First High-Value structural steel shipment to Canada

[Europe] European mills are attempting to push offer prices higher for December production schedules. Although underlying demand remains subdued, concerns over tightening import availability and domestic operational disruptions are gradually taking center stage. In terms of pricing, Northwest European HRC ex-works prices ticked up slightly to 729 EUR/tonne EXW (~819 USD/tonne), while the Italian domestic price softened to 735 EUR/tonne EXW (~826 USD/tonne). A service center in Northern Europe noted that low-priced cargoes secured earlier are no longer attainable, with fresh mill offers climbing to 740–760 EUR/tonne DDP (~831–854 USD/tonne). In Southern Europe, mainstream mills broadly anchored delivered offers at 740 EUR/tonne DDP, though producers frankly admitted that their outlook for subsequent market trends remains unoptimistic. On the import and quota front, as provisional anti-dumping duties on Turkish HRC are still being calculated and anticipated to be steep, European buyers are broadly withdrawing customs clearance filings for Turkish material to avert duty risks. Quota tracking data revealed that Turkey exhausted its dedicated country-specific quota today, consequently forfeiting access to the residual Free Trade Agreement (FTA) quota reserve; India has cleared 103,000 tonnes, leaving approximately 46,000 tonnes remaining. With substantial volumes of arriving shipments deferred, the market widely anticipates this rollover will severely congest and exhaust import quota capacity in the first quarter of next year.

[Turkey] Turkish domestic rebar prices remained locked in a downward channel, with benchmark ex-works levels temporarily holding at 615 USD/tonne EXW (excluding VAT). Regionally, Iskenderun traders lowered offers to 610 USD/tonne EXW, while Marmara mills followed suit by cutting prices by 5–10 USD/tonne to 630–640 USD/tonne EXW. However, buyer counter-bids remain exceptionally low, with traders noting that cash-purchase floors have retreated to 600 USD/tonne. On the macro front, the financial reverberations following the liquidation of over 100 investment funds in September continue to spread, further tightening market liquidity and dampening business confidence. In the semis sector, domestic Turkish billet held at 570 USD/tonne EXW amid an enduring stalemate of weak supply and sluggish demand. On imports, due to the Chinese holiday closure and shipping hurdles in the Black Sea, Turkish imported billet consolidated at 520 USD/tonne CFR. Russian suppliers noted that Baltic port transshipment remains constrained due to rail capacity prioritizing grain exports, though several bulk carriers laden with steel products have recently arrived at Turkish ports. Crucially, maritime security across the Black Sea has deteriorated sharply; following the October 5th vessel sinking, two dry bulk carriers were attacked within Bulgaria's exclusive economic zone on October 6th. This spike in geopolitical tension is expected to inflate regional freight risk premiums, threatening severe disruptions to Turkey's maritime steel trade routes.

EraNova Metals filed an NI 43-101 PEA technical report for its 100%-owned Adanac molybdenum project in Canada. The report confirms the August 6 results without material differences. The proposed 30,000-tpd operation has a 24-year mine life and targets average annual molybdenum output of 11.4 million lb (about 5,171 tonnes), with 270.1 million lb (about 122,515 tonnes) of payable molybdenum over the mine life. Initial capital is estimated at C$953.3 million. EraNova plans to initiate a feasibility study and advance environmental assessment and permitting. The PEA remains preliminary, with no final investment decision or production schedule.