Global Steel News Roundup | July 2026
■ EU Steel Safeguard Measures Take Effect (July 1)
The EU's revised Steel Safeguard Regulation officially entered into force at 00:00 on July 1, fully replacing the 2018 framework. The key changes include:
The annual global duty-free import quota has been slashed by 47% from 34.5 million tonnes to approximately 18.3 million tonnes.
Tariffs on volumes exceeding the quota have doubled from 25% to 50%.
A new "First Melting and Casting Origin" rule has been introduced to close loopholes related to transshipment via third countries.
Market Reaction:The Japan Iron and Steel Federation (JISF) has criticized the quota allocation as unfair, while South Korea and Turkey are currently assessing their counter-strategies.
■ Global Demand Stabilizes; India Emerges as Growth Engine
According to the World Steel Association (worldsteel) Short Range Outlook:
Global steel demand is projected to grow +0.3% YoY to 1.724 billion tonnes in 2026, signaling a bottoming-out trend. Growth is expected to accelerate to +2.2% in 2027.
China: Demand decline is narrowing (-1.5% YoY).
India: Driven by infrastructure and automotive sectors, demand growth is forecast at +7.4% (2026) and +9.2% (2027), making it the largest source of incremental global demand.
■ Trade Tensions Rise: India, Brazil, Japan
India: Tata Steel outlined a roadmap to expand crude steel capacity from 27.4mt to over 40mt. JSW Steel commenced its greenfield low-carbon steel plant project in Andhra Pradesh, marking an acceleration in Indian capacity expansion.
Brazil: Formal protests were lodged with the USTR regarding the US proposal to increase tariffs on pig iron and steel products from 25% to 37.5%. Brazil also claims the EU's new quotas harm its export interests.
Japan/South Korea: Five major Japanese steel associations issued a joint statement arguing that the EU's quota allocation for Japan (only 0.8mt/year, roughly half the historical average) violates the EU-Japan Economic Partnership Agreement (EPA).
■ Raw Materials: China-Australia Iron Ore Dynamics & Price Weakness
China Mineral Resources Group (CMRG) has reportedly restricted port pickups of Fortescue's low-grade Super Special Fines(SSF), intensifying the pricing power struggle between China and Australia. Spot iron ore prices briefly touched $98–99/tonne (a 10-month low) amid宽松 global seaborne supply.
■ European Carbon Market Divergence
ArcelorMittal and others are lobbying for a pause in ETS (Emissions Trading System) cost increases. Conversely, six major Nordic producers including SSAB and Outokumpu have jointly urged the EU to maintain ETS integrity and broaden the scope of the CBAM (Carbon Border Adjustment Mechanism). The July ETS review remains the focal point of H2 policy.