Steelmakers’ cuts fail to support North European prices

Steelmakers’ production cuts are failing to support sales prices in Northern Europe amid weak demand and plentiful supply, according to insight shared in a new MEPS podcast episode.

In the latest instalment from MEPS’s Market in Minutes series, steel market analyst Stuart Gray said that producers were attempting to achieve “equilibrium” between supply and demand in the region. He added: “At the moment, we don't find that's working”. 

Each episode of Market in Minutes, part of MEPS’s Speaking of Steel podcast series, draws on research from one of MEPS’s steel market reviews to provide insight into the trends affecting steel prices in a particular region. This Northern Europe-focused episode draws on content from the European Steel Review. 

The 12-minute “Steelmakers’ cuts fail to support North European prices” episode can be viewed via all major podcast platforms. Click below to watch it in full. 

YouTube 

Spotify 

Apple Podcasts 

Speaking to MEPS managing editor Tom Sharpe, Gray said that steel production in Germany had declined by almost 12% during the first four months of 2025. Nonetheless, there remains “high levels of steel inventory” in the market and prices remain under downward pressure, he added.  

In considering the key factors currently influencing steel prices in Northern Europe, this Market in Minutes podcast explores the effect of: 

• Steelmakers’ efforts to rebalance supply with demand by cutting production. 
• Continued price competition from low-cost imports following recent revisions to the EU import safeguard measures.
• Uncertainty among steel buyers prompted by United States import tariffs and international trade negotiations.
• The hope of a demand recovery prompted by interest rate cuts and national governments’ promised infrastructure and defence spending. 

MEPS’s European Steel Review provides regular insight into steel markets in Belgium, France, Germany, Italy, Spain and the United Kingdom. The European Steel Review Supplement covers Austria, Denmark, Finland, the Netherlands, Norway and Sweden. 

Each steel market review includes steel prices, indices, market commentary and forecasts. Contact MEPS for more information and details of how to subscribe.