SMM Statistics on Port Shipments of Steel Products under Domestic Trade during April 29-May 8

Glencore plans to submit the environmental impact report for its El Pachón copper-molybdenum project in Argentina in Q1 2027 and aims to secure approval under the Incentive Regime for Large Investments, or RIGI, before July 2027. Glencore previously reported approximately 6 billion tonnes of mineral resources grading an average 0.43% copper, 2.2 g/t silver and 130 g/t molybdenum, equivalent to around 0.013% Mo. Based on the disclosed tonnage and average grade, the resource contains roughly 780,000 tonnes of in-situ molybdenum, although this does not represent reserves, recoverable metal or future production. During the 2025/26 exploration season, the project completed 53 drill holes totaling 21,246 metres and advanced preliminary road and bridge infrastructure.

During its latest Economic and Steel Market Outlook published on October 1, 2026, EUROFER officially downgraded its demand projections, forecasting that EU apparent steel consumption will grow by a stagnant 0.1% for the entirety of 2026. While the association anticipates a slight recovery with 2.3% volume growth in 2027, the near-term stagnation reflects persistent industrial contraction and high operational costs forcing integrated producers across the continent to curtail blast furnace output. [SMM Iron Ore]

Japanese steelmaker Nippon Steel announced a broad price increase of $32 per tonne (approximately ¥5,000/tonne) across its entire flat steel product lineup for contracts beginning October 2026. The company formally attributed the aggressive upward price adjustment to persistent cost pressures from imported raw materials—specifically coking coal—alongside elevated global ocean freight rates. The hike establishes a higher baseline for Asian flat steel export pricing heading into the fourth quarter. [SMM Iron Ore]