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

The DCE iron ore futures moved weakly today. The most-traded contract, I2609, closed at 760 yuan/mt, down 0.20% from the previous trading day. Port spot prices remained largely unchanged from the prior day.

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.