[SMM Steel] Turkish Steel Pressured: Soft Demand Weighs on Longs as Black Sea Risks Rattle Semis Supply

[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.

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.

Northcliff Resources filed an updated feasibility study for the Sisson tungsten-molybdenum project in New Brunswick, Canada. On a 100% project basis, reserves total 276.8 million tonnes grading 0.023% molybdenum. The 30,000-tpd project targets average annual output of 4.2 million lb (about 1,905 tonnes) of contained molybdenum over a 27-year mine life. Initial capex is C$1.528 billion. A construction decision is targeted for H2 2027 and operations for 2030. Key environmental approvals are in place, but engineering, financing, offtake and remaining EIA conditions are still outstanding. The project represents potential long-term supply rather than current output.