The European steel market is undergoing major changes under the Carbon Border Adjustment Mechanism (CBAM) and tariff-rate quotas (TRQs). The new trade rules have restricted EU buyers’ access to cheap imported finished steel, pushing many end-users to shift orders to local European steel mills. Domestic producers have gained higher market share even though underlying real steel demand across the EU stays sluggish. Steel distributors report that import quotas for finished steel are mostly occupied by large industrial buyers, leaving limited quota volume available for small and medium-sized importers. Some traders have turned to semi-finished slabs or steel-containing goods as alternatives to bypass import restrictions. However, this workaround may only work temporarily. EU regulators are discussing extending CBAM coverage to semi-finished steel and steel derivatives, with proposals to tighten import rules for slab products. Many European plate mills rely on imported slab feedstock because the EU lacks sufficient domestic slab supply. Any further import restrictions on semi-finished steel will create new cost pressure and supply chain risks for downstream steel rolling plants in Europe.