The October 2026 EUROMETAL Market Sentiment Survey shows that European steel distribution continues to anticipate stronger activity and higher prices, while current market conditions remain broadly stable.
Following the more constructive outlook recorded in September, October’s results maintain a positive balance in expectations for activity over the next quarter. Price expectations remain firmly oriented towards increases, providing the clearest directional signal in the survey.
Inventory expectations, meanwhile, remain centred on stability, with distributors continuing to take a measured approach to stock management.
Overall, the results suggest that cautious optimism persists, although expectations of improvement have yet to translate into a broad strengthening of current activity.
Assessment of Current Activity
The assessment of current activity remains predominantly neutral in October, with the largest group of respondents reporting stable conditions.
Responses on either side of the neutral line indicate that market experiences remain mixed. Some participants report stronger activity, while others continue to face weaker conditions.
The overall picture is therefore one of continued stabilisation. Despite the more positive outlook for future activity, the October results do not yet indicate a widespread recovery in current business conditions.
Future Activity Forecast
Expectations for activity over the next quarter remain positive in October.
The largest concentration of responses remains above the neutral line, maintaining the more constructive outlook visible since August. Stable activity also attracts a substantial share of responses, while fewer participants anticipate a decline.
The results suggest that respondents continue to see scope for improvement in the coming months. However, the significant neutral response underlines that confidence remains measured, with expectations pointing towards a gradual improvement rather than a sharp rebound.
Stock Position Outlook
Stock expectations remain mainly stable, indicating that distributors continue to manage inventories cautiously.
The largest group of respondents expects stock volumes to remain broadly unchanged over the next three months. Among those anticipating a change, reductions carry somewhat more weight than increases.
This balance suggests that positive expectations for activity and prices are not prompting widespread restocking. Inventory plans remain restrained, consistent with the predominantly stable assessment of current market activity.
Price Development Expectations
Price expectations remain strongly oriented towards increases in October.
The largest concentration of responses is above the neutral line, continuing the upward bias recorded in previous months. Comparatively few respondents anticipate stable or declining prices.
The results indicate a clear expectation of firmer prices over the next three months. This should nevertheless be distinguished from evidence of stronger demand: the survey records expectations for price direction, without identifying the factors behind them.
Outlook for the Coming Months
The October survey maintains the cautiously positive outlook seen in September.
Expectations for future activity remain constructive and price expectations continue to point upwards. Current activity, however, remains largely stable, while stock plans show continued restraint.
Taken together, these indicators suggest that the sector anticipates better conditions but remains cautious in its operational decisions. A broader improvement in actual activity would provide stronger evidence that the anticipated recovery is taking hold.
This analysis is based on the October 2026 EUROMETAL Market Sentiment Survey, with 173 responses to each of the activity questions, 168 responses to the stock question and 173 responses to the price question. EUROMETAL surveys the market monthly, offering results by sector, region and customer industry.
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