MMi Daily Iron Ore Report (October 9)

The European Steel Association (EUROFER) published finalized trade data on October 5, 2026, revealing that total EU imports of finished steel products fell by 3% year-on-year in the first half of 2026. The decline was heavily concentrated in the long products segment, which crashed by 18% overall—including a 23% plunge in rebar, a 21% drop in wire rod, and a staggering 47% collapse in heavy section imports. The volumetric decline highlights persistently weak apparent steel consumption across the bloc's construction sector, artificially shielding local mills from excess global supply. [SMM Iron Ore]

US flat-rolled steel processor Worthington Steel presented its investor deck on October 7, 2026, following a difficult first quarter of fiscal 2027 where it missed Wall Street expectations. The company reported adjusted earnings of $0.57 per share, falling 16.2% short of the $0.68 consensus estimate, causing shares to drop 4.3% in after-hours trading to $37.45. The financial miss highlights the heavy integration costs from its transformational acquisition of Kloeckner & Co against a backdrop of persistently challenging domestic steel supply dynamics. [SMM Iron Ore]