Day: 6 March 2026

A federal judge ordered the US government to begin the process of issuing billions of dollars in refunds to importers after the Supreme Court deemed the implementation of country-specific duties was illegal, according to court filings.

The order marks a victory in the first step for importers as they navigate an unprecedented refund process.

Judge Richard Eaton of the US Court of International Trade directed US Customs and Border Protection to finalize import entries without the tariffs issued under the International Emergency Economic Powers Act, which US President Donald Trump invoked to implement the global tariffs. Supreme Court justices in their decision said Trump exceeded presidential authority and determined president cannot rely on emergency powers to impose the tariffs.

Eaton also ordered US customs to review any entries that have previously been finalized to remove the tariffs, resulting in refunds.

“Customs knows how to do this,” Eaton said during a court hearing on March 4. “And the processes are in place to perform the liquidation of the entries and to issue the refunds.”

The order comes one week after a federal appeals court on March 2 denied a request from the US Department of Justice to delay the start of the refund process. The court’s decision allowed the Court of International Trade to begin determining the mechanics of refunds.

Importers have filed over 2,000 cases at the CIT. The number of entries filed that subject to the IEEPA tariffs between February 2025 to February 2026 was over 71 million, US Customs said in a court filing.

The US collected $142 billion in duties under the IEEPA tariffs in 2025, according to an analysis of Customs and Border Patrol data by the Yale University Budget Lab.

Importers of pig iron and iron ore stand to benefit from refunds, although other metals and energy commodities were exempt from the varying country-specific rates. Importers of certain agricultural products paid IEEPA tariffs until November 2025, when Trump exempted many of them after reaching trade agreements with over a dozen countries.

Eaton set another hearing for March 6, 2026, requesting updates from Customs on refund plans. It is possible the Trump administration could challenge or appeal the court’s order.

EUROMETAL President Alexander Julius and Director General Ricardo Silva were received yesterday in Brussels by the Türkiye Exporters’ Assembly (TIM) at its newly established Brussels office.

TIM is the umbrella organisation representing more than 150,000 exporting companies across all industries in Türkiye, including the steel and metals sectors. The opening of its Brussels office aims to strengthen dialogue with European institutions as well as with sectoral and industry associations.

During the meeting, TIM Director General Mehmet Tan introduced the organisation’s activities and priorities, and explored potential avenues for future cooperation with EUROMETAL. Mr. Mehmet Emin Kavlak, Deputy Brussels Representative of TIM, also participated in the discussions.

The exchange provided an opportunity to discuss the strong and longstanding trade relationship between the European Union and Türkiye, where Türkiye remains an important partner for both imports and exports.

Participants also discussed the evolving policy landscape affecting the steel industry, including decarbonisation pathways. Türkiye’s steel sector was highlighted for its relatively high share of electric arc furnace (EAF) production, which plays an important role in reducing the sector’s carbon footprint.

The meeting also touched on broader trade and policy issues, including the EU–Türkiye Customs Union framework, ongoing discussions related to EU–Türkiye trade relations (FTA negociations), and the importance of addressing global steel overcapacity while ensuring that trade measures remain consistent with WTO rules.

Both organisations agreed on the value of maintaining an open dialogue between European and Turkish stakeholders to support a competitive, transparent and sustainable steel value chain.

Several traders are turning to swaps to hedge volatile EU carbon prices as the bloc’s Carbon Border Adjustment Mechanism creates new risks for importers of carbon-intensive goods, according to Rob McLeod, head of energy price risk solutions at global commodity trading house Hartree Partners.

This derivative instrument allows buyers to lock in fixed prices for CBAM certificates in advance, providing a direct hedge against price swings in the underlying EU Allowances market.

“CBAM swaps provide a clean and direct hedge but require a credit line,” McLeod said on a webinar on March 3. “A swap is a simple tool to lock in a fixed price level ahead of time.”

EUAs have experienced sharp moves in recent weeks as politicians increasingly focus on the economic damage from the EU Emissions Trading System, leading to a collapse in market confidence.

“EUAs can be exceptionally volatile, even in the short term. We can see moves of Eur20-30/mt over a 30- to 60-day period. That is not uncommon, which makes hedging more necessary,” McLeod added.

EUAs have slumped by more than Eur20/metric tons of CO2 equivalent in recent weeks after several member states called for watering down the EU ETS to boost the bloc’s industrial competitiveness. Platts, part of S&P Global Energy, assessed EUAs for the December 2026 contract at Eur73.80/mtCO2e on March 2.

Hedging strategies

CBAM swaps are derivative instruments that allow buyers to fix forward CBAM certificate prices. Under the structure, buyers agree to a fixed price and cash-settle at the end of the contract period against a CBAM index price.

The EU’s CBAM transitioned to its definitive phase from Jan. 1, 2026, marking the world’s first operational carbon border tax.

The CBAM swap market is showing signs of liquidity growth, with significant volumes already trading daily, according to McLeod.

Hartree Partners is an active participant in the EU ETS and is exposed to the bloc’s CBAM while also actively hedging EUAs for CBAM compliance.

This hedging strategy is used by exporters and importers of CBAM-covered goods to manage their exposure to CBAM certificates.

Importers of carbon-intensive goods from six sectors — aluminum, cement, electricity, fertilizers, iron and steel, and hydrogen — now face financial liability for their products’ embedded emissions, though the purchase of CBAM certificates reflecting the carbon content of their imports only starts in February 2027.

CBAM certificates are priced against EUAs, making carbon price volatility a key concern for companies importing covered goods into the EU.

Besides swaps, McLeod also outlined two more solutions for companies seeking to manage CBAM exposure, each with distinct advantages and limitations.

Using EUAs as a hedge appears straightforward given CBAM certificates are priced against the carbon allowances, but final CBAM pricing may diverge sharply from EUA values, creating basis risk, McLeod said.

Virtual certificates represent another option, mainly focused on spot purchases. This approach “eliminates basis risk” but generally requires “upfront payment,” limiting flexibility for companies managing cash flow, McLeod said.

European steel market participants are assessing the impact of the war in Middle East, with steelmakers and importers largely ambivalent about a direct impact on spot steel prices but suggesting that, alongside ongoing conditions in Europe, they could be supportive of current bullish supply-side dynamics.

Sources said that in terms of raw materials, they have not been disrupted, while they were mainly concerned in the future for high energy and freight costs, as shipping could continue around the Cape of Good Hope instead of the Suez Canal.

One Europe-based mill source anticipated potential shipping delays from Asia due to the conflict, increasing the risk of exceeding the safeguard quota and higher freight and insurance costs.

“I think another problem is that shipments from Asia may need 4-6 weeks longer,” the mill source said. “I know some companies that bought material for the end of Q2, and if the material arrives late in July, they could have a major problem.”

Similarly, a second EU mill source cited price increases due to uncertainty arising from the War, as well as longer-term regulatory measures impacting EU markets.

Nonetheless, several market participants suggested that although the war was adding further uncertainty to the market, it was also a supply-side driver and would not address the continued sluggishness of demand.

A European service center suggested he was shielded from any immediate impact to import prices attributed to higher freight rates and potential disruption, due to pivoting toward domestic suppliers ahead of the 2026 start date of the EU’s Carbon Border Adjustment Mechanism. “There could be panic buying, and if the domestic market can increase, it will, as nobody could offer from abroad,” the service center source said. “But we aren’t buying anything on imports, so we aren’t too impacted.”

A non-EU mill source said that the Middle East conflict could create additional cost pressures to already high energy costs in Europe, adding further pressure to increase prices down the value chain.

“It will be interesting to see how higher prices and low actual demand will interact and what will be the dynamics between the two,” they said. “My opinion is that demand will limit further price increases during the year.”

According to Platts assessments, since the beginning of the year, HRC prices have increased Eur60/metric ton from Eur620/mt based ex-works Ruhr to Eur680/mt base ex-works Ruhr on March 3. This increase has been attributed to factors such as administrative requirements related to the CBAM and expectations regarding trade safeguards. Mills have reported improved margins during this period. Platts is part of S&P Global Energy.

With recent developments in the Middle East, the industry is currently evaluating whether these conditions will persist amid higher costs.

This week, Romanian long steel prices in the spot market have remained largely stable, mainly supported by the recent upward movement in import offers amid rising energy and freight cost expectations linked to the war in the Middle East. As import prices have moved higher, local prices have managed to hold their ground, while discounts have largely disappeared from the market.

Although overall demand in Romania remains slow, market participants report slightly better activity compared to previous weeks, with some Romanian traders securing purchases earlier in the week in anticipation of further price increases. Meanwhile, the sole domestic rebar producer, currently selling mainly from existing stocks, has reduced its offer levels in an attempt to stimulate sales, though market participants note that selling at these levels may prove difficult given the still high production costs.

As a result, the Romanian sole rebar producer has decreased its offers to €590-595/mt ex-works, down from €610/mt ex-works week on week, while in the spot segment workable rebar levels are still heard at €590-600/mt ex-warehouse.

Meanwhile, a similar stability has been observed in the wire rod spot market, with traders quoting unchanged offers at €585-590/mt ex-warehouse amid slow demand.

In the import market, increases have been observed from the majority of suppliers, although some have preferred to keep their offers stable or have temporarily withdrawn from the market. According to reports, the Bulgarian supplier sold some lots to Romania at the beginning of the week at €605-615/mt CPT, but later increased its rebar offers to €630-635/mt CPT. Meanwhile, the Hungarian supplier has opted to keep its offers unchanged week on week, with its levels heard at €625-630/mt CPT. Among non-EU suppliers, an Egyptian mill increased its offers in the last contract for March shipment to €495-500/mt CFR for rebar and €500-505/mt CFR for wire rod, up from €485-490/mt CFR and €495-500/mt CFR, respectively. However, no fresh offers have been heard this week as the supplier is reported to be assessing the market situation, with new quotations for April shipments expected next week. Similarly, Turkish suppliers have increased their rebar offers to €485-500/mt CFR, compared to €475-485/mt CFR previously, based on an exchange rate of €1 = $1.16 and estimated freight costs of €15-20/mt.

 

Italy and France called on the European Commission to accelerate reforms of the EU’s Carbon Border Adjustment Mechanism and its Emissions Trading System, warning that current proposals fall short of protecting the bloc’s energy-intensive industries from unfair competition and global overcapacity.

Italy’s enterprise minister Adolfo Urso and French industry minister Sébastien Martin signed a joint declaration at the third Franco-Italian Industrial Cooperation Forum in Rome on March 3, outlining a common position on European industrial policy.

On the EU’s emissions trading system, Italy and France called for a comprehensive review to improve the stability and predictability of ETS prices, arguing this is essential for maintaining competitiveness in energy-intensive industries.

The ministers said that CBAM requires more comprehensive changes than those proposed by the European Commission in December, with particular concerns over the planned 2028 implementation date and gaps in sectoral coverage.

“We need a more coherent and more competitive Europe. There is no more time to waste: we must act immediately to save European industry,” Urso said at the forum, held under the framework of the Quirinale Treaty between the two countries.

The joint statement also said that any CBAM reform must be completed rapidly alongside ETS changes.

The European Commission is scheduled to undertake a review of its compliance market in the third quarter of this year, with items such as free allocation, the Market Stability Reserve and sectoral expansions on the table.

Under current rules, free allocations are set to be phased out completely by 2034 for sectors covered by the EU’s Carbon Border Adjustment Mechanism.

The ministers welcomed the Commission’s Dec. 17 proposal to simplify CBAM but said the extension to downstream sectors covering 180 products requires thorough review to ensure protection of all strategic EU supply chains. They expressed concern that the measure’s planned entry into force on Jan. 1, 2028, comes too late to address current competitive pressures.

Carbon price decline

European carbon prices have decreased more than Eur20/mt since mid-January as persistent calls from EU politicians for reforming the EU ETS have led to a collapse in market confidence.

Platts, part of S&P Global Energy, assessed December 2026 EUAs at Eur73.64/mtCO2e on March 3.

Officials from several member states, including Italy, Germany, France, Czechia and Slovakia, called for an overhaul of the bloc’s carbon market, arguing that current rules undermine industrial competitiveness.

The ministers criticized the commission’s proposed Temporary Decarbonization Fund as limited in scope and duration, with uncertain financial coverage and a narrow range of eligible products to compensate for the loss of competitiveness resulting from reduced free ETS allowances.

They highlighted the exclusion of the cement sector from both the fund and reformed ETS indirect cost compensation mechanisms as requiring urgent correction.

In December, the European Commission said it would establish a temporary decarbonization fund using revenues from CBAM to support domestic manufacturers with high export exposure.

“We reiterate the need for real and effective support for European exporters,” the statement added.

The ministers also raised concerns about the commission’s proposal to include pre-consumer metal scrap among CBAM precursors, warning this could create implementation problems due to difficulties distinguishing pre-consumer from post-consumer scrap. They said the inclusion could prove counterproductive for European low-emission steel production and proper market functioning.

Turkey’s inclusion in the Made in EU draft is a positive step for its automotive, steel and other industries, Turkish Trade Minister Omer Bolat said in a statement March 5.

“We are pleased that the intense and constructive diplomacy traffic we have recently carried out with the European Union on economic and commercial issues on the basis of mutual understanding has yielded positive results,” the minister said, citing the EU’s recently published Industry Acceleration Act.

“The recognition of the existing Customs Union with Turkey within the framework of IAA, and the “Made in EU” policy, has been a positive and constructive decision in terms of the continuity of the investments and initiatives of both sides and the competitiveness of the European value chains,” he said.

As an integral and reliable part of European value chains across many critical product groups, especially in the automotive sector, Bolat said the development is expected to further deepen sectoral integration between Turkey and the EU and accelerate the green and digital transformation of value chains.

“In the coming period, we will continue to resolutely maintain our close contact with the EU in visionary areas such as mutual opening in public procurement markets, connectivity and green transformation based on the principle of reciprocity, and to deepen and further strengthen our economic partnership,” the minister said.

The IAA, presented by European Commission Vice President Stephane Sejourne March 4, introduces local content requirements for public procurement, new conditions on foreign investment and streamlined permitting for industrial projects.

The measures target sectors such as cement and aluminum, as well as net-zero technologies like batteries, solar, wind, heat pumps and nuclear.

For steel, the IAA proposes specific low-carbon preferences to stimulate demand.

Turkey’s steel exports declined 18.4% year over year to 911,800 metric tons in January due to low demand in key export destination, the EU, as well as uncertainties on CBAM, according to the latest Turkish Steel Producers’ Association data shared with Platts, part of S&P Global Energy.

Turkish steelmakers were expecting a recovery in EU demand in the coming months as existing uncertainties resolve, according to their latest statements.

The Platts weekly Turkish HRC assessment was at $590/metric ton ex-works Feb. 27, stable week over week.

Greek based steel pipes producer, Corinth Pipeworks, has acquired Liberty Steel Hartlepool, the UK-based steel manufacturer of longitudinally submerged arc-welded (LSAW) linepipe, part of Liberty Steel that is in administration, the two companies announced in separate statements March 5.

The acquisition was signed March 4 between Corinth Pipeworks UK Ltd., a wholly owned subsidiary of Corinth Pipeworks S.A. (CPW) and the joint administrators appointed by the Business and Property Courts of England and Wales in London, acting as agents of Liberty Pipes Hartlepool Ltd. in Administration, for GBP 10 million ($8.61 million).

“The sale to Corinth, one of the world’s leading manufacturers of steel pipes for energy and construction, followed a competitive sales process to identify an investor that would position the business for new growth opportunities. The transaction has been structured to ensure continued production at Hartlepool, safeguard skilled employment, maximize asset value and enhance industrial activity in Teesside,” Liberty said.

Corinth Pipeworks, owned by Cenergy Holdings and headquartered in Marousi, Greece, said the acquisition marked a “milestone in the steel pipe segment’s long-term growth plan by increasing its capacity and strengthening its position as a key supplier to the global energy sector.”

Platts, part of S&P Global Energy, assessed steel hot rolled coil DDP West Midlands at GBP530/mt ($706/mt), up GBP5/mt week over week.

European domestic flat steel prices increased in the week to Wednesday March 4, supported by tight supply and persistent import limitations, with new concerns about the effects of the conflict in the Middle East on trade flows adding to the picture, Fastmarkets heard.

During the assessment week, market participants became increasingly worried following recent shifts in geopolitical dynamics, which escalated after the US and Israel’s attacks on Iran, and has since led to higher energy prices across Europe.

Natural gas prices in Europe were hovering above €50 ($58) per MWh on March 5, compared with around €30-34 per MWh during the month of February, industry sources told Fastmarkets.

Energy price spikes could be particularly important for cold-rolled coil (CRC) production, Fastmarkets understands.

“Batch annealing [the heat treatment procedure for CRC production] is very energy-intensive; so CRC prices tend to be more responsive to energy cost movements,” a buyer in Italy said.

Most EU mills use the batch annealing process to make CRC, with only three suppliers able to make CRC via continuous annealing, which is more energy-efficient.

In the meantime, some major European mills were said to have withdrawn their flat steel offers from the market, following recent developments.

“Major mills have withdrawn offers and have gone out of the market because they say the situation is not really calculable,” a source in Northern Europe said, adding that producers remained wary of rising costs for raw materials and energy.

Apparent demand has picked up recently, with steel service centers and stockholders returning to the market to secure flat steel tonnages, anticipating further price spikes. At the same time, there was no real improvement in consumption, market sources said.

Domestic market
In Northern Europe, domestic CRC and HDG prices increased in the week to Wednesday. Several suppliers were already sold out for May lead times for both products, Fastmarkets heard.

Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Northern Europe, was €785-790 ($913-919) per tonne this week, rising from €770-780 per tonne on February 25.

Deals were reported at €785-790 per tonne ex-works in Germany, with estimates of tradable levels reported at the same prices.

Domestic HDG coil prices also increased in Northern Europe.

Fastmarkets’ weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Northern Europe, was €795-800 per tonne on Wednesday, up from €770-780 per tonne the previous week.

Deals in the region were heard at €795-800 per tonne ex-works during the assessment week.

Italy-origin HDG was offered to Germany at €820-825 per tonne delivered, but suppliers could offer only limited tonnages for export, prioritizing domestic bookings.

One supplier source in the Benelux area said that it was sold out for June-delivery coil as well.

In Southern Europe, prices for CRC and HDG also increased amid persistent supply tightness.

Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Southern Europe, was €805-810 per tonne on Wednesday, up from €770-780 per tonne the previous week.

The corresponding weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Southern Europe, was €785-790 per tonne, rising from €775-780 per tonne in the previous assessment.

Some HDG suppliers in Italy were reported to have revised the list of extras for HDG material and were providing discounts on base prices “to stimulate buying activity,” a source in Italy said.

Import market
Meanwhile, import activity remained subdued across Europe – primarily due to current limitations posed by the EU’s Carbon Border Adjustment Mechanism (CBAM) and trade measures such as safeguards and anti-dumping probes, market sources said.

Most second-quarter shipment volumes from Brazil and Asia were said to have already been secured by buyers, while new offers were scarce amid new trade regime concerns.

“We do not know country-specific quotas yet, so booking imports for July delivery is very risky – we simply cannot estimate the final cost,” a buyer in Italy said.

Besides, the continuing geopolitical tensions in the Middle East have forced many vessels shipping from Asia to Europe to reroute around the Cape of Good Hope, extending transit times by roughly two weeks and contributing to tighter prompt availability of imports, notably from Asia.

Therefore, market sources said that new import offers of CRC and HDG were extremely scarce, due to CBAM’s effects, the Middle East situation and the continuing anti-dumping probe against CRC originating in India, Japan, Taiwan, Turkey and Vietnam.

“I have no new offers of imports this week, neither CRC nor HDG,” a trader in Italy said.

Fastmarkets’ weekly price assessment for steel cold-rolled coil, import, ddp Northern Europe, was €730-770 per tonne on March 4, stable week on week.

And the weekly price assessment for steel cold-rolled coil, import, ddp Southern Europe, was €730-780 per tonne on Wednesday, also stable week on week.

 

European hot-rolled coil prices moved up further in recent transactions; limited imports and surging energy costs fueled upbeat sentiment, Fastmarkets heard on Thursday March 5.

In Northern Europe, offers for May delivery HRC were heard at €700-720 ($812-835) per tonne ex-works.

Transactions for limited tonnages of HRC in Germany and the Benelux region were heard at €700 per tone ex-works on Thursday for May delivery.

“We are getting first orders at €700 [per tone ex-works] for HRC, more inquiries are coming,” a steelmaker source told Fastmarkets.

“Order books are strong at European suppliers, and import options are getting increasingly scarce and difficult,” a buyer in Germany said.

As a result, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €700.63 per tonne on March 5, up by €5.06 per tonne from €695.57 on Wednesday March 4.

The index was up by €14.90 per tonne week on week and by €49.38 per tonne month on month.

Italy-origin coil was offered to Germany at €720-730 per tonne base delivered, the same as seven days prior. But several sources told Fastmarkets that an Italian supplier was likely to step back from the market to revise offers upward, considering surging energy costs.

“For electric-arc furnace (EAF) based steelmakers, this surge of energy prices is very sensitive cost-wise,” a second buyer in Germany told Fastmarkets.

Natural gas prices in Europe were hovering above €50 per megawatt hour on Thursday, compared with around €30-34 per MWh during the month of February.

Gas prices started spiking in Europe during the week commencing Monday March 2, following the new military crisis in the middle East, Fastmarkets reported.

It is worth noting, however, that the vast majority of flat steel products in Europe were produced via the conventional blast furnace-basic oxygen furnace (BF-BOF) route and were therefore far less exposed to energy cost shocks than EAF-based steelmakers.

Blast furnace gas — a by-product of ironmaking — together with coke oven and converter gases, is typically captured and burned to generate electricity, supplying a significant share of a steel plant’s energy needs and reducing reliance on external power.

Meanwhile in the secondary market, 4 mm HR sheet was heard changing hands at €750 per tonne CPT in Germany, compared with €730-740 per tonne CPT in the previous week. New offers, however, were heard at prices closer to €800 per tonne CPT, to reflect the higher feedstock costs.

“Stockists that had previously indicated they were sufficiently covered have returned to the market and are accepting some price increases,” a source in Italy said.

In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €680 per tonne ex-works on March 5, up by €3.75 per tonne from €676.25 per tonne on March 4.

The index was also up by €9.37 per tonne week on week and by €32.50 per tonne month on month.

Buying activity in the spot market has picked up over the past few days, as customers who had been delaying purchases in anticipation of lower prices moved quickly to secure material at previous levels. As a result, some mills temporarily suspended sales, Fastmarkets heard on March 5.

Producers were maintaining target offers for May delivery HRC around €700 per tonne ex-works earlier this week, although limited tonnages were heard to be booked at €670-680 per tonne ex-works. Market participants expect producers to reassess pricing levels next week.

In terms of imports, fresh offers remained scarce, market sources said, largely due to uncertainty surrounding the EU’s new safeguard regime and country-specific quota allocations. The lack of clarity regarding Carbon Border Adjustment Mechanism (CBAM) costs has also made buyers more cautious.

At the same time, extended lead times have added further complexity to the market. Ongoing geopolitical tensions in the Middle East have forced many vessels shipping from Asia to Europe to reroute around the Cape of Good Hope, extending transit times by roughly two weeks and contributing to tighter prompt availability.

Recent offers from Turkey, which was considered a more or less “safe” supplier with a faster lead time, were heard at €545-565 per tonne CFR to Southern and Northern European ports.