26 February 2026 – Imports of steel and stainless steel slabs by European steelmakers rose by more than 35% in 2025, surpassing even 2019 levels. Base metals continue to develop positively. EU expects the US to lift certain steel and aluminum tariffs.
Base Metals Continue Positive Development
Base metals have continued their positive trajectory following the end of Chinese New Year, posting gains over recent days. This Thursday, however, they showed a rather stable sideways movement at the SHFE and at the opening of trading at the European LME.
Slab Imports into the EU Surge Sharply
Imports of steel and stainless steel slabs by European steelmakers rose by more than 35% in 2025, surpassing even 2019 levels. Imports of slabs of Russian origin have additionally climbed back to pre-war levels, according to latest figures from EUROSTAT.
Indonesia Leads the Surge in Stainless Steel Slabs
Particularly dramatic was the rise in stainless steel slab imports from Indonesia. Imports in 2025 reached nearly 350,000 tonnes – almost five times the 2024 figure. This extreme increase in semi-finished stainless steel imports has once again clearly underscored the findings of the EU Joint Research Centre: European stainless steel producers are simply not in a position to cover EU demand with their own capacities, and the Union is necessarily dependent on stainless steel imports of up to 25% of its annual requirements.
The Numbers Undermine the Crisis Narrative
Overall, the rise in slab imports to nearly 10 million tonnes in 2025 has demonstrated that European steelmakers are using these imports to circumvent the market protection measures imposed by the Commission – and that much of the alleged “crisis” in steel production can no longer be credibly sustained.
EU Expects the US to Lift Certain Steel and Aluminum Tariffs
As media reports suggest, the European Union appears to still consider the 2025 extension of Section 232 tariffs on steel and aluminum to cover derivatives a violation of the trade deal negotiated with the United States. This is despite the fact that the EU should have been well aware that the investigation into expanding the Section 232 tariffs had already been initiated before any EU-US trade deal understanding was reached.
Confusing Two Different Legal Bases – Again
The EU now appears to expect – partly in light of the recent US Supreme Court ruling on tariffs imposed under the International Emergency Economic Powers Act (IEEPA tariffs) – that the extension of the Section 232 tariffs would also have to be rolled back. That these two measures rest on fundamentally different legal foundations is something the Union has repeatedly ignored in the past.
Prior to the IEEPA ruling, there had been tentative considerations on the US side about introducing exemptions for certain steel and aluminum derivatives. Whether the US administration still has any appetite for that remains to be seen. Unlike the IEEPA tariffs – and the Section 122 tariffs now introduced as a replacement at 10% (to be raised to 15%), with a current duration of 150 days – the Section 232 tariffs have proven to be legally robust, as confirmed by multiple court rulings.
EU’s Own Steel Plans Could Complicate Its Demands
With the Commission’s proposal to impose 50% tariffs on all steel products previously covered by the expiring EU Safeguard measure from 1 July 2026, and to reduce existing import quotas by up to 47%, the EU’s demand for an exemption from Section 232 tariffs on steel and aluminum derivatives is likely to become increasingly difficult to sustain. These 50% steel tariffs are intended to apply to all trading partners, regardless of whether they have a trade agreement with the EU or not.
New Dispute with the United States on Steel Pre-Programmed?
Since the current agreement with the United States contains neither a bilateral safeguard measure nor a compensation mechanism, things could get complicated overall. The United States would also not be among the trading partners with whom import quotas are to be negotiated, according to Trade Commissioner Maroš Šefčovič.
Furthermore, the EU has in recent months repeatedly and categorically ruled out exemptions from the carbon border tax CBAM for any country of origin – a position that could itself be in violation of the agreement with the United States.
Time to Show Real Willingness to Negotiate
All in all, the Commission would be well advised to finally demonstrate genuine willingness to negotiate – and to put its steel tariffs and quotas paper on ice once and for all.
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