[SMM Steel] Asian HRC Prices Remain Stable Amid Weak Demand and Cautious Buying

Lamy says the EU's carbon border tax hits Ukraine's two biggest exports to the bloc, steel and electricity, and argues an exemption should be tied to Ukraine's decarbonization progress under its EU membership bid; several MEPs and a trade association have echoed the call. Ukraine was the EU's top CBAM-covered steel exporter as of end-2025, while Bruegel estimates the mechanism could cut Ukrainian power exports to the EU by over 60%. Ukrainian long-product exports already fell 42% YoY in 1H2026, with exporters facing CBAM charges of €58/tonne (vs. ~€18/tonne for EAF-based competitors) due to a high average carbon intensity of 2.1 tCO₂/tonne, a production structure that would take billions in investment to change.