At the 12th BRICS Environment Ministers' Meeting held under India's 2026 chairship in New Delhi, BRICS nations unanimously adopted a joint ministerial statement opposing the EU's CBAM, and inconsistent with international law, expressing concern over its impact on developing countries' climate efforts. CBAM entered its definitive phase on January 1, 2026, covering steel, aluminum, cement, fertilizers, hydrogen, and electricity. For India specifically, government data shows iron and steel exports to the EU declined 13% in the four months through April following CBAM's rollout, with an ICRIER study estimating a potential 24% long-term decline. The BRICS grouping — comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE, and Saudi Arabia — collectively accounts for approximately 40% of global GDP.

Driven by geopolitical conflicts, import quota uncertainties, and the EU Carbon Border Adjustment Mechanism (CBAM), Turkey's slab imports fell 29% year-on-year to 1.4 million tonnes in the first half of 2026 (H1 2026). Among key suppliers, imports from Russia dropped 24% to 838,481 tonnes, shipments from Malaysia plunged 60% to 204,344 tonnes, and supplies from Algeria fell 26% to 171,405 tonnes, whereas imports from Vietnam doubled to 100,450 tonnes. In June alone, slab imports tumbled 59% year-on-year and 61% month-on-month to 142,849 tonnes, with Russian material accounting for over 98% of the total. In response to soaring freight costs and seaborne slab prices triggered by Middle East conflicts, Turkish mills adapted by cutting back on costly slab imports and shifting toward scrap, DRI/HBI, and pig iron alongside higher domestic slab production. Consequently, H1 2026 DRI/HBI imports jumped 54% year-on-year to 1.19 million tonnes, pig iron imports rose 16% to 1.43 million tonnes, and scrap imports edged up 3.2% to 9.65 million tonnes. Supported by optimized raw material inputs, Turkey's crude steel output expanded 8.1% year-on-year to 19.8 million tonnes in H1 2026, while finished steel exports rose 2.5% to 7.8 million tonnes (with June exports surging 28.4% to 1.7 million tonnes).

Taiwan’s Ministry of Finance initiated an anti-dumping investigation on August 14, 2026, into cold-rolled stainless steel flat products imported from Vietnam following a petition by Yieh United Steel and Tang Eng. The investigation covers shipments from July 2025 to June 2026, with the applicants alleging a dumping margin of up to 31.36%—a preliminary claim rather than a final determination. The case involves 20 Vietnamese enterprises, including Vnsteel, Posco VST, YGS Vina and Nam Thuan Phat, and could add further pressure to Vietnam’s stainless steel exports as trade-remedy actions in overseas markets continue to increase.

Vietnam exported nearly 7 million tonnes of steel worth around $4.5 billion in the first seven months of 2026, up significantly year on year, with exports to the US reaching about 913,000 tonnes worth over $581 million, while Cambodia imported more than 900,000 tonnes. However, steel imports remained higher at over 9 million tonnes valued at approximately $6.6 billion, leaving the sector with a trade deficit of around $2.1 billion. Steelmakers are expected to face increasing pressure from tariffs, trade remedies and environmental requirements, particularly the EU’s CBAM, which could accelerate investment in lower-emission production technologies.

Data from India’s Ministry of Steel show that rolled steel exports rose by 44.1% year on year to 699,000 tonnes in July 2026, while steel imports increased by 9.5% to 702,000 tonnes. Domestic steel consumption rose by 6.5% y/y to 14.4 million tonnes, whereas steel production increased by only 1.2% y/y to 14.3 million tonnes. Prices of major steel products weakened month on month, with hot-rolled coil (HRC) prices down 0.4% from June.

India's rolled steel exports experienced a significant 44.1% year-on-year increase in July 2026 as domestic mills actively targeted alternative markets to manage expanding capacity. The export push comes as the Indian steel industry seeks to balance aggressively growing internal capacity against shifting regional demand dynamics, with heavy volumes directed toward Southeast Asia and the Americas.