Panellists on MEPS’s latest Speaking of Steel podcast have described how 2025’s top steel industry trends created a trading climate “defined by uncertainty” for many steel buyers. 

MEPS’s head of price analysis and forecasts Kaye Ayub, head of research Stuart Gray and steel market analyst Jon Carruthers-Green join managing editor Tom Sharpe for the 45-minute long 2025 steel market review episode, which also reflects on the outlook for 2026. 

Among the themes explored in the episode are:  

• The continued growth of steelmaking overcapacity and the surge in global trade protection measures
• The key drivers of an economic slowdown in China and Europe and their influence on steel prices 
• International trade uncertainty triggered by President Trump’s Section 232 tariffs and the EU’s emissions-based CBAM taxes 
• The outlook for 2026 and the potential risks that could stall any steel market recovery