[SMM Analysis] Black Sea breakdown: "unable to ship" replaces "unable to produce", global steel trade flows redrawn
Since late July 2026, the two-way disruption to the Black Sea steel supply chain has triggered a chain reaction in global markets; the key factor behind the disruption to trade flows lies not only in the loss of production capacity, but also in the fact that soaring freight costs and war-risk premiums have completely eroded the arbitrage opportunities. This disruption has led to a fundamental reorganisation of global trade flows in semi-finished steel products.