[SMM Iron & Steel] EU Officially Adopts New Steel Trade Protection Measure | June 9, 2026

Brazil's slab export volumes fell sharply to 390,500 metric tons (mt) in May 2026, a 43% decline from 687,500 mt in April. Key shipments included 236,300 mt by Ternium to the US at $614/mt FOB, and ArcelorMittal sending 93,800 mt to the US ($646/mt FOB) and 60,400 mt to France ($556/mt FOB). The significant contraction in export availability is driven by intense domestic consumption from local rolling mills, specifically Usiminas and CSN, as they ramp up flat steel production to replace Chinese imports following the imposition of anti-dumping duties in February. Additionally, zero slab imports were recorded at Brazilian ports in May, emphasizing a tightly balanced internal market.

According to Statistics Canada, Canada produced 5.08 million metric tons (mt) of iron ore concentrates in March 2026, reflecting a 9.9% month-on-month increase but a 7.7% decline compared to March 2025. Shipments of iron ore concentrates jumped 21.6% month-on-month and 2.2% year-on-year, reaching 3.45 million mt in March. Consequently, closing inventories at Canadian producers fell to 7.02 million mt, representing a 4.5% monthly drop and a sharp 38.4% decline year-on-year. The data points to a strong short-term rebound in export logistics and domestic deliveries, which effectively cleared stockpiles, though overall upstream production remains slightly subdued compared to historical annual levels.

Marking the one-year anniversary of the US imposing a 50% Section 232 tariff on Canadian steel, the Canadian Steel Producers Association (CSPA) is urging the removal of the measure ahead of the US-Mexico-Canada Agreement (USMCA) review period beginning July 1, 2026. Prior to the trade conflict, Canada was the largest supplier of steel to the US, but shipments have plummeted by 60% in 2025 as a result of the tariffs. With Canada having already adopted strict trade policies to block global overcapacity from China, the CSPA argues the tariffs are unjustified and disruptive to the integrated North American supply chain, pushing for a collaborative "Fortress North America" approach instead.