In September, the Italian steel market showed a mixed trend, with an initial revival of buying interest quickly followed by a new slowdown. According to the latest market report by Assofermet Acciai, dated October 10, operators are now focusing on purchase programs for the first half of 2026 in view of the upcoming implementation of the Carbon Border Adjustment Mechanism (CBAM). The lack of clear guidance from the European Commission on the parameters needed to calculate the related costs is prompting many buyers to anticipate their orders to avoid potential extra expenses.
In addition to CBAM-related concerns, market sentiment is also being affected by the forthcoming regulation that will replace the current safeguard measure and by the recently announced antidumping investigation into cold rolled products originating from key exporting countries to the European Union. Against this backdrop, several European producers have temporarily suspended their commercial offers while waiting for greater clarity to better plan their pricing strategies.
For stainless service centers, September ended with sales volumes below expectations and margins still under pressure. The start of October has yet to show concrete signs of recovery in demand, though some early indications of renewed purchasing interest suggest a possible gradual stabilization in prices.
Overall, September recorded a moderately positive performance, with sales volumes increasing year on year but showing significant differences among segments. Downstream demand remains selective, particularly in construction, while certain product families such as beams and hollow sections continue to perform better. However, expectations for the fourth quarter are more cautious: the slowdown in the German market and the weak performance of the French market are weighing on sentiment, with repercussions also on domestic demand.
In the tinplate segment, competition from foreign suppliers - especially from Asia and India - remains strong, although the growing availability of EU-origin material and the costs associated with CBAM are reducing the competitiveness of imported products. The new Steel Protection measure recently announced by the European Commission, which foresees halving import quotas and imposing a 50 percent duty on volumes exceeding those limits, could help sustain demand for European steel, provided that supply conditions remain balanced and sustainable along the value chain.
According to Assofermet, the Italian steel market is heading towards a cautious year-end, with slightly higher volumes but still marked by regulatory uncertainty and a general wait-and-see attitude ahead of the enforcement of new European trade measures.
