Anglo American reported second-quarter nickel production of 9,100 tonnes, down 4% year on year and flat against Q1 2026, taking H1 output to 18,200 tonnes, 6% below the same period of 2025. The decline reflects planned maintenance at its Brazilian ferronickel operations Barro Alto and Codemin that was brought forward from later in 2026; Barro Alto produced 7,300 tonnes in the quarter at a processed grade of 1.47% Ni. The company expects output at both plants to rise gradually from Q3 and left full-year production and unit cost guidance unchanged. Anglo is still awaiting European Commission antitrust clearance for the sale of the nickel business to MMG Singapore Resources, agreed earlier. Non-Indonesian ferronickel supply continues to contract at the margin.

Acerinox, Spain's largest stainless steel producer, said EU imports fell 31% year on year in the first half of 2026 even though end-use demand remained subdued, pointing to policy rather than consumption as the driver. CBAM took effect on January 1, and the European Commission's revised trade defence measures came into force on July 1, cutting annual quotas by 55% and applying a 50% tariff on out-of-quota volumes. CEO Bernardo Velazquez said the measures are needed to offset surplus exports from overcapacity countries and restore European competitiveness. With only one month of the new quota regime reflected in H1, the full displacement effect on Asian mills shipping into Europe should become clearer in Q3 and Q4 arrivals data.

The European Commission has opened a consultation — closing August 6 — on the purchase and repurchase of CBAM certificates through a new central platform. The draft proposes a fee of EUR 0.05 per CBAM certificate purchased, approximately 16 times the transaction fee charged by the EEX for EU emissions allowances, with no cost breakdown or justification provided. Based on approximately 440 million tonnes of CO2 embedded in CBAM-covered imports, the fee would generate around EUR 22 million annually — effectively charging companies for the act of paying a legally mandated tax. The certificate buyback process is equally restrictive: only one application per year is permitted, corrections or withdrawals are not allowed once submitted, and the administration retains up to 42 days for processing. Critics note that the administration reserves correction rights for itself while denying them to declarants, and that SMEs will effectively pay twice — once for the carbon tax and again for the bureaucracy that collects it.

The European Commission has proposed raising the EU's electrification rate to 46% by 2040 alongside reforms to the EU Emissions Trading System (EU ETS). The proposal includes an Industrial Decarbonization Bank backed by over EUR 100 billion and plans to slow the phase-out of free emissions allowances for CBAM-covered sectors until 2038. The Commission also plans to allocate an additional EUR 6 billion in free allowances between 2026 and 2030, aiming to strengthen industrial competitiveness while accelerating decarbonization.

The European Commission plans to overhaul its Emissions Trading System on July 17 to balance climate targets with economic interests. The draft proposal extends carbon allowances into the 2040s and grants an extra €6 billion in free permits to heat producers, fuel users, and CBAM-covered businesses beyond 2034. It also recommends slowing the mandatory annual 4.3% emissions cut by lowering the linear reduction factor. In return, member states must use carbon revenues to fund local green technologies, international offset projects, and cleaner energy transitions.

A written parliamentary question posed to the European Commission asked: "What monetisable compensation does the Commission envisage for downstream producers whose embedded costs originate upstream, and who do not qualify for the decarbonisation fund?" Commissioner Hoekstra's July 14 response offered no direct answer, pointing instead to the Temporary Decarbonisation Fund — designed primarily for large EU ETS installations — with a vague note that it "may also decrease associated downstream costs," with no obligation, guarantee, or figure attached. Critics note that large integrated steelmakers benefit from multiple layers of protection including tariffs, quotas, free ETS allowances, and decarbonisation funding, while import-dependent SMEs and downstream processors face rising procurement costs, CBAM obligations, quota cuts exceeding 45%, and heavy administrative burdens — with no cumulative impact assessment ever published by the Commission. Meanwhile, steel import quota data remains poorly updated, with the Commission confirming it will update TRQs only once daily with no real-time data, and declining to recognize the "Total awaiting allocation" figure as legally binding.

SolarPower Europe has urged the European Commission to clarify its decision to restrict EU funding for solar and battery storage projects using inverters from high-risk countries. The association said the lack of written guidance on the scope and implementation of the measure has created deep uncertainty, delayed projects and complicated procurement decisions, particularly in Central and Eastern Europe. It called for transition periods, national impact assessments, harmonised network codes and stronger support for European inverter manufacturing to avoid deployment delays and protect energy security.

Tightening supply policy in Indonesia, new import quotas and carbon costs in the EU, and tariff walls in the US pushed benchmark stainless steel prices higher across nearly every major market in the first half of 2026 — even as real demand stayed weak everywhere, turning global trade increasingly into a fight over market access rather than supply and demand.

The European Commission has launched an expiry review of anti-dumping duties on certain hot-rolled flat steel products from Turkey, following EUROFER’s request. The review will assess whether removing the measures could lead to renewed dumping and injury to EU producers. The investigation covers April 2025-March 2026 and should conclude within 12 months. Current duties range from 4.7% to 7.3%.

On July 6, 2026, the European Commission published the CBAM certificate price for Q2 2026 at 75.28 EUR/tCO₂ (approximately 86.11 USD/tCO₂ or 584.99 CNY/tCO₂ based on recent exchange rates). The Q2 price was marginally lower than the Q1 2026 level of 75.36 EUR/tCO₂, edging down by 0.08 EUR/tCO₂., remaining broadly stable quarter-on-quarter.