% BSL: ASP Domestic Indicative Spread (Spot) 211 1% 5%-3%-12% 4% BSL: North Star Indicative Spread (Spot) 841 0% 1% 5% 13% 93% BSL: Glenbrook Indicative Spread (Spot) 288 0% 1% 6%-6% 10% Steel Prices HRC CFR Southeast Asia 534 0% 1% 6%-3% 11% HRC US EXW Indiana (US$/st) 1,230 0% 1% 3% 8% 54% Plate Deliv