According to the latest market report published on December 5 by Assofermet Acciai, the month of November showed signs of improvement in the Italian steel market compared to the uncertainty that had characterized the autumn period. After an initial phase driven by the need to anticipate the price increases announced for 2026, buyers adopted a more cautious approach. Nevertheless, the overall picture became more stable, with demand showing a slight strengthening compared to previous months.
In the first half of November, buying interest remained steady, supported by attempts to avoid the price increases expected with the introduction of new import regulations. The subsequent normalization of commercial activity did not prevent a gradual improvement in market conditions compared to autumn 2024. Assofermet notes that price hikes have already been absorbed in northern European markets, while Italy still lags behind the escalation expected from December. Questions remain about the solidity of underlying demand, but according to the association a price rebound is “within reach” for the supply chain as a way to reverse the negative trend seen in recent months. The progressive reduction in non-EU sourcing opportunities may add further upward pressure in the second half of 2026.
For stainless steel products, Assofermet reports no surprises this month. The approach of 2026 and the uncertainty surrounding the CBAM mechanism make a price increase in the first quarter of next year highly likely. European supply does not seem able to compensate for the decline in imports, as many producers across the continent are implementing capacity cuts or undergoing industrial restructuring, such as the ongoing projects at ThyssenKrupp and the continued difficulties at Acciaierie d’Italia. The association also highlights the risks of excessive protectionism: without extending safeguards to finished goods with high steel content, the competitiveness of Europe’s manufacturing industry could deteriorate.
In the distribution segment, the market shows cautious signs of recovery. The main raw materials have remained within a stable price range, with some strengthening compared to October, while demand is more regular than last year. Inventory turnover has improved, particularly for flat products, supported by generally the satisfactory performance in both flat and long products, while hollow sections remain weaker. Compared with November 2024, the overall picture is more favorable, even if the market remains structurally fragile. On the macroeconomic front, tentative signs of easing in the Middle East conflict have contributed to a slight improvement in sentiment, while the ongoing conflict in Europe remains a major source of uncertainty.
In the tinplate segment, interest continues to shift towards EU-origin material, supported by solid competitiveness and by price increase requests from European mills that have not yet been officially enforced. Availability remains adequate, partly due to uncertainty in purchasing decisions caused by the lack of clear operational rules for CBAM.
At the same time, some import origins are adopting aggressive commercial strategies with targeted price reductions, yet the European market maintains a relatively strong position. Going forward, it will be essential to monitor both regulatory developments and the competitive behavior of international suppliers.
