[SMM Steel] European HRC: Northern Prices Stabilize with Slight Gains as Quota Exhaustion Deepens Q1 Clearance Concerns

[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.

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.