Europe steel market — Week 2026-W41

European steel-sector evidence for ISO week 2026-W41 centres on weak stainless demand and negative producer signals rather than any reported physical steel price. Aperam’s Q3 EBITDA declined amid weak European demand, with nickel, ferrochrome and stainless-steel scrap prices also falling, while energy costs carried an estimated €20 million per quarter impact A6. Tata Steel raised India output in July–September but Dutch and UK output and sales declined, with no volumes disclosed A5. Turkish HRC exports decreased, Spain overtaking Italy as leading destination in August A4. On supply, several integrated plants have stopped in recent years, HKM cited as the latest case discussed A9. Supporting indicators: the EU basic-metals producer price index was 124.6 index points in July 2026, an index and not a steel price O5; the CBAM certificate price moved from €75.36/tCO₂ on 31 March to €75.28 on 30 June, then €82.32 on 30 September O4O3O2; the ECB EUR/CNY reference rate was 7.4992 on 9 October O1. Assessment: weak stainless demand, falling alloy and scrap input prices and European output declines point to subdued near-term consumption, though no current physical price series is supplied to confirm direction. Project steel demand remains prospective: nuclear-island procurement in Poland A1, LanWin3 converter-platform fabrication A3, EEW SPC’s Rostock monopile expansion from Q2 2028 A7, the IJmuiden Ver Beta jacket roll-up A8 and İstanbul rail-crossing tenders A10. Confidence: medium Limitations: No current physical steel price or volume data for Europe is supplied; most evidence is qualitative or supporting indicators.