Speaking of Steel

There are “reasons for optimism” for an upturn in United Kingdom’s steel industry, according to a new Speaking of Steel podcast episode reflecting on insight from the UK Metals Expo 2024. Interviews with UK steel market participants – including Tata Steel UK chief executive Rajesh Nair’s comments on the steelmaker’s EAF plan for Port Talbot – feature in the latest episode of MEPS’s monthly ‘on demand’ steel market discussion. Among the topics discussed by MEPS’s panel of market analysts in this episode, are: The implications of the UK’s transition to EAF production. The UK government's recently revised steel import quotas. UK's buoyant construction and manufacturing PMIs.  A UK steel market outlook for 2025. Commenting on his conversations at the recent UK Metals Expo, MEPS steel market analyst Chris Jackson said: “I think you sensed that people have had to contend with challenging trading conditions for much of the year. There has been a realisation that Q4 is going to be equally difficult. Some people are referring to a need to ‘baton down the hatches’, but there’s certainly hope on the horizon. People do have cause for optimism.”

MEPS International US steel market consultant Laura Hodges told the latest episode of the Market in Minutes podcast that the Federal Reserve’s recent interest rate cut and mill maintenance outages should mitigate the downward pressure on US steel prices. Drawing on research featured in MEPS’s International Steel Review, Hodges presents a 12-minute overview of the factors influencing the United States market in the new episode, part of MEPS's regular Speaking of Steel podcast series. Among the other recent US steel market developments explored, in conversation with MEPS managing editor Tom Sharpe, were: Nippon Steel’s planned acquisition of US Steel; port workers’ strikes on the US East Coast; market uncertainty ahead of the presidential elections; a trade case against galvanised steel imports from 10 countries; and weakness in the automotive and construction sectors.

MEPS's head of price analysis and forecasts Kaye Ayub recently hosted the Stainless Steel Market: Exploring Trends and Price Dynamics debate at the UK Metals Expo 2024. Sharing their views on the 'hot topics' affecting the UK and global stainless steel markets were: Rodney Rice, director, Langley Alloys; Alison Taylor, head of sales (bar), Marcegaglia UK; Lauro Catelo, trader, Trasteel International; and Terry Sargeant, chief executive, chief executive, SteelBuy.

The UK government should revise its plans for EU-style emissions border regulations to avoid a six-month gap in its steel import controls, a MEPS panel debate at the UK Metals Expo heard. The topic was one of several carbon steel market 'hot topics' debated by panellists involved in the Carbon Steel Market: Navigating Trends and Price Dynamics debate at the Birmingham NEC event. Listen now to the discussion, hosted by MEPS's head of price analysis and forecasts Kaye Ayub and featuring insight from Christiane Taylor, pricing manager, Tata Steel UK, Mike Nielsen, commercial manager, Salzgitter Mannesmann UK, Tom McDougall, commercial director, All Steels Trading, and ISTA president Godfrey Watt. #steel #steelprices #ukmetalsexpo

MEPS International’s latest Speaking of Steel podcast explores the supply, demand and price implications for a sector seeking an understanding of the market’s “50 shades of green steel”. Steel market analysts Jonathan Carruthers-Green and Stuart Gray join MEPS managing editor Tom Sharpe to explore the emergence of low-emissions steel products into global steel markets in the podcast series’ 22-minute long ‘green steel debate’ episode. “What comes out loud and clear from our market research is that there's a lack of understanding in that term or that phrase green steel”, Gray said during the discussion. Carruthers-Green suggested that the cost implications of low-emissions steel are slowing the pace of green steel’s adoption, as low demand continues to depress steel prices across the world. He said: “I think where we are at the moment is you can't say the words ‘green steel’ without adding the word ‘premium’ on afterwards.

In an exclusive interview recorded for MEPS’s Speaking of Steel podcast series, Flapper discussed the EUR6 billion project to create the “world’s first integrated green steel site” in Boden, Sweden. And with just over 600 days left until the start of production, he revealed that excitement about the project’s completion is growing.  “It’s very energising working on a project like this,” said Flapper.  “The reason I joined was because I wanted to make a change and, as an employee of H2 Green Steel, I can do that.”  The H2 Green Steel project will replace coal with green hydrogen produced using local-sourced hydropower in the steelmaking process. Water and heat will be the primary emissions of its integrated, EAF-based production facility, which aims to reduce CO2 emissions by up to 95% in comparison with traditional steelmaking.  The company estimates that around five million tonnes of green steel will be produced annually in Boden by 2030, resulting in a CO2 emissions saving of 0.3 billion tonnes.  In his interview with the Speaking of Steel podcast Flapper talks about the “major milestone” of finalising funding of the project earlier this year, the challenge of decarbonising the steel industry’s supply chain and the key industrial sectors supporting the shift to green steel. 

MEPS International’s Speaking of Steel podcast features insight into a recent decline in Chinese steel prices which left them at their lowest level since 2017. The ‘Market in Minutes’ section of the September episode of MEPS’s podcast series features an overview of recent price movements in China and their effect on the wider East Asian steel market. It draws on content first published in MEPS’s International Steel Review. MEPS steel market analyst Ewan Gilfillan delivered the steel price and insight provider’s findings in conversation with MEPS managing editor Tom Sharpe. “The major talking point in MEPS’s International Steel Review, this month, was the big drop that we saw in domestic Chinese steel prices”, said Gilfillan. “The domestic Chinese hot rolled coil price now is the lowest that it's been since the middle of 2017.” Gilfillan considers the implications of the Chinese government’s stimulus measures, the country’s poorly performing real estate sector and Chinese steelmakers’ falling export prices in his ‘Market in Minutes’ conversation. He also shares some of MEPS’s forecast assumptions for the months ahead.

Stainless steel market analysts Michelle Kirton joins us to roundup the last month in the US stainless market. 

EU CBAM: will complex import rules raise steel prices? MEPS International explores the roll-out of the EU’s carbon border adjustment mechanism (CBAM) so far, and the added complexity to come, in its latest Speaking of Steel podcast. Market analysts from the steel price and insight provider discuss how stringent new requirements for accurate emissions data and the phase-in of carbon costs will add to the burden on importers and suppliers – potentially realigning Europe’s supply chains. Joining MEPS managing editor Tom Sharpe in the studio for this episode from the steel market podcast series are MEPS’s head of price analysis and forecasts Kaye Ayub and steel market analyst Jonathan Carruthers-Green. Each episode of Speaking of Steel will feature insight and analysis on a topic influencing steel prices, supply, demand and forecasts for key markets covered by MEPS’s global research. Furthermore, subscribers to the Speaking of Steel podcast will also gain access to a ‘Market in Minutes’ report, filmed alongside each month’s episode, which focuses on a specific area of insight from one of MEPS’s main steel market review publications. Listen to, or view, Episode One to benefit from: A detailed look at the timeline for CBAM’s roll-out and its milestone dates Discussion of the cost and administrative implications of the emissions-based import regulations Explanations of what an end to “default emissions” reporting and the launch of a new “carbon cost” system mean for the market The outlook for steel prices in light of CBAM’s influence on the European steel industry

Speaking of Steel Ep.1: EU Import Safeguard Changes In the inaugural episode of MEPS International’s new podcast, “Speaking of Steel,” the team discusses the significant amendments to the EU’s steel import safeguard measures that took effect on July 1. These changes have been described as having “changed the rules of the game, during the game.” Hosted by MEPS managing editor Tom Sharpe, the episode features insights from Kaye Ayub, head of price analysis and forecasts, along with steel market analysts Jonathan Carruthers-Green and Chris Jackson. They delve into the impact of these safeguard changes on steel supply and prices, sharing market reports and predictions for price trends throughout the remainder of 2024. Subscribers to MEPS will also gain access to a market summary video, filmed alongside each podcast episode, offering focused insights from MEPS’s main steel market review publications. Tune in to Episode One for expert analysis on the EU and UK import safeguard measures, market reactions, and future price trends.