【SMM Steel】EU gives €6bn green light to Italy's renewable hydrogen push

Global scrap metal prices experienced a predominantly upward trend in mid-March 2026, with the most significant increases recorded in Turkey and the United States. In Turkey, HMS 1&2 80:20 scrap prices rose by 3.9% between late February and late March, reaching $388.3 per tonne, the highest level since mid-2024. The price surge is primarily driven by a domestic supply shortage and rising freight rates linked to Middle East instability, forcing electric arc furnace operators to absorb higher costs as high-grade alternatives like Asian billets become increasingly scarce.

The Indian government officially eased procurement rules on March 27, 2026, allowing state-owned enterprises including the Steel Authority of India (SAIL) and Bharat Heavy Electricals (BHEL) to purchase critical industrial equipment from China. This policy shift is intended to accelerate domestic infrastructure projects and modernize aging steel mill facilities that have struggled with technical bottlenecks. While trade tensions remain between the two nations, the decision addresses immediate logistical and technical needs for Indian primary steelmakers aiming for a 295 million tonne annual iron ore production target in 2026.

Cleveland-Cliffs officially confirmed in late March 2026 that it has abandoned plans to replace a traditional coal-based blast furnace at its Middletown Works in Ohio with a hydrogen-ready direct reduced iron (DRI) facility. Despite previously winning a $500 million federal grant for the project, the steelmaker has pivoted back to refurbishing its existing blast furnace infrastructure, citing economic feasibility and shifting energy priorities. This decision maintains the site's reliance on metallurgical coke and coal, highlighting the challenges facing the U.S. steel industry's transition toward "green steel" technologies.