The global long steel products market remains under pressure as weak demand, new capacities, and low mill utilization persist, according to IREPAS, the global association for longs exporters and producers. Demand is stagnant, supply keeps rising, and trading opportunities are shrinking amid fierce competition. China continues to export aggressively despite growing protectionism in major markets.
Prices appear stable, but confidence is lacking. Mills struggle with profitability, while buyers remain cautious and refrain from restocking. The market continues to function, yet with decreasing momentum and liquidity.
Uncertainty dominates the outlook, with 2026 expected to be a challenging year for exporters. China’s monthly exports of around 10 million mt, coupled with reduced import demand in the US and EU due to new tariffs and safeguard measures, are likely to squeeze global trade further.
In the EU, long product imports have nearly halted due to CBAM-related uncertainty, reduced quotas and higher duties. Domestic price increases are expected by the first quarter of 2026 amid limited import alternatives, IREPAS noted.
In the US, demand remains flat while new mill capacities add downward pressure on prices. The ongoing government shutdown and limited impact of recent interest rate cuts have further weakened sentiment, delaying infrastructure spending.
Overall, the market enters the holiday period with few positives. Protectionism has become the new normal, providing some predictability but limiting trade opportunities. The lack of escalation in US-China tensions and potential future interest rate cuts are among the few encouraging signs. Under current conditions, the market remains unstable with a slow and unsatisfactory outlook, according to IREPAS.