Global steel markets face an increasingly challenging environment. Ioannis Manessis, chairman of IREPAS, spoke at the SteelOrbis Fall 2026 Conference in Belgrade. He said geopolitical conflicts and higher costs are reshaping markets. Energy prices have increased significantly. These increases affect steel producers, scrap suppliers and shipping companies. Demand remains relatively weak except for artificial intelligence data centres. Rising costs, not demand, now determine market direction. Steel prices are increasing in almost all markets. Higher prices allow trade to continue and create opportunities. The industry faces restrictive trade measures including carbon border adjustment and tariffs.