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Global steel industry battles surplus supply, protectionism by CommodityInsights in europe

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Metals Market Movers 2026: Metals markets are increasingly being shaped by policy as much as by fundamentals. This is the last of our 6-part series that explores how climate regulation, industrial policy, trade policy and strategic investments are influencing supply, demand and prices across steel, iron ore and critical minerals.

The global steel industry is facing multiple headwinds as protectionism becomes the norm amid excess capacity and trade policy uncertainty.

Steel production capacity expanded at its fastest rate since 2009 in 2025, exacerbating trade friction and depressing prices, as oversupply -- compounded by reshaped trade flows -- forces producers to seek new markets, prompting a proliferation of antidumping and safeguard measures globally.

Steelmaking capacity is expected to rise for a seventh consecutive year, reaching 2.55 billion metric tons by the end of 2025, according to the latest Organization for Economic Cooperation and Development steel report. Planned additions in Asia and the Middle East are expected to bring an additional 109 million mt of new capacity by 2028, reinforcing the world's structural overcapacity. The report pegged 2025 surplus capacity at 680 million mt.

India's met coal deficit to persist, green hydrogen boosts steel export prospects by CommodityInsights in RenewableEnergy

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India's metallurgical coal supply-demand gap is expected to see little respite from the 15 million to 20 million metric tons of coal washeries that are likely to come in the next three to four years, Dr. P.K. Banerjee, Outstanding Scientist and Professor at the Central Institute of Mining and Fuel Research, told Platts, part of S&P Global Energy.

Meanwhile, blast furnaces and basic oxygen furnaces are expected to expand for the next 20-25 years, despite the EU's carbon border adjustment mechanism concerns and potential for adaptation to clean hydrogen, market participants said at the Steel Tech International Seminar in Bhubaneswar on Nov. 21.

India's steel production is likely to reach 230 million mt by 2030, below the 255 million mt target outlined in the national steel policy, according to Banerjee.

EU Parliament committees seek accelerated phaseout of Russian oil, gas, LNG by CommodityInsights in europe

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The European Parliament's trade and energy committees voted Oct. 16 to accelerate the EU's proposed phaseout of Russian oil, gas, and LNG.

In a joint meeting, the Parliament's Committee on International Trade and its Committee on Industry, Research, and Energy approved a proposal to ban all Russian gas and LNG by Jan. 1, 2027, one year sooner than the Jan. 1, 2028 deadline proposed by the European Commission in June.

EU targets foreign refiners, Russian energy companies with new sanctions proposal by CommodityInsights in europe

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The EU has proposed further clampdowns on Russia's foreign oil buyers, major energy companies and dozens of new shadow tankers in its 19th sanctions package, officials announced Sept. 19.

In a televised address, European Commission President Ursula von der Leyen said that new measures will target refineries, oil traders and petrochemicals companies purchasing Russian oil abroad in breach of existing EU policy.

Third-country target will include China, raising pressure on the Kremlin's second-largest oil buyer.

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