Data: SHFE, DCE market movement (May 15)

Turkey's iron ore imports reached 2.68 million metric tons (mt) in the first quarter of 2026, representing a 28% increase year-on-year, while the total import value rose by 25.2% to $286.06 million, according to the Turkish Statistical Institute (TUIK). This growth was achieved despite a sharp monthly drop in March, where imports fell 18.7% month-on-month to 785,503 mt (with an import value of $81.82 million, down 23.2% MoM). Brazil consolidated its position as the top supplier in Q1, exporting 1.78 million mt (+26.6% YoY), while Norway entered the market with 499,250 mt and imports from Russia skyrocketed by 224.5% to 339,025 mt, completely offsetting the total absence of volumes from Sweden, Uzbekistan, and Ukraine.

US exports of plates in coil reached 41,797 metric tons (mt) in March 2026, down 6.5% month-on-month, but representing a robust 58.4% growth compared to the volume exported in March 2025. The monthly export value fell to $45.09 million from February’s $49.38 million, though remaining well above the $29.19 million recorded in March 2025. Cross-border shipments within North America dominated the flow, with Mexico importing 34,884 mt (down from 38,559 mt in February) and Canada taking 6,243 mt, with no other destinations exceeding 1,000 mt.

Preliminary census data from the US Department of Commerce reveals that US imports of cold rolled coil (CRC) totaled 54,744 metric tons (mt) in March 2026, falling 24.8% from February and plummeting 53.2% compared to March 2025. Total import value shrank to $51.63 million, down from $69.34 million in February and $133.43 million a year ago. Canada remained the largest exporter to the US at 17,805 mt (up from 14,707 mt in February), followed by South Korea (8,008 mt), Vietnam (4,858 mt), Mexico (4,343 mt), and the Netherlands (4,210 mt). This substantial decline in foreign supply reflects an intentional destocking process and cautious purchasing strategies by US manufacturers experiencing macro headwinds.