Key takeaways
Stainless steel prices across Europe are expected to increase modestly into Q2 2026, with movements driven mainly by cost pressures rather than demand increases.
Across Europe, stainless steel prices trended at lower levels through most of 2025, with many markets remaining below the Q1 2024 baseline amid subdued demand and elevated inventories. In early 2026, prices showed signs of stabilisation, with some upward movement expected into Q2 2026, driven primarily by rising cost inputs rather than by any change in underlying demand conditions. High energy, logistics and stainless scrap costs are keeping input costs elevated.
Import competitiveness is declining due to CBAM and tighter EU safeguard measures from 1 July 2026, restricting high‑carbon imports and increasing reliance on domestic supply. Delivery lead times have also extended in most Northern European markets. On a YoY basis, prices are expected to increase across all countries in Q2 2026. A more substantial rise of 12% to 13% compared to Q2 2025 is forecast in Israel, Ireland and the UK reflecting stronger pass through and tighter supply conditions. In the UK and Ireland, import restrictions and supply chain dependence are increasing price sensitivity, while in Israel, high import reliance and concentrated supply sources are contributing to sharper adjustments.
QoQ changes from Q4 2025 to Q1 2026 were modest in most markets, as weak demand was offset by higher supply costs, and gradual shift in the market conditions. Israel, however, saw a sharper increase, driven by local supply pressures.
© Linesight
© Linesight