SMM

On 29 January, Safetian (SH:603028) announced that its holding company, Anhui Meidalun, will temporarily suspend production on certain production lines for maintenance and equipment upgrades in accordance with its annual production and operational plan. The temporary suspension is scheduled to commence shortly and is expected to last no longer than 60 days.

Despite Revenue Dip Swedish steelmaker SSAB reported its full-year 2025 results on January 29, 2026, revealing a 6.9% decline in revenue to SEK 96.22 billion amid weaker market prices. However, operational performance remained resilient, with crude steel output rising 2.5% to 7.53 million tons and shipments increasing 3.7% to 6.36 million tons. The company forecasts improved shipments for Q1 2026, supported by seasonally stronger demand in Europe and its Special Steels division

Turkey’s steel production increased by 3.3% year-on-year in 2025, reaching a total of 38.12 million tonnes. While crude steel output grew, pig iron production decreased by 4.6% to 9.71 million tonnes, reflecting a shift in production methods. The growth was supported by infrastructure rebuilding efforts following the 2023 earthquakes and a recovery in export demand. Industry associations forecast moderate continued growth for 2026 as capacity modernization projects come online.

Negotiators from the European Union and India have proposed a zero-tariff arrangement for iron and steel products as part of their ongoing free trade talks. If finalized, this deal would remove significant trade barriers, potentially boosting Indian steel exports to Europe while allowing EU specialized steels easier access to the growing Indian market. The proposal aligns with broader discussions on streamlining business visas, aiming to deepen the strategic industrial partnership between the two regions.

Yieh Hsing Enterprise announced on January 30, 2026, that it will raise its wire rod prices for February deliveries due to soaring raw material costs. Prices for 300-series stainless steel wire rods will increase by NT$7,500 per tonne, while carbon steel wire rods will see a hike of NT$500 per tonne. The company cited a sharp climb in global production costs and an uptrend in international market prices as the primary drivers for this adjustment

While major miners focus on optimization, mid-tier players are expanding. Reports from late January confirm that Australia's Mineral Resources (MinRes) has broken ground on a new 7.5 million tonne per year iron ore project. This development aims to capitalize on the current price stability above $100/t and fill the supply gap for mid-grade fines in the Asian market (excluding China), specifically targeting new blast furnace capacities in Vietnam and India.

Adding to the challenges in Eastern Europe, ArcelorMittal Kryvyi Rih confirmed on January 27 that it will suspend operations at its Blooming shop starting Q2 2026. The decision is driven by a combination of high energy costs (peaking at 18–20 UAH/kWh) and a strategic shift toward more efficient rolling processes. This closure aligns with a broader trend of capacity rationalization in Ukraine, where the industry is struggling with the dual pressures of the EU's CBAM implementation and domestic power shortages.

On January 29, 2026, the European Union and South American nations (Mercosur) signed a landmark trade agreement. While details are being finalized, the deal is expected to lower tariff barriers for industrial raw materials, potentially facilitating cheaper access to Brazilian iron ore and semi-finished steel for European mills. This comes as European producers like Voestalpine continue to invest in logistics, recently commissioning high-bay storage systems in Istanbul to better serve the Mediterranean market.

A new market analysis released on January 29, 2026, projects global iron ore supply to reach an all-time high of 2.68 billion tonnes this year. The growth is primarily attributed to the "Africa factor," with the continent expected to account for 35% of the incremental supply, led by the ramp-up of Guinea's Simandou project (forecasted to contribute 22 million tonnes in 2026). In contrast, BMO Capital Markets noted on January 29 that despite rising prices (iron ore gained 4% to $106/t through 2025), underlying demand remains "tepid" outside of North America due to sluggish manufacturing purchasing activity.