Scandinavia

This region’s recycled steel market continues to be characterised by a balance without a clear direction. There was some stabilisation of prices at the start of 2026, primarily the result of lower supply and logistical challenges. Nevertheless, underlying fundamentals remain weak, creating uncertainty about future developments.

European steel production remains under pressure and demand from end markets is uneven. The EU’s Carbon Border Adjustment Mechanism has had some effect, particularly on electric arc furnace plants, but it has not been enough to create a clear trend in the market.

Turkey continues to act as the price driver. Imports are stable, though without strong growth, and steelworks’ margins are under pressure. At the same time, demand is being dampened by alternatives to recycled steel such as billets and pig iron. Therefore, Turkey has maintained its level, with a slight increase in recent weeks.

The result is a market characterised by short, tactical fluctuations rather than clear trends. This instability makes it difficult to forecast developments into the longer term.

In the container market, there is increased activity from India but the country is still lagging behind Pakistan, which is following Turkey’s developments. There is uncertainty regarding sea freight because of the various surcharges.

The Spanish market, meanwhile, is not experiencing the traditional upturn in the second quarter, and there are currently no signs of improvement. As for Morocco, the country remains very active with volumes above the levels of what was already a strong year in 2025.