[SMM Steel] Eurofer warns of "existential threat" as global steel overcapacity hits record 2.4 billion mt

Published: Mar 31, 2026 17:41

Save

[SMM Steel] The European Steel Association (Eurofer) issued an urgent call for the EU to implement a new steel trade measure, citing a "deepening global crisis." According to the latest OECD data, global steelmaking capacity has reached a record 2.4 billion mt, with excess capacity surging to 640 million mt in 2025 - exceeding total OECD production by over 200 million mt. Eurofer Director General Axel Eggert described the situation as an "existential threat" to European jobs and investment, urging negotiators to finalize a robust tariff-rate quota (TRQ) system before the current safeguards expire in June 2026.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM HRC Arrivals] Arrivals in Mainstream Markets Extended Their Decline for a Second Straight Week This Week

1 hour ago

Common.Time.hoursAgo

MMi Daily Iron Ore Report (March 31)

Iron ore futures experienced volatile trading, opening higher but weakening throughout the day. The main contract I2605 eventually closed at 808 yuan/ton, down 0.80% from the previous trading session.

Common.Time.hoursAgo

On March 31, 2026, Zenith Steel released its pricing policy for early April

On March 31, 2026, Zenith Steel released its pricing policy for early April I. Price Adjustment for the Three Ten-Day Periods of March: 1. Wire rod: 235 2. Rebar: 155 II. Provisional Prices for the First Ten-Day Period of April: 1. Wire rod: 3,700 2. Rebar: 3,400 III. The benchmark monthly discount rate for bank acceptance bills was adjusted to 1.2‰ [SMM Steel]

Common.Time.hoursAgo