The global long steel products market remains difficult as the holiday season approaches, with demand low worldwide and costs continuing to rise. Although China has slightly reduced output, it continues exporting, leaving the overall supply-demand balance unchanged.

In Europe, the market has become more cost-driven as scrap supply tightens, possibly in anticipation of CBAM in 2026. Higher electricity costs have pushed prices up despite unchanged finished steel demand. New safeguard measures briefly lifted prices and demand, but overall EU consumption continues to shrink, while production capacity has increased, widening market imbalance.

China’s crude steel output fell 3.9% year on year to 817.87 million tons in the first 10 months, yet exports remain strong as domestic demand weakens. In the US, demand is flat, stockists are reducing inventories, and construction projects are delayed due to high interest rates. Turkey’s scrap imports dropped by 7.3% to 15.23 million tons. Uncertainty persists amid CBAM developments and pending US tariff rulings.