[IREPAS chairman: geopolitical tensions and higher costs reshape global steel markets]

Published: Sep 30, 2026 15:42 (GMT+8)

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Ioannis Manessis, chairman of IREPAS, told the SteelOrbis Fall 2026 Conference and 95th IREPAS Meeting in Belgrade (Sept 27-29) that steel faces geopolitical conflict, shifting trade flows, higher costs and weak demand. Deteriorating Black Sea and Iran conditions are disrupting trade: damaged ports and unwilling shipowners make Black Sea business extremely hard, while attacks on bulk carriers and oil tankers hamper Middle East flows. Higher oil, gas and coal prices lift costs for producers, scrap suppliers and shippers. Trade rules are tightening via EU CBAM and post-July 1 safeguards, US tariffs, scrap restrictions in 40 countries and China's curbs on loss-making pricing. Demand stays weak except for AI data centres, so costs, not demand, now push prices higher in almost all markets.

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