Stainless steel market in Europe picks up

Stainless steel producers in Europe are reporting improved business conditions during the first quarter of 2026, compared to 2025.

Joost van Kleef, of Oryx Stainless in the Netherlands and chair of BIR’s Stainless Steel and Special Alloys Committee, notes that the first quarter reporting season for the leading European stainless steel producers has now concluded.

‘Clear improvement’

Writing in the latest BIR Mirror, he notes: ‘Although financial performance remains below satisfactory levels, the overall situation has shown clear improvement compared to last year.’ Van Kleef says implementation of the EU’s Carbon Border Adjustment Mechanism regime since 1 January has led to higher prices across a wide range of products relevant to the stainless steel value chain.

This includes raw materials such as ferro-chrome and ferro-nickel, as well as finished and semi-finished products such as cold rolled coils.

‘The industry is now anticipating the revised safeguard measures, with market expectations pointing towards significantly lower import penetration from 1 July onwards,’ he writes. ‘Already during the second quarter, a noticeable decline in stainless steel imports into the EU could be observed.’

Seasonal slowdown

Demand for stainless steel scrap is said to have remained solid throughout the quarter. ‘However, as the market moves into the summer period, a seasonal slowdown in demand is expected.’

Van Kleef concludes by reporting: ‘Overall, European stainless steel prices remain at relatively elevated levels, reflecting the tighter availability of material within the continent.’