Nickel inventory in Shanghai bonded areas change little on the week

Spain's Club de Exportadores e Inversores Españoles published a technical note calling for the suspension of EU ETS and CBAM and alignment of carbon prices with levels faced by competitors. The report identifies ETS and CBAM together as acting like an "internal tariff" on European production, with costs passed through electricity, steel, and aluminum prices to downstream processors, while offering no protection to European exporters in third-country markets. For the stainless steel industry, the impact is particularly pronounced: the EU's 50% out-of-quota steel tariff combined with halved quotas has added approximately €1,654 to the average vehicle's steel costs, while hot-rolled coil prices have risen more than 35% since October 2025, far exceeding the Commission's own impact assessment assumption of a 3.25% increase. With CBAM set to expand to 150–180 additional CN codes, compliance cost pressures on the stainless steel supply chain will intensify further, disproportionately burdening small and mid-sized processors and distributors while large steel producers buffer the impact with decades of accumulated free ETS allowances.

The EU's steel safeguard measures impose a 50% out-of-quota duty on finished stainless steel imports, but semi-finished slabs remain largely outside their scope, creating a significant gap. Indonesian stainless steel slabs continue to flow into Europe in large volumes: Indonesia exported approximately 330,000 tonnes of stainless steel slabs to Italy in 2025, with EU-bound shipments already exceeding 123,000 tonnes this year, as European mills, particularly in Italy, import Indonesian semi-finished slabs for local rolling and processing to bypass the tariff burden on direct finished product imports. Meanwhile, Eurostat data shows EU stainless steel flat product imports fell 35% YoY in H1 2026, with overall stainless imports down 21%, as market uncertainty created by protectionist policies dampened buying appetite. ArcelorMittal's announcement of crude steel production closure at Duisburg further highlights the double standard in EU steel policy — European major producers simultaneously lobbying for finished product protection while importing large volumes of semi-finished material to circumvent the very quotas and tariffs created for their benefit, with the Commission turning a blind eye. Critics note that the melt-and-pour rule taking effect October 1 may be the first genuine policy tool capable of closing this loophole, by requiring traceability back to the original melting location regardless of where subsequent processing occurs.

El productor ucraniano de tubos de acero inoxidable sin soldadura Centravis ha recibido dos pedidos por un total de 50 toneladas para la refinería de Motor Oil Hellas en Grecia, cuyos productos se utilizarán directamente en las operaciones de la refinería. El cliente realizó un segundo pedido poco después de la primera entrega, lo que indica un potencial de cooperación futura. Motor Oil Hellas es una de las principales empresas energéticas y de refino del sureste de Europa, y su refinería de Corinto constituye el mayor complejo industrial de propiedad privada de Grecia, considerada una de las refinerías más modernas de Europa. El director de ventas de Centravis, Artem Atanasov, señaló que la industria del refino exige estándares particularmente altos de calidad de tubos, grados de acero y cumplimiento técnico, describiendo el proyecto como una referencia importante en el mercado europeo, y que el pedido repetido refleja una fuerte confianza del cliente.