MMi Daily Iron Ore Report (June 14)

In the first two months of 2026, European Union steelmakers significantly reduced their imports of direct reduced iron (DRI) by 68% year-on-year to just 130,500 metric tons (mt). The United States stepped up as the largest primary supplier, exporting 66,630 mt (a minor 6% year-on-year decrease), with nearly the entire volume—63,620 mt (+24.4% YoY)—dispatched to Austria. Libya secured the second position, delivering 27,800 mt of DRI exclusively to Spain, although this volume was down 68.4% compared to the prior year. This massive import contraction directly traces back to the total expiration of transitional import quotas for Russian DRI/HBI, which dropped from 1.14 million tons in 2024 to 651,900 tons in 2025, and reached a mandatory 0.00% absolute ban starting January 2026.