MEPS’s key takeaways from Stainless Steel World 2025 

Steelmakers’ optimism over price increases, continued confusion about the EU CBAM and concern about the effect of new trade defence measures on the steel supply chain emerged as the hot topics at Stainless Steel World 2025.

MEPS attended the biennial exhibition and conference, held in Maastricht, last week. Lead researcher Michelle Kirton and steel market analysts Bryan Hall and Dan Bennett held extensive face-to-face discussions with producers, buyers, traders, and service centres from across the global stainless steel supply chain.  

“What was clear from our conversations at Maastricht was that many market participants in the European stainless steel feel caught between policy uncertainty, weak demand and shrinking import options,” said Kirton, as she reflected on the key themes of their discussions in Maastricht. 

“While the European producers are using this as an opportunity to push for higher prices in 2026, many buyers remain cautious about their ability to pass on or absorb additional costs. 

“With CBAM charges and new, tighter, safeguard replacement measures approaching, much of the market is adopting a ‘wait and see’ strategy.   

“Several attendees told MEPS that there has never been a more challenging time to buy and sell steel.”   

Across the three-day event (November 18-20), attendees were keen to share their views of the stainless steel market in Europe, as well as asking questions about MEPS steel prices and price forecasts. Some of the insight gathered supplemented MEPS’s regular research for its monthly Stainless Steel Review. However, here we summarise the topical themes which dominated those conversations: 

Producers’ growing optimism about 2026 price increases 

Market participants in attendance at Stainless Steel World reported growing optimism among the European producers that a decline in import volumes will allow them to gradually lift stainless steel prices, from their current lows, in 2026.  

Several mills were already quoting higher offer prices during the event. However, some buyers said that they were still able to negotiate discounts for January production as mills remain keen to secure short term bookings. 

Most distributors remain concerned that, with little improvement in demand forecast for 2026, they will be unable to raise selling prices with their customers, further squeezing profit margins.  

Attendees were speculating whether the effect of CBAM taxes and the European Commission’s proposed replacement for its existing import safeguard measures, which expire at the end of June 2026, will be sufficient to support higher prices without a corresponding increase in steel demand.  

CBAM confusion: more questions than answers  

A draft European Commission document which provided details of the methodology and provisional carbon-intensity benchmarks that are a key factor in determining CBAM taxes applicable to steel imports from January 1, 2026, was leaked just a day before Stainless Steel World. Instead of providing clarity, attendees instead said that the document had left them with little confidence in calculating their potential import costs under CBAM.  

With just over a month until the EU’s carbon emissions-based import taxes are implemented, attendees were questioning the complexity of CBAM. They highlighted that confusion and uncertainty had led to a significant reduction in import orders in the last few months. 

Many buyers of long products, however, told the MEPS team that they plan to continue importing round bars as even with a CBAM charge the price differential with European mills remains so large there is little risk. 

Proposed EU trade defences bring supply chain concerns 

The European Commission’s proposal to replace its existing import safeguard measures was another major topic of debate at Stainless Steel World 2025.  

“Much uncertainty exists regarding the exact implementation date and buyers are worried about being caught out with reduced tariff-rate quotas and 50% duties” said Kirton, “This, along with CBAM uncertainty, is really leaving some buyers with no option but to suspend their import orders until the picture becomes clearer next year, especially for flat products.”  

Attendees expressed concerns about the scale of the proposed new measures, which would reduce overall steel import quotas by 47% and double the above-quota tariff to 50%, and their potential effect on downstream manufacturing. Some comment that extending protection to finished goods may be necessary to protect the entire supply chain.  

The enforceability of a “melt and pour” requirement was also questioned. Attendees said that, unlike carbon steel, there are very few countries in which steelmakers melt and pour stainless steel. As such, the “melt and pour” rules could severely limit EU buyers’ import options. However, some speculated that the South Korean producer, Posco, might regain market share in the EU if this rule is adopted.  

Importers voiced concerns about their ability to trade in Europe from next year, stating that they had already witnessed a decrease in orders. Some are attempting to generate sales by offering prices that include estimated CBAM costs. Others are turning their attention back to the United States, which is one of the highest-priced markets in the world.