Year: 2026

EU slab imports under HS code 720712 rose to 6,464,980 tonnes in 2025, up 30% year-on-year from 4,964,912t in 2024, according to Eurostat data monitored by Kallanish.

Some market participants link the rise in slab imports to tighter EU trade measures on finished steel.

While Russian volumes increased y-o-y, their share declined as overall imports grew at a faster pace, driven by China, Brazil and several Middle East and North Africa, and Asian origins.

Russia supplied 3,725,781t last year, up 18% y-o-y, but its share declined to 58% from 63% in 2024.

China strengthened its position with 745,898t, rising 61% y-o-y and lifting its share to 12% from 9%.

Brazil more than doubled shipments to 669,434t, up 114%, capturing a 10% share compared with 6% in 2024.

Vietnam supplied 598,564t, up 21%, though its share edged down to 9% from 10%.

Among emerging suppliers, Algeria entered the market with 208,287t, accounting for 3%. Saudi Arabia and South Korea recorded the sharpest percentage increases, surging 609% to 106,123t and 806% to 104,928t respectively, each taking a 2% share.

Türkiye delivered 110,605t, up 13% y-o-y, maintaining a 2% share. US volumes edged up 12% to 28,102t, though its share remained marginal.

By contrast, Indonesian volumes fell 54% to 66,469t, while India declined 78% to 23,240t and Ukraine dropped 65% to 21,028t.

South Africa recorded no shipments compared with 28,160t in 2024.

EU slab imports (tonnes)

Origin	2025	Share %	2024	Share %	y-o-y %
Russia	3,725,781	58	3,152,317	63	+18
China	745,898	12	463,922	9	+61
Brazil	669,434	10	313,195	6	+114
Vietnam	598,564	9	494,320	10	+21
Algeria	208,287	3	–	–	–
Türkiye	110,605	2	97,652	2	+13
Saudi Arabia	106,123	2	14,974	0	+609
South Korea	104,928	2	11,581	0	+806
Indonesia	66,469	1	143,398	3	-54
USA	28,102	0	25,073	1	+12
India	23,240	0	106,658	2	-78
Ukraine	21,028	0	60,850	1	-65
Iran	20,935	0	19,114	0	+10
Libya	14,050	0	21,427	0	-34
UK	14,002	0	87	0	+15,948
Japan	4,621	0	4,472	0	+3
Taiwan	2,871	0	7,709	0	-63
South Africa	–	–	28,160	1	-100
Total	6,464,980	100	4,964,912	100	+30

Compiled by Kallanish based on Eurostat data for HS code 720712

From a consumption perspective, Russian slab remained central to EU demand in 2025, with flows heavily concentrated to Belgium, Czechia and Denmark, while Italy anchored more diversified inflows from both Russia and Asia.

Italy was the largest importer overall of slab, at 2,633,003t, accounting for about 41% of total EU inflows. Its sourcing was diversified, led by Russia at 836,717t, followed by China at 717,986t and Vietnam at 506,016t.

Belgium ranked second with 1,362,044t, relying overwhelmingly on Russia, which supplied 1,290,442t.

Czechia imported 911,107t, also largely dependent on Russia at 826,458t, while Denmark’s 540,190t came entirely from Russia.

Poland, France and Germany showed more diversified supply structures. Poland’s 444,842t were mainly sourced from Brazil, France’s 305,609t were largely split between Brazil and Russia, and Germany’s 150,324t came primarily from Brazil and Vietnam, with virtually no Russian material recorded.

EU slab import structure in 2025 (tonnes)

Importer > Exporter ↓	Italy	Belgium	Czechia	Denmark	Poland	France	Germany	Other	Total EU
China	717,986	26,068	–	1,444	–	5	–	395	745,898
Russia	836,717	1,290,442	826,458	538,746	88,532	128,719	–	16,168	3,725,781
Brazil	91,058	–	–	–	286,740	172,282	89,185	30,168	669,434
Vietnam	506,016	11,497	–	–	19,923	–	61,128	–	598,564
Türkiye	85,474	21,957	–	–	–	38	–	3,135	110,605
Saudi Arabia	–	–	72,415	–	–	–	–	33,708	106,123
USA	–	–	–	–	–		10	28,092	28,102
Ukraine	21,028	–	–	–	–	–	–	–	21,028
South Korea	104,928	–	–	–	–	–	–	–	104,928
Indonesia	–	9,191	12,234	–	45,044	–	–	–	66,469
India	20,590	–	–	–	–	–		2,650	23,240
Iran	20,935	–	–	–	–	–	–	–	20,935
Libya	14,050	–	–	–	–	–	–	–	14,050
Algeria	204,801	–	–	–	–	–	–	3,486	208,287
UK	9,420	–	–	–	–	4,564	–	18	14,002
Japan	–	17	–	–	4,604	–	–	–	4,621
Taiwan	–	2,871	–	–	–	–	–	–	2,871
Total	2,633,003	1,362,044	911,107	540,190	444,842	305,609	150,324	117,820	6,464,939

Compiled by Kallanish based on Eurostat data for HS code 720712

BankTrack has published a new report titled “Financing False Solutions in Steel Decarbonisation – How global banks define green steel and why it matters” (February 2026), analysing how major financial institutions classify steel decarbonisation technologies within their sustainable finance frameworks.

The report assesses 20 global banks and examines which steel production technologies are considered eligible for green or transition finance. It distinguishes between what it defines as “real solutions” — including renewable-powered Electric Arc Furnaces, green hydrogen-based Direct Reduced Iron, Molten Oxide Electrolysis and demand reduction measures — and “false solutions,” such as gas-based DRI, biomass substitution, hydrogen injection in blast furnaces, Carbon Capture, Utilisation and Storage (CCUS), and offsetting mechanisms.

According to the analysis, 18 of the 20 banks include Electric Arc Furnaces in their sustainable finance frameworks, while 14 include green hydrogen-based DRI. At the same time, 16 banks include CCUS as an eligible activity, despite the report’s concerns regarding its scalability and effectiveness in reducing emissions. Overall, 19 of the 20 banks examined are described as being exposed to companies pursuing what the report categorises as false solutions.

The study also highlights differences in transparency and disclosure. Only a limited number of banks have published sector-specific sustainable finance frameworks for steel, and the report calls for clearer criteria and greater public availability of definitions.

Steel production accounts for approximately 11% of global CO₂ emissions, and the report notes that transforming the sector is estimated to require between USD 235 and 335 billion in investment by 2050.

In this context, the classification of eligible technologies within sustainable finance frameworks is presented as a key factor influencing the direction of capital flows in the sector’s decarbonisation.

The full report from BankTrack (February 2026)

The US Department of Commerce has announced that a hot-rolled flat steel producer in the Netherlands has been assigned anti-dumping duties, according to a Federal Register notice published on Monday March 2.
Commerce found that Tata Steel IJmuiden BV made “sales of subject merchandise at less than normal value” during the period of review, October 1, 2023, to September 30, 2024.

As a result, Commerce determined that the company should receive a weighted-average dumping margin of 5.67%.

Tata Steel Netherlands is one of Europe’s largest steel manufacturers.

Imports into the US of carbon and alloy hot-rolled steel sheet and strip from the Netherlands came to 1,379 tonnes in February 2026, down by 288 tonnes, 17.28%, from 1,667 tonnes imported in January, data from the International Trade Administration showed.

In the second month of 2026, a ruling by the Supreme Court sparked tariff turbulence that could affect the steel market.

On February 20, the US Supreme Court ruled that President Donald Trump had exceeded his authority when he imposed sweeping tariffs under an economic emergency law. The tariffs were imposed under the International Emergency Economic Powers Act (IEEPA).

Hours after the Supreme Court’s decision, Trump imposed a 10% global tariff under Section 122 of the Trade Act of 1974. On February 21, there was a threat to raise that duty to 15%.

Notably, the Section 122 global tariffs do not affect the Section 232 tariffs on steel, which are currently established at 50% for most countries.

Fastmarkets’ fortnightly assessment of the price for steel hot-rolled coil, import, ddp Port of Houston, averaged $840-900 per short ton in February, up by 6.75% from $790-840 per ton in January.

 

Subdued market appetite during the winter months kept price levels for domestic rebar and wire rod in Poland unchanged during the week to Monday March 2, despite mills’ efforts to increase offers, sources told Fastmarkets.
Sources attributed the lack of price movement to low demand from key sectors including construction. Meanwhile, mills were heard to be trying to increase their offers because of higher scrap prices, sources said.

“Steel mills are trying to reach higher price levels, but it has not been very easy for them because buyers are being very cautious to accept higher prices. Many buyers are deciding to sit and wait,” one source told Fastmarkets.

Weather conditions in the country have been tough for business in recent weeks because of very low temperatures. Market participants expect an improvement in demand with the approach of warmer months.

Meanwhile, mills were heard to be holding “quite big stocks” while trading remains low in the country.

For rebar, carriage paid, mills were heard to be targeting higher offers around 2,650-2,700 zloty ($741-755) per tonne CPT. But no trading was reported at those levels in the week to Friday.

Deals for rebar were reported within the range of 2,570-2,600 zloty per tonne CPT. A buy deal for small quantities of material was reported at 2,550 per tonne CPT during the assessment period.

Market sources estimated workable levels around 2,550-2,600 zloty per tonne CPT.

Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, CPT Poland was 2,550-2,600 zloty per tonne on Friday, unchanged week on week.

Meanwhile, for drawing-quality wire rod, prices were also stable, with no new trading activity heard during the week.

Estimates of workable levels were heard at 2,700-2,780 zloty per tonne delivered.

Fastmarkets’ weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland was also 2,700-2,780 zloty per tonne, unchanged week on week.

 

The European domestic hot-rolled coil market strengthened on Monday, March 2 as higher-priced transactions emerged, supporting mills’ upward price ambitions even as demand remains subdued.

Several sources reported the level of €700 ($827) per tonne delivered, equivalent to €685-690 per tonne ex-works, to have strengthened in deals versus €670-690 per tonne ex-works heard last week. Meanwhile, one source reported the level of €700-710 per tonne ex-works being achieved by one of the German producers.

Mills’ strong order books and longer than normal lead times supported by the slowdown of import activity caused by the introduction of the Carbon Border Adjustment Mechanism (CBAM) earlier this year were said to be the key reasons for the continuing upward price correction.

Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €692.50 per tonne on Monday March 2, up by €6.43 per tonne from €686.07 on Friday February 27. The index was up by €10.21 per tonne week on week and by €41.67 per tonne month on month.

Fastmarkets’ corresponding daily steel hot-rolled coil index domestic, exw Italy was calculated at €676.25 per tonne on March 2, up by €5.62 per tonne from €670.63 per tonne on February 27. The index was up by €10.62 per tonne week on week and by €24.58 per tonne month on month.

In Italy, offer prices varied within €680-705 per tonne ex-works depending on the supplier.

Key tradeable levels were said to still vary within the range of €660-670 per tonne ex-works while small-tonnage cargoes were heard at €680-690 per tonne ex-works.

Some market participants voiced concerns that the US-Iran conflict may indirectly affect the market due to the rise in international oil and gas prices, which in turn could push electricity prices higher. Electricity costs had already been on the rise.

A large German HRC buyer said some tube and pipe mills in the region withdrew offers from the market while considering some corrections and added that the flat steel market may be more affected than the long steel market because of its exposure to energy-intensive sectors.

Additionally, sources from different parts of the world reported growing freight and insurance costs, which is putting import in an even less favorable position than now.

 

The German Steel Federation (WV Stahl) has welcomed the European Parliament’s discussion on implementing the European Steel and Metals Action Plan (SMAP), stating that the debate comes at a critical moment for Europe’s steel sector.

According to the association, key commitments outlined in SMAP are not yet sufficiently reflected in the proposed Industrial Accelerator Act (IAA). WV Stahl argued that the legislation must establish a binding link between sustainability requirements and strict “Made in EU” criteria to ensure effective support for European steel producers.

Steel sector seen as strategic pillar of European industry

WV Stahl CEO Kerstin Maria Rippel stated that political commitments previously made by European Commission President Ursula von der Leyen and German Chancellor Friedrich Merz must now be translated into concrete legal measures.

She warned that the European steel industry faces existential challenges and emphasized that the Industrial Accelerator Act could play a decisive role by formally recognizing steel as a strategic sector while creating lead markets for low-emission steel produced within Europe.

Trade defense and origin rules serve different purposes

The federation also cautioned policymakers against conflating trade defense instruments with industrial policy measures during ongoing legislative discussions.

According to WV Stahl, post-safeguard trade measures address global overcapacity pressures, whereas origin-based industrial policies such as Made in EU requirements are necessary to safeguard investment certainty and maintain competitiveness within Europe.

Call for EU and EFTA-based origin definition

WV Stahl stated that the Industrial Accelerator Act should combine sustainability criteria with clearly defined European origin requirements limited to EU-27 and EFTA countries.

The association concluded that maintaining Europe’s industrial base requires steel to be formally recognized in legislation as a strategic backbone of European value creation, transforming the strategic vision of the Steel and Metals Action Plan into concrete industrial policy implementation.

The French Senate has voted against a draft law that sought to nationalize steelmaker ArcelorMittal France, marking a significant political decision regarding the future of the country’s steel industry.

The draft law was examined by the Senate Finance Committee and proposed transferring ownership of ArcelorMittal’s French steel operations, including major northern facilities and associated jobs, to the French state. However, after review and debate, the Senate rejected the nationalization measure, concluding that it would not effectively address the fundamental challenges facing the steel sector.

The finance committee of France’s National Assembly had previously approved a bill introduced by the La France Insoumise party to nationalize the French assets of ArcelorMittal, as SteelOrbis previously reported.

Committee report emphasizes structural, not ownership, issues

In a report presented to the Senate, members of the Senate Finance Committee argued that the difficulties confronting the steel industry, such as declining demand, global overcapacity, high energy costs and competitiveness pressures, stem from broader economic and market forces rather than being solvable through ownership changes. Forced nationalization was seen by the committee as unlikely to reverse these trends or strengthen long-term viability.

The committee noted that, although nationalization powers are constitutionally available, previous interventions in other sectors were carried out through negotiated market mechanisms rather than expropriation. The analysis emphasized that preserving competitiveness and encouraging investment would be more impactful than a compulsory state takeover.

The rejection underscores wider debate in France and across Europe about how best to support strategic industries in the face of global pressures. Lawmakers and industry stakeholders have expressed concern over competitive disadvantages relative to producers outside the EU, driven by factors such as energy costs, regulatory burdens and market shifts.

While nationalization had garnered some support from unions and political groups arguing for strategic sovereignty, opponents warned of the financial and managerial risks associated with forced state ownership, and questioned its effectiveness in strengthening long-term industrial competitiveness.

Next steps for French steel policy

With the nationalization proposal rejected, attention is likely to shift toward alternative industrial policies aimed at revitalizing steel production through investment incentives, competitiveness measures, trade defense policies and structural reforms. The Senate report and debate may influence future legislative efforts to bolster France’s industrial base without altering ownership structures.

The US-Israeli military strikes against Iran, which started on February 28, and Iran’s subsequent retaliation, have naturally created a tense situation in the Gulf, affecting operations in many industrial segments in the regions.

The impact has already been seen in the oil and gas sector and the disruptions of maritime activities in and around the region have already been reported.

In terms of steel and raw material shipments, there is a potential impact in terms of disruptions of deliveries from Iran itself, mainly to Asia, while the situation in the Strait of Hormuz is likely to result in delays of shipments destined for ports in the Gulf.

If the war continues, the situation may lead to higher steel prices in the region, especially for material ready on the ground since buyers may need to restock to replace the volumes for which they had previously placed import orders, the deliveries of which end up being delayed.

If the situation is not resolved in the near term, some cargoes may be redirected to alternative destinations, which will also affect steel market prices, at least temporarily.

Currently, passage through the Strait of Hormuz is blocked, though there has been no official closure. However, the number of vessels opting for this route has declined significantly. “Transportation is basically stopped today, but it looks like a short-term stoppage,” one international trader said. At present, there are vessels stuck on both sides of the straight as transportation is risky and several ships have already been attacked.

Major large Asian steel exporters polled by SteelOrbis state that they see major risks for the steel market from the rising tensions between Iran and Israel and the US in the region, in terms of increasing freight rates, a lower number of cargoes available for the Asia-Middle East route and possible transportation delays. “Due to increased regional risks, shipping costs have risen by 15 percent to 20 percent… Product prices in China remain stable. The current price adjustment is strictly related to transportation costs,” a representative of a major Chinese exporter said. Another large trader commented to SteelOrbis, “We have already seen freight increase, but most vessel owners will take one to two days to settle prices amid the current risks. Other impacts still need more time to be seen.”

Market sources said that, today, freight rate assessments for the China-Turkey route for a 40,000 mt vessel start from $40/mt, versus the previous $35/mt.

Another important issue resulting from the attacks on Iran is the expected deferring of shipments of steel, semis in particular, that have already been booking in the Middle East or in Asia. “I know that buyers are waiting for some large lots of Iranian billets. They may be cancelled, as no one knows about the consequences [of the escalation of the conflict]. But there is no news about this for now,” a Southeast Asian source commented. Shipments of materials destined for the region, especially to countries enclosed within the Gulf, are also likely to be jeopardized. Specifically, market players expect steel billet and flats shipments to be impacted as the region is a large importer of both.

As for the regular steel market activity, regional sources have not yet reported any major change, stating that construction projects are mainly being carried out as planned, but of course, if the situation worsens, things might change. “It is too early to tell. There could be a slight slowdown of activity, but it depends on how long this lasts. Today is the first day after the weekend, and 90 percent of project sites are working normally,” one source in the UAE told SteelOrbis.

The European market for steel produced with reduced carbon emission content was quiet during the week to Thursday February 26, with only sporadic trades reported recently, sources told Fastmarkets.
At the same time, end-users were seeking long-term supply agreements and future green-steel projects continued to secure additional state funding, Fastmarkets heard.

Across Europe, appetite for low-emission steel remained subdued amid limited engagement from steel service centers.

“Spot sales [of green steel] are close to nil, but for long-term contracts we have more interest,” a seller source told Fastmarkets.

One European steelmaker said that demand for green steel from the distribution chain remained limited, adding that end users need to encourage customers to prioritize green steel.

Fastmarkets’ methodology defines European green steel as steel produced with Scope 1, 2 and 3 emissions at a maximum of 0.8 tonnes of carbon dioxide (CO2) per tonne of steel.

During the assessed week, leading European suppliers maintained premiums for such steel at €200-300 ($236-354) per tonne, but admitted that such prices were rarely achieved in transactions.

Buyer sources estimated achievable premiums for green steel with such emission levels at €70-150 per tonne, claiming that producers were prepared to negotiate further on larger volumes to stimulate purchasing.

But mill sources claimed that €150 per tonne was “the minimum premium for steel produced with such emissions, considering its limited availability.”

Fastmarkets’ weekly assessment of the green-steel domestic, flat-rolled differential to the hot-rolled coil index, exw Northern Europe was unchanged at €100-150 per tonne on Thursday.

Fastmarkets’ assessment of the flat-steel reduced-carbon-emissions differential, exw Northern Europe was €0-50 per tonne on Thursday, also stable week on week.

For steel produced in blast furnaces with reduced carbon emissions of 1.4-1.8 tonnes of CO2 per tonne of steel, offers for premiums were reported at €70-80 per tonne.

Estimates of achievable premiums came in at €0-50 per tonne.

Wider market updates
Market participants are also awaiting policy clarity at the EU level. The European Commission postponed the announcement of the Industrial Accelerator Act (IAA) to March 4 from the previously expected February 26 amid reported disagreements over local-content requirements and geographic scope.

The IAA is a long-anticipated policy initiative expected to support Europe’s decarbonization efforts and could provide a demand boost for green steel, Fastmarkets reported previously.

While broader demand for low-emission steel has been limited, some major end users were moving to secure volumes through long-term agreements. For example, German steelmaker Thyssenkrupp Steel agreed to supply its CO2 reduced bluemint recycled steel for series production of the BMW iX3 from 2026, including for outer body panels and battery housings, according to a February 23 statement.

The move highlights how automakers seeking green steel were prioritizing long-term contracts with producers even while spot activity remained thin.

Under the agreement, bluemint recycled steel – a mass-balanced product with a high share of recycled content – will be supplied as part of Thyssenkrupp’s broader transition toward carbon-neutral steelmaking.

The company plans to gradually replace coal-based production with a hydrogen-capable direct-reduction plant expected to produce up to 2.5 million tonnes per year of direct-reduced iron, which could cut CO2 emissions by up to 3.5 million tpy.

Thyssenkrupp aims to switch all production to climate-neutral bluemint steel by 2045 at the latest.

Meanwhile, German steelmaker Salzgitter AG secured additional public funding for its SALCOS decarbonization project. Germany’s Federal Ministry for Economic Affairs and Energy approved an increase of about €322 million in funding following European Commission approval under state-aid rules on February 6, according to a February 23 release.

The new allocation supplements the roughly €1 billion in state aid approved in 2022, financed 70% by the German federal government and 30% by the state of Lower Saxony.

Salzgitter will invest about €2.3 billion in the first phase of SALCOS, which aims to convert its flagship Salzgitter Flachstahl integrated steelworks to low-CO2 crude-steel production through the installation of an electrolyzer, a hydrogen-based direct-reduction (DRI) plant and an electric-arc furnace (EAF).

The company said previously the project could eliminate up to 95% of the site’s annual CO2 emissions, or about 8 million tonnes.

But in September 2025, Salzgitter delayed parts of the project amid weak market fundamentals and regulatory uncertainty, Fastmarkets reported at the time.

 

Ongoing import tightness continues to be the key driver for domestic hot-rolled coil prices in Europe, Fastmarkets heard on Friday February 27.

Lower import activity is explained by the effect of the EU’s new Carbon Border Adjustment Mechanism (CBAM) and expectations of a new trade regime.

Offers from integrated mills in the region were heard at €700-720 ($826.27-849.88) per tonne delivered (around €680-705 per tonne ex-works). Most sellers said they were largely sold out of April-delivery coil, with May-delivery order books now open.

Estimates of achievable prices were reported at €670-690 per tonne ex-works for April-May delivery coil, depending on tonnage.

While some sellers called demand generally subdued, they confirmed that customers, including service centers, continue to book volumes despite sufficient stocks because buyers realize that the effects of import regulations are real and domestic prices will keep rising.

The same sell-side sources said on February 27 that upward price movements will have a moderate pace in the coming weeks with real demand remaining slow.

Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €686.07 per tonne on February 27, up by €0.34 per tonne from €685.73 per tonne on Thursday February 26. The index was up by €6.07 per tonne week on week and by €36.57 per tonne month on month.

Fastmarkets’ corresponding daily steel hot-rolled coil index domestic, exw Italy was calculated at €670.63 per tonne on Friday, stable day on day. The index was up by €9.31 per tonne week on week and by €32.67 per tonne month on month.

Offers of May-delivery HRC were heard at €700-720 per tonne delivered (around €685-705 per tonne ex-works) from integrated suppliers and re-rollers. Tradeable levels were still reported at €680-690 per tonne delivered (around €665-675 per tonne ex-works).

One buyer said €680-685 per tonne ex-works could be achieved for smaller tonnages.

Most recent import HRC offers from Turkey were heard at €640 per tonne DDP and €630 per tonne DDP from Algeria.