[SMM Stainless Steel Flash] BIR: CBAM and Safeguards Strengthen EU Stainless Steel Market Despite Weaker Scrap Prices

Published: Jul 13, 2026 14:07

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According to the BIR Stainless Steel & Special Alloys Committee's latest report, EU CBAM and steel safeguard measures have significantly protected the European market from global overcapacity, with import penetration reportedly falling by around half in early Q2. Despite this, standard stainless steel scrap prices have weakened due to holiday shutdowns, maintenance outages, increased slab imports, softer order intake, and lower nickel prices partly linked to Indonesia's consideration of higher mining quotas. European mills maintain conservative production and cautious scrap purchasing, with limited availability providing some floor support. In Asia, Taiwan's high summer electricity costs have dampened scrap demand; South Korea stabilized post-maintenance; India prioritizes domestic recycled material amid LME volatility and elevated freight costs, though domestic supply remains insufficient. US industrial sectors continue generating healthy scrap volumes, while the Middle East market remains resilient despite geopolitical headwinds, with GCC demand supported by infrastructure and energy projects. High-quality, traceable scrap continues to attract firm demand regardless of near-term nickel price fluctuations.

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