[SMM Iron & Steel] EU Fixes Rebar Safeguard Loophole with New Sub-Codes

According to SMM statistics, both mill inventory and social inventory continued to destock, but the destocking pace was slower than the same period last year. Total construction steel inventory stood at 9.3687 million mt, down 301,000 mt WoW, or -3.11% WoW, indicating a slightly sluggish destocking pace.

Stegra (formerly H2 Green Steel) announced on April 14, 2026, that it has reached a principal agreement for a €1.4 billion ($1.65 billion) financing round led by a Wallenberg Investments consortium. The funding ensures the continuation of construction for the world’s first large-scale green steel plant in Boden, Sweden, which utilizes green hydrogen instead of coking coal. While the original late-2025 deadline has passed, the new capital allows for a ramp-up of construction activities, with the project aiming to reduce CO₂ emissions by up to 95% compared to traditional blast furnace production.

The UK government has released its draft framework for the Carbon Border Adjustment Mechanism (CBAM), detailing how emissions for imported steel must be verified. The rules require importers to provide site-specific data starting in 2027, increasing the administrative burden on non-EU/UK exporters of hot-rolled and cold-rolled products.