The tribunal concluded that allowing the measures to expire would likely result in injury to Canada’s domestic rebar industry and therefore ordered their continuation. Under the decision, Canada will continue applying antidumping duties on reinforcing bar imports from China, South Korea and Turkey, and countervailing duties on rebar imports from China.

The current antidumping duties on rebar from the countries in question are at

• 26.6 percent for China,
• 25.1 percent for South Korea
• 6.5 percent for Turkey,

while subsidy rate is at 6.1 percent for China.

The products currently fall under Harmonized System (HS) tariff classification numbers

• 7213.10.00.11,
• 7213.10.00.12,
• 7213.10.00.13,
• 7213.10.00.90,
• 7214.20.00.11,
• 7214.20.00.12,
• 7214.20.00.13,
• 7214.20.00.14,
• 7214.20.00.21,
• 7214.20.00.22,
• 7214.20.00.23,
• 7214.20.00.24,
• 7214.20.00.31,
• 7214.20.00.32,
• 7214.20.00.33,
• 7214.20.00.34,
• 7214.20.00.90,
• 7215.90.00.20,
• 7215.90.00.30,
• 7227.90.00.50,
• 7228.30.00.51,
• 7228.30.00.52,
• 7228.30.00.53.

There were 99 representatives from 41 different producers among the 386 registered delegates from a total of 49 different countries. There were also 86 registrations representing 41 different raw material suppliers.

At the opening of the conference, Ioannis Manessis, chairman of IREPAS, said that two major conflicts – one in Ukraine and the other in Iran — have consequences for global trade in general and serious repercussions for the industry in particular. He said steel trade has been affected by both demand destruction and supply disruptions, as well as by elevated energy costs, higher freight rates and the practical difficulty of securing vessels on time to transport materials.

Mr Manessis added that protectionism continues to intensify at the same time. IREPAS chairman also said that real demand in the global long products sector remains subdued while geopolitical tensions have driven up freight, energy, and raw material costs. Combined with some degree of inventory replenishment, this has supported higher prices he concluded.

On the last day of the conference, producers of long steel products, as well as traders and raw material suppliers, shared the conclusions reached at their special committee meetings regarding the current situation in the markets with the general participants at the event.

Raw Material Suppliers at IREPAS: Tighter supply, geopolitics reshape global scrap market

Speaking at the panel session, Jens Björkman from Stena Metal International and also chairman of the raw material suppliers committee, shared the committee’s assessments of the current dynamics and difficulties in the global raw material markets. Mr. Björkman highlighted significant shifts in global market dynamics over the past year, pointing to tighter supply conditions, changing trade flows and increasing geopolitical influence on pricing and demand. One of the key developments has been the slowdown in Chinese steel output, with March production falling to the lowest monthly level in six years. This decline, linked to weaker margins and stricter controls, has supported sentiment in other regions, while iron ore prices have remained relatively firm at $105-110/mt due to supply-side constraints. India continues to stand out as a major growth market, supported by strong domestic sponge iron production. This has reduced its reliance on scrap imports, although the country could be an attractive destination, based on freight costs and pricing conditions.

The chairman of the raw material suppliers committee stated that, in Europe, safeguard measures and regulatory frameworks have reinforced protectionist dynamics, supporting intra-regional scrap demand. However, concerns persist over high energy costs and the risk of stagflation, which could weigh on longer-term demand. In the United States, stronger domestic steel production has boosted internal demand for raw materials. At the same time, the attractiveness of scrap exports has declined, particularly for high-quality grades, as supply increasingly shifts toward domestic consumption.

Mr. Björkman pointed out that Turkey has seen improved sentiment, supported by stronger steel production and demand. Reduced semis supply from Iran has increased reliance on scrap imports, pushing prices to around $410/mt, an annual high. Rising freight costs, driven by higher bunker fuel prices and disruptions of oil shipments through the Strait of Hormuz, have further supported pricing.

Mr. Björkman emphasized that there is no global surplus of scrap supply, as scrap continues to be steadily consumed. Europe exports around 19-20 million mt annually, reflecting limited domestic demand growth, but future availability may tighten due to increasing EAF adoption and regulatory constraints. Traditional importers in the Middle East may face challenges as scrap availability tightens in Europe and the US. Meanwhile, he noted, growing scrap generation and processing capacity in Asia, particularly in China and India, could gradually reshape global trade flows.

Mr. Björkman said that increasing regulatory requirements, particularly EU waste shipment rules, are expected to drive investment in sorting and processing. At the same time, tighter credit conditions and reduced availability of trade finance are adding complexity to global scrap trade. He went on to say that, despite strong pricing and demand conditions, the market outlook remains uncertain. Energy prices, economic growth and geopolitical developments continue to pose risks, while elevated oil prices at around $110 per barrel are still considered manageable for now. However, in conclusion, he commented that any deterioration in demand or purchasing power could quickly shift the market into a more challenging phase.

Traders at IREPAS: Geopolitical tensions and higher costs disrupt steel trade flows

Speaking during the panel session, Wilhelm Alff, director at Duferco and chairman of the traders committee, shared the committee’s assessment of current market conditions, highlighting weakening demand, regulatory pressures and rising geopolitical risks. Mr. Alff reminded that crude steel production in China reached around 960 million mt in 2025, while data from the first quarter of 2026 indicate that output may decline further or at best remain stable, with no clear signs of growth. In China, the sharpest drop was observed in the rebar segment, in which production fell by 12 percent, reflecting the ongoing downturn in the construction sector. The only improvement in China was the growth of more than 10 percent in iron ore inventories, mainly due to strategic stock building, highlighting the disconnect between raw material positioning and weak end-user demand.

This weakness in demand is particularly evident in Europe, where the overall economic outlook remains poor. Public spending is increasingly being redirected toward defense and social support rather than infrastructure, especially in Germany, limiting the recovery potential for steel consumption. The committee also pointed out that existing production capacity in the EU continues to exceed demand, noting that even prolonged production stoppages by major producers have had little visible impact on the market. A key concern for traders remains the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM). The committee chairman emphasized that, in the current environment, traders are advised to use default emission values when calculating CBAM costs in order to avoid risks, although this approach increases cost exposure. Uncertainty surrounding calculation methods and verification procedures continues to complicate transactions, making it essential to involve producers and clearly define contract terms.

In addition, recent changes to the EU safeguard system have added further pressure. Quotas have been reduced by nearly 50 percent, while out-of-quota duties may rise to as high as 50 percent. Market participants criticized the lack of adjustment in country-specific quotas, even where suppliers have not delivered material for extended periods. As a result, portions of the quota system remain effectively unusable, further tightening supply and negatively affecting buyers and end-users in the region. Against this backdrop, traders also highlighted the growing impact of geopolitical tensions, particularly in the Middle East. According to Mr. Alff, escalating tensions have tightened raw material supply chains and pushed costs higher, significantly slowing trading activity. Mills are increasingly relying on short-term sourcing strategies and opportunistic cargoes, while additional costs for transporting billets overland from Omani ports are estimated at around $40/mt. Severe port congestion is further complicating trade flows, making execution increasingly difficult. Despite these disruptions, the committee believes that the current situation is still being treated as temporary rather than structural. However, logistical constraints, especially in key maritime routes, continue to limit cargo movements and add uncertainty to global trade.

Commenting on global trade flows, Mr. Alff noted that exporters are likely to face growing challenges in accessing traditional markets. Tightening EU quotas and rising protectionism are forcing suppliers to seek alternative destinations, though options are becoming increasingly limited as more countries introduce similar trade barriers. Africa is expected to remain a key growth market in the medium term, supported by rising imports from Asia, particularly China, although the expansion of local production capacity and potential protectionist measures could gradually slow this trend.

Regarding China, the committee expects semi-finished steel exports to remain at elevated levels but under tighter control, as the Chinese authorities are likely to manage trade flows more actively to avoid another sharp surge. While the ongoing crisis in the Gulf region could support demand for Chinese material, its impact will largely depend on logistical conditions and the ability to move cargoes efficiently.

Looking at other regions, market conditions in the US and Latin America were described as relatively stable, with the US benefiting from solid demand driven by public infrastructure projects.

Overall, the traders committee underlined that the global steel market is entering a period of heightened uncertainty, shaped by weak demand in key regions, regulatory changes and geopolitical risks. In such an environment, Alff concluded that it is extremely difficult to predict price trends, emphasizing that market participants will need to continuously monitor developments and adjust their strategies accordingly.

Producers at IREPAS: Global steel sector under pressure from costs and weak growth

Alex Gordienko, export director of Spain’s CELSA Group and representing the producers committee, stated, in sharing the producers committee’s findings, that the global steel industry is facing increasing pressure from rising costs, weak economic growth and regulatory complexity. He noted that uncertainty remains high, particularly due to ongoing geopolitical tensions. Mr. Gordienko indicated that raw material prices have risen significantly, while the ability to pass these costs on to customers remains limited. As a result, margins across the industry are under sustained pressure, with finished steel prices failing to fully reflect higher input costs.

Mr. Gordienko noted that economic growth remains subdued across many regions, limiting the potential for a meaningful recovery in steel demand. He warned that current conditions reflect a fragile balance, with demand holding but lacking strong momentum. He described energy markets as highly volatile, largely due to tensions in the Middle East, adding that there is no clear timeline for a resolution and that a prolonged conflict could significantly worsen market conditions.

Mr. Gordienko went on to state that trade policy remains a key theme, with the EU’s Carbon Border Adjustment Mechanism (CBAM) at the center of discussions.

CBAM is seen as a mechanism that will gradually level carbon costs globally, encouraging countries such as Turkey, China and India to develop their own carbon pricing systems.

He said that, while CBAM is not expected to trigger immediate price changes, producers anticipate a medium-term disruption. By 2027, mills with verified emissions data are expected to gain a competitive advantage, as buyers increasingly prioritize suppliers able to provide reliable carbon data. Currently, only a limited number of suppliers, particularly in Japan and South Korea, are fully prepared for these requirements.

Meanwhile, the other restrictive factor, he pointed out, is that a new quota system stricter than the EU’s framework is expected to be introduced in the UK.

Mr. Gordienko commented that logistical challenges are adding further pressure, particularly in the Middle East, where port congestion is disrupting cargo flows. Limited truck availability and rising freight costs, driven by higher bunker fuel prices and fuel shortages, are increasing delivery costs for producers. He also stated that production disruptions in Iran have significantly affected global semis supply. Publicly available information indicates that facilities representing around 10 million mt of capacity have been heavily damaged, with recovery timelines ranging from six to 12 months. Iran exported approximately 3 million mt of semis in 2025, with around 75 percent directed to Asia. The disruption has contributed to increased Chinese semi-finished exports, particularly in March, as China moved to fill the supply gap. In the meantime, diesel shortages in Europe and transportation constraints are further amplifying cost pressures, with freight rates rising faster than oil prices.

On the raw materials side, Gordienko stated that availability remains a structural constraint. European producers, heavily reliant on scrap for electric arc furnace-based production, face limited flexibility in switching to alternative inputs such as HBI due to high energy requirements. This suggests limited short-term changes in production routes.

Lastly, he shared his prediction regarding the market outlook. Despite relatively stable demand and pricing conditions, the overall outlook remains uncertain. In conclusion, he said that energy prices, geopolitical developments and cost pressures continue to pose significant risks, leaving the global steel industry in a fragile and unpredictable environment.

The current antidumping duties on reinforcing bar imported from the countries in question are at 26.6 percent for China, 25.1 percent for South Korea and 6.5 percent for Turkey, while subsidy rate is at 6.1 percent for China.

The Canadian International Trade Tribunal (CITT) will now conduct an inquiry to determine whether the expiry of its order is likely to result in injury to the Canadian industry and has announced that it will issue its decision no later than June 17, 2026.

The products under review currently fall under Harmonized System (HS) tariff classification numberslisted below:

• 7213.10.00.11,
• 7213.10.00.12,
• 7213.10.00.13,
• 7213.10.00.90,
• 7214.20.00.11,
• 7214.20.00.12,
• 7214.20.00.13,
• 7214.20.00.14,
• 7214.20.00.21,
• 7214.20.00.22,
• 7214.20.00.23,
• 7214.20.00.24,
• 7214.20.00.31,
• 7214.20.00.32,
• 7214.20.00.33,
• 7214.20.00.34,
• 7214.20.00.90,
• 7215.90.00.20,
• 7215.90.00.30,
• 7227.90.00.50,
• 7228.30.00.51,
• 7228.30.00.52,
• 7228.30.00.53

The review, which was launched upon the application made by local producer InfraBuild, covered the period between October 1, 2023 and September 30, 2024. The commission has found that the expiration of the antidumping measures in respect of exports of rebar from South Korea and Spain would lead, or would be likely to lead, to a continuation of, or a recurrence of, the dumping and the material injury that the antidumping measures are intended to prevent.

Accordingly, the commission recommended that the duties continue and new duty rates for the parties subject to the review be revised as follows:

South Korea

1. Daehan Steel Co., Ltd
   • Current rate of duty : 4.7%
   • New rate of duty : 2.3%
2. Dongkuk Steel Mill Co., Ltd
   • Current rate of duty : Floor price
   • New rate of duty : 2.5%
3. Other exporters
   • Current rate of duty : 8.5%
   • New rate of duty : 12.0%

Spain

1. Compañía Española de Laminación, S.L. (CELSA)
   • Current rate of duty : 9.4%
   • New rate of duty : 12.4%
2. Other exporters except Nervacero S.A.
   • Current rate of duty : 11.8%
   • New rate of duty : 15.0%

The given products in various diameters up to and including 50 mm are currently classified under the following codes in the Harmonized Tariff Schedule

• 7213.10.00.42,
• 7214.20.00.47,
• 7227.90.10.69,
• 7227.90.90.01,
• 7227.90.90.02,
• 7227.90.90.04,
• 7228.30.10.70,
• 7228.30.90.40,
• 7228.60.10.72

The US Department of Commerce (DOC) has preliminarily found that POSCO and POSCO International Corporation (PIC) (collectively, POSCO), sold subject merchandise in the US at prices below normal value during the period of review. The DOC has preliminarily determined an estimated weighted-average dumping margin of 0.51 percent for POSCO/POSCO International Corporation.

The final results of the review are expected to be announced within 120 days of the publication of the preliminary results.

The CBSA will make a determination no later than December 19, 2025, and will issue a statement of reasons by January 2, 2026, on whether the expiry of the order is likely to result in the continuation or resumption of dumping or subsidizing of the subject goods.

The current antidumping duties on reinforcing bar imported from the countries in question are as below:

• China: 26.6 percent
• South Korea : 25.1 percent
• Turkey: 6.5 percent

The subsidy rate is at 6.1 percent for China.

The products under review currently fall under Harmonized System (HS) tariff classification numbers

• 7213.10.00.11,
• 7213.10.00.12,
• 7213.10.00.13,
• 7213.10.00.90,
• 7214.20.00.11,
• 7214.20.00.12,
• 7214.20.00.13,
• 7214.20.00.14,
• 7214.20.00.21,
• 7214.20.00.22,
• 7214.20.00.23,
• 7214.20.00.24,
• 7214.20.00.31,
• 7214.20.00.32,
• 7214.20.00.33,
• 7214.20.00.34,
• 7214.20.00.90,
• 7215.90.00.20,
• 7215.90.00.30,
• 7227.90.00.50,
• 7228.30.00.51,
• 7228.30.00.52,
• 7228.30.00.53

The global long steel products market is oversupplied and overcrowded. The situation has worsened and is now structural. The competition in the global market is predatory.  Margins are dead. The only strategy is cashflow and turnover. Whoever can ship first, wins. Whoever negotiates for $5/mt more, loses the order. Every confirmed business is a major success. Moreover, without the US market, competition may become brutal.

Latest US blanket 50 percent Section 232 duty marks unprecedented shift

The latest US decision to impose a blanket 50 percent Section 232 duty on all steel imports marks an unprecedented shift – one that severely impacts importers while handing a windfall to domestic producers. Although there was previously a similar measure targeting imports from Turkey, this universal application is unparalleled. What makes this especially jarring is its immediate enforcement, affecting cargoes due to arrive soon, offering no transition period or due process. This abruptness feels inconsistent with the values and principles we have long associated with the US marketplace – predictability, fairness, and rule of law.

New US decision cuts its market off from rest of world, importers handed long vacation

If the 50 percent Section 232 duty holds, it may ironically render the US the most expensive steel market globally, shutting it off from the world at a time when collaboration and balance are most needed. It seems importers in the US have been handed a long, scorching summer of vacation, just as they brace to absorb the financial fallout of all US-bound cargoes. These are extraordinary times and must be navigated with clarity, unity, and resolve.

Demand still weak in Europe and Turkey, with imports putting pressure on prices

Demand is still soft in the European market and imports are putting a ceiling on any potential price increases. Unless there is an actual pickup in end-user consumption, prices will hover at current levels or drop, especially if more cheap Asian billet flows in. Demand in Turkey is still lacking also, but more important is that, with the current iron ore and coal prices, there will be more supply pressure from Far Eastern and Southeast Asian suppliers. Far Eastern and Southeast Asian origin steel billet prices are going down almost every day.

Scrap-based producers falling behind in terms of costs

Scrap-based producers are getting priced out. Billet from Asia is cheaper than melting scrap. There is almost no point in running a melt-shop when you can just roll. This shift reshuffles power, as cheap billet exporters win and EAF-based mills are now considered high-cost producers.

Chinese long steel exporters start to push out Southeast Asians

Southeast Asian mills, who had dominated the market, are now being quietly pushed out by China. Chinese long product exports surged by over 100 percent year on year in the first quarter of 2025. Reduced blast furnace costs, falling domestic demand, and export subsidies mean this wave of Chinese exports will not slow as it is policy-driven, not market-driven. A serious displacement is taking place. Vietnam, Malaysia and Indonesia are all fighting for markets. Even South Korean mills, who were deemed to be bulletproof previously, are now closing lines for the first time in decades. China is stable, but prices are not going up and their steel is cheap, hoping for new export markets. Oil prices are also weak which is good for some players in the steel market, terrible for others.

Market currently very unstable, outlook unsatisfactory, seems to depend on political decisions

The market is currently very unstable. No one is making money. Everyone is quoting, but very few are actually booking orders. The outlook is unsatisfactory and seems to depend on political decisions.

OECD: Some brighter prospects in ASEAN and MENA regions

The recently published OECD Steel Outlook 2025 states, “Demand in the OECD area will remain roughly constant, while Chinese demand will decline appreciably due to the downturn in construction and structural shifts in China’s economy. Prospects are brighter in the Association of Southeast Asian Nations (ASEAN) and Middle East and North Africa (MENA) areas, where demand will grow strongly.”

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Trump stated that the tariffs, which will apply to the products from trading partners with duty-free exemptions or tariff-rate quota deals, including Canada, Mexico, Australia, Argentina, Brazil, South Korea, the EU, Japan and the UK, will be effective as of March 12, 2025. However, a White House official subsequently stated that the tariffs will be effective as of March 4, 2025.

During the given period, some South Korean producers were found to have made sales of the given products at less than normal value. The DOC has calculated a weighted-average dumping margin of 0.85 percent for POSCO/POSCO International Corporation.

According to the preliminary results, the weighted-average dumping margin had been determined at 1.03 percent for the given companies.

During the review period from May 1, 2022, to April 30, 2023, South Korean producer POSCO was found to have made sales of the subject products at less than normal value. The DOC has determined a weighted-average dumping margin of 1.03 percent for the company.