European long steel round-up: stable market

The Northwest European rebar market was stable in the week to 17 September, with Eurofer’s recent industry outlook report demonstrating increased localisation in the European market.

Price indications for the Northwest European market were reported stable or sideways, at EUR630-640/t delivered.

McCloskey’s market sources in other steel product markets regard the space as difficult to penetrate given difficult margins, a low consumer risk appetite, and poor sentiment for the infrastructure sector, limiting the potential for new entrants to the market or speculative moves from existing players.

While policy announcements supporting potential infrastructure demand momentum should instill optimism in the market, many are very negative about European governments’ capacity to actually realise these developments, keeping positive expectations in check.

These factors are compounding regionality and market fragmentation across the rebar market, as frequent construction project delays or cancellations can see rebar distributors stuck with unwanted stock.

Domestic mills are also chasing volumes wherever possible, limited in how far they can offer discounts for volumes due to scrap and energy cost lines and a prolonged depression of trading margins, and are instead looking down the value chain to find opportunities to access consumer demand directly.

Steel producer association Eurofer’s third quarter outlook gives some insight, describing a 49% decline in rebar exports in the second quarter of 2025.

Rebar imports also decreased by 24% during the same period, which reflects tightening margins and intensified response to the European safeguard system back in early Q2. That was when 20% caps were introduced for individual exporters under residual quotas, and quota liberalization rates cut.