MMi Daily Iron Ore Report (October 5)

India’s exports of steel, ferro-chromium and electrical equipment to South Korea rose strongly in Apr–Jun FY2026-27, reflecting robust demand for Indian industrial and engineering products.

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]