Download our latest whitepaper 'European Green Steel Market: Challenges and Growth Opportunities'

The European green steel market is expected to grow in coming years as more steelmakers upgrade their production processes to meet sustainability standards, and a growing number of end users and distributors engage with this evolving market. This whitepaper examines the current state of the green steel market, explores the challenges and prospects of low-CO2 steel trading, and explains the methodology behind McCloskey’s new price assessments.

2024: A difficult year, but Green Steel gains momentum
Challenges in the traditional steel market and a restricted number of suppliers able to offer low-CO2 steel meant that volumes of green steel traded in the European spot market remained limited in 2024, but the market stands on the verge of significant growth. More mills are about to start offering green steel from their newly built or upgraded facilities and the market is developing clearer definitions and standards for green steel. Market participants anticipate higher demand at the start of 2025, which should lead to increased green steel trading activity as the markets for green and traditional steel remained closely intertwined, with EU steelmakers selling green steel at a premium over traditional coil prices.

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December 6 | McCloskey has released its inaugural Steel and Green Steel Weekly Round-Up, highlighting ongoing challenges in the European flat steel market. Oversupply and weak demand continue to pressure the market, with a lack of competitive import offers hindering domestic price recovery. Contrary to earlier expectations, European mills are not planning production cuts to balance supply and demand.

In the green steel market, activity remains subdued, reflecting trends in the traditional steel sector. However, some buyers have secured volumes of low-CO2 steel through spot deals, which are primarily settled on a back-to-back trade basis.