The eurozone was facing a broad-based intensification of inflationary pressures. Specifically, the Consumer Price Index (CPI) in France and Spain rose 2.8% and 3.6% YoY in May, respectively, both hitting their highest levels since 2024. Meanwhile, Italy's inflation rate climbed to 3.3%, reaching its peak since 2023, while Germany's core inflation also accelerated to 2.5%. Against this backdrop, ECB Governing Council member Simkus noted that a rate hike in June was almost a foregone conclusion, and that further rate hikes would "very likely" be needed thereafter.

[SMM Steel] Canada-based steel companies Farjess Inc. and Royal Canadian Steel Inc., along with executive Feroz Jessani, agreed to pay 19 million USD to settle US allegations of tariff evasion on imported flat-rolled steel. US authorities claimed the firms falsely declared the origin of steel products as Canada or the US between 2019 and 2025 to avoid duties, while the actual origins included China, Indonesia, Italy, Turkey, and Vietnam. The settlement resolves civil claims under the False Claims Act without formal admission of liability.

Italy-based Feralpi Group’s German subsidiary, Feralpi Stahl, has announced a strategic capacity expansion at its Riesa plant, aiming to increase annual steel production from approximately 1 million metric tons (mt) to as much as 1.3 million mt. The core of this expansion is driven by the new spooler rolling mill—officially inaugurated on May 15, 2025—which is currently operating on a two-shift system and is expected to gradually contribute an additional 400,000 to 450,000 mt to the site's existing 850,000 mt structural steel rolling capacity. To fully realize this production target, the company plans to transition to three-shift operations starting in 2027, complemented by broader investments in scrap processing and site modernization.

Ferrari announced that it held a new vehicle unveiling event in Rome, Italy, on May 25 local time and revealed its first all-electric sports car, the Luce, for the first time globally. The vehicle is equipped with a 122 kWh battery, an active suspension system and rear axle technology. It can accelerate from 0 to 100 km/h in just 2.5 seconds, with a top speed of 310 km/h. Its combined maximum output reaches 1,050 cv, and it can travel up to 530 km on a single charge.

San Marino’s public utility AASS has launched a call for expressions of interest to acquire companies holding ground-mounted PV assets in San Marino or Italy, aiming to improve energy security and reduce reliance on imported electricity. Eligible projects may be operating, under construction or ready to build, but must be commissioned by Dec. 31, 2026, with a maximum value of EUR 15 million per project. Battery storage can be included, but standalone storage projects are not eligible. SMM believes the move reflects growing efforts by smaller European economies to use domestic and cross-border renewable investments to strengthen energy security and long-term power price stability.

Walk the bauxite-alumina-aluminum value chain across Central Asia's five republics and the picture resolves quickly: one country runs the whole chain, one runs a piece of it, and three play no meaningful role at all. That picture, however, may be on the verge of a significant shift.

Italy's benchmark stock index surpassed its all-time closing high set in 2000, with a strong recent rebound in energy and chip sectors providing a powerful boost to its push to record levels. On Monday, the FTSE MIB index rose as much as 1.2% intraday, touching 50,121.2 points and surpassing the previous all-time record set 26 years ago. Following three consecutive years of gains, Italian stocks have risen 11% so far in 2026. As a chip supplier to Tesla and Apple, STMicroelectronics has surged 156% so far in 2026. The rapid buildout of artificial intelligence infrastructure has significantly stimulated demand for optical components capable of transmitting data more efficiently. Meanwhile, as oil and gas prices surged, energy enterprises Saipem Spa and Eni SpA rose 73% and 41% respectively in 2026.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Rose Slightly in Late Trading, Spot Market Largely Maintained a Cautious Stance]

[SMM Steel] Feralpi Stahl, part of Italy’s Feralpi Group, is increasing annual steel capacity at its Riesa plant in Germany from 1 million mt to 1.3 million mt through a new Danieli rolling mill commissioned last May. The new facility currently operates on a two-shift basis and is expected to receive final equipment certification this summer. The mill targets annual rebar-in-coil output of 400,000-450,000 mt, with plans to shift to three-shift operations by 2027 depending on market conditions. The company also said it will continue investing in scrap processing operations.

European mills are targeting cold rolled coil prices of €2,900/t delivered by the end of the third quarter, with increases expected to accelerate once new trade measures take effect in July. Despite the difficult downstream environment, buyers generally do not expect prices to decline in the coming months. In Italy, processors are already resisting sheet sales below €2,790/t, while sheet prices across Europe are being pushed toward €2,900/t.