Norilsk Nickel’s Premium Dipped in the Bonded Area

The UK construction industry has strongly criticized proposed trade measures that would introduce stricter steel tariffs of 50% alongside quota reductions of up to 60%. Industry representatives warn these measures will drastically inflate costs for private housing and public infrastructure, particularly threatening the viability of companies involved in the €115 billion HS2 railway project, where large volumes of imported steel are already contracted. Thorsten Gerber, CEO of the Gerber Group, warned that these protectionist approaches disproportionately harm SMEs, automotive manufacturers, and the entire downstream metal processing sector, urging both London and Brussels to reconsider their strategies to avoid massive economic damage and widespread job losses.

The European Emissions Trading System (ETS) is under significant pressure from member states due to sharply rising energy costs driven by the tightening supply of certificates, with prices tripling from around €25/t CO2 in 2019 to approximately €75/t in 2025. With the ETS scheduled for a major revision by July 2026, several EU countries led by Italy recently called for the review process to be suspended. Last week, Polish President Karol Nawrocki went a step further, urging his government to advocate for the complete abolition of the ETS to prevent further industrial relocation outside the EU. Industry experts note that any modification, suspension, or national exemption of the ETS would have immediate and direct consequences for the Carbon Border Adjustment Mechanism (CBAM).