MMi Daily Iron Ore Report (October 2)

The European Steel Association (EUROFER) reported on October 1, 2026, that EU steel exports to third countries plummeted by 20% year-on-year in the first half of 2026. Shipments of finished steel products dropped 18%, driven by a 19% decline in flat products and a 15% fall in long products, while total EU crude steel production remains suppressed near its historic low of 125.8 million tonnes. The association warned that high regional energy costs continue to severely degrade Europe's global export competitiveness against lower-cost Asian mills. [SMM Iron Ore]

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]

The European Competition Authority officially granted regulatory approval for Swiss-Italian trading group Trasteel to acquire the Magona steel plant in Piombino, Italy, with the transfer effective October 1, 2026. The Magona facility operates downstream pickling, cold-rolling, and galvanizing lines with a combined processing capacity of approximately 600,000 tonnes per year. The strategic acquisition secures local manufacturing capacity and transitions over 500 employees, verticalizing Trasteel’s regional distribution network ahead of tightening carbon import regulations. [SMM Iron Ore]