MMi Daily Iron Ore Report (March 24)

State-owned miner NMDC reported a robust 16% year-on-year increase in iron ore production for April 2026. This comes as Indian steelmakers ramp up capacity to meet record infrastructure demand. However, rake movements for iron ore dropped 18% month-on-month in April, indicating some logistical bottlenecks in the domestic supply chain.

Some limited imports of Russian-origin steel products, notably slab, will continue until 30 September 2028 under transitional arrangements laid down in existing EU restrictive measures, Despite requests from some European re-rollers for extensions, the EU's 20th sanctions package tightens the net, forcing mills to accelerate sourcing from Brazil, India, and other ex-China origins to secure long-term supply.

Passenger car registrations in the EU increased by 4% in the first quarter of 2026, with a significant 12.5% jump in March alone. This recovery in the automotive sector is a critical demand driver for flat steel products (HRC/CRC), providing much-needed support for European steelmakers facing high operational costs.