Europe's green steel market remains fragmented, with spot activity near zero & buyers refusing to pay three-digit premiums. Achievable premiums reach €150 to €170 per metric ton only in project-driven deals, while spot buyers offer as little as zero. Definitional confusion allows lower-carbon blast furnace steel to compete against genuinely green electric arc furnace material under the same label. Automotive buyers are securing future supply through direct offtake agreements, bypassing today's dysfunctional spot market entirely.