Iron Ore & Steel

DCE January iron ore contract closed up 1.32% at 726.50 yuan/t ($108.15/t); SGX October contract rose 2.17% to $99.40/t. Satellite data show blast-furnace and coke-oven utilization climbing steadily since Aug 25 amid easing coking-coal supply curbs. China steel exports jumped 7.8% week-on-week to 2.55 Mt (third straight gain, +23.9% y/y), while higher freight rates added cost support. Read →

China Baowu, the world's largest steelmaker, is exploring a 15-25% stake in BHP's Jimblebar mine (BHP 85% owner), which produced 62.5 Mt for BHP in FY2026 (25% of its output). The mine was valued at $3.2 billion by BHP in 2014. No decision reached; BHP and Baowu declined comment. This follows Baowu's prior Rio Tinto Pilbara partnership and amid CMRG's ongoing pricing pressure on Australian miners. Read →

DCE most-active September contract fell 6 yuan to 759 yuan/t in daytime trade. Global shipments rose to 35.72 Mt (up 2.73 Mt w/w) while China port arrivals dropped, highlighting ample supply. Prices remain range-bound near $95-100/t amid weak property-linked steel demand. Read →

Imported iron ore inventories at 47 major Chinese ports dropped 2.44 Mt (1.4%) to 171.3 Mt by Sep 3, a one-month low though still 18.8% above year-ago. Mills increased in-plant stocks amid higher sintering-fines consumption. Typhoon disruptions contributed to the weekly decline. Read →

Tangshan billet fell 20 yuan/t to 3,020 yuan/t with rebar futures down 1.04% to 3,142 yuan/t and spot rebar averaging 3,336 yuan/t, down 10 yuan. Hot-rolled coil averaged 3,375 yuan/t, down 4 yuan. Rising coking coal prices provide cost support but weak terminal demand and futures weakness limit gains ahead of the Golden September peak season. Read →

Overseas shipments rebounded while Chinese port inventories rose, keeping the market in a loose supply-demand balance despite peak-season restocking hopes. Spot prices traded in a narrow range with limited upside from high stocks and resilient miner output. The tug-of-war between seasonal demand expectations and inventory pressure caps near-term price gains. Read →

China iron ore futures fell as concerns over steel demand limited buying, following a recent rally. Traders cited ample supply from Australia and Brazil plus high port stocks. The move aligns with broader market caution ahead of potential policy signals on infrastructure and property. Read →

On Sep 1 the 62% Fe benchmark settled up 0.17% at $95.84/t and Dalian’s most-traded contract rose 0.76% to 727 yuan/t as port-side spot prices firmed 3-5 yuan. Buying reflected mills replenishing inventories rather than stronger end-user demand; China’s July crude steel output fell 3.6% y/y to 76.93 Mt. This provides short-term support but keeps the price range capped near $93-100/t since June. Read →

Mysteel projects a global iron-unit surplus of 30 Mt in H2 2026 as supply growth outpaces demand. H1 hot-metal output at 247 surveyed mills fell 0.6% y/y to 410 Mt while port stocks absorbed the excess. The 61% Australian fines index is seen trading $88-105/t in H2 versus $97-113/t in H1, with annual average around $100/t. Read →

DCE May iron ore contract fell 0.37% to 813 yuan ($116.42/t) after hitting 831.5 yuan, highest since July 2025. SGX February contract dropped 1.05% to $107.90/t after peaking at $109.40. Rally driven by China PBOC easing hopes reversed by fears of Beijing price curbs and steel mills pausing buys; port transaction volume plunged 54.9% Wednesday per Mysteel. Read →

SGX 62% Fe near-month contract rose 0.05% to $96.05/t on Monday. DCE September delivery gained 1.22% to 748 yuan/t. Gains supported by falling Chinese port inventories (down 1.03% month-on-month to 154.77 Mt) and tightening low-grade shipments amid typhoon disruptions. Read →

BHP redirected Jimblebar Blend Fines cargoes to Malaysia and Vietnam after CMRG halted purchases during contract talks. Lowlands Blue discharged 95kt in Malaysia (first since 2019 tracking); Cape Yamabuki 75kt to Vietnam. Jimblebar inventories at Chinese ports surged 360% to 8.1 Mt by mid-January amid dispute. Read →

The most-traded DCE iron ore contract climbed 0.7% to 726.50 yuan per tonne in early Asian trade. Nanhua Futures analysts cited improved supply-demand dynamics and investor expectations for seasonal demand pickup in China. This lifts near-term pricing sentiment for 62% Fe fines amid stable port stocks. Read →

Inventories of imported iron ore at China’s 47 major ports reached 173.75 million tonnes on August 27, up just 146,300 tonnes or 0.1% week-on-week and 20.8% above year-ago levels. The near-flat reading reflects steady arrivals offset by modest outbound volumes amid cautious steel mill purchasing. Elevated stockpiles continue to cap upside for seaborne prices despite any short-term restocking signals. Read →

Baoshan Iron & Steel reported a 6.3% drop in first-half net income, citing weak domestic consumption, difficulty raising prices, and export pressure from trade barriers and carbon tariffs. Elevated raw-material costs are compounding the margin squeeze and are expected to persist through year-end. The earnings highlight ongoing headwinds for blast-furnace operators and finished-steel demand. Read →

BHP plans workforce reductions at its large Pilbara Mining Area C iron ore operation as it deploys more driverless haul trucks. The cuts target part of a 1,600-strong workforce amid broader tech-driven efficiency pushes. This signals cost discipline at a major producer even as seaborne supply remains ample. Read →

Samarco, the Vale-BHP JV, will invest R$13.8 billion ($2.7 billion) to restore full 26-27 Mtpa capacity from current 60% levels starting 2028. The plan targets regaining second-largest pellet exporter status with added tailings-derived fines output. Added supply from this restart adds to seaborne iron ore availability pressuring prices. Read →

Export HRC offers from Chinese mills stabilized with deals clustered at $490-493 per tonne FOB. Rebar export indications at Tianjin port held at $478-483/t amid port disruptions from recent typhoons. Steady export flows provide a floor for Chinese steelmakers despite soft domestic property demand. Read →

Second-round coke price rises of 100-110 yuan/t from Hebei/Tianjin coking plants, plus ongoing coking coal shortages from Shanxi safety checks, squeezed steel mill margins and offset pre-holiday restocking signals. SGX 62% Fe near-month contract fell 0.21% to $95.7/t while DCE September contract rose 0.21% to 729.5 yuan/t. This highlights cost pressure as the dominant near-term driver for iron ore pricing. Read →

Most-traded DCE I2701 contract closed at 713.5 yuan/mt, down 0.28% from prior day, with Qingdao spot prices slipping 0-2 yuan/mt amid sluggish trading as steel mills restocked selectively. SGX 62% Fe settled at $97.20/t. Blast furnace maintenance impacted 1.4337 Mt hot metal this week, up 67,400 t WoW; rising coke prices and uncertain peak-season demand led some mills to delay restarts, keeping raw material buying cautious and the market in a fluctuating range. Read →

Iron ore settled essentially flat at US$95.34 per tonne on Monday, August 24, 2026. China’s port inventories fell 1.24 million tons to 145.54 million tons with daily outbound volumes up 48,000 tons, signaling mill restocking ahead of potential stimulus rather than fresh end-use demand. This occurs against China’s crude steel output falling about 3% in the first half to 499.95 million tons and July production hitting its weakest level since 2017 at 76.93 million metric tons, keeping the complex in fragile balance. Read →

Steel rebar futures fell to around CNY 3,070 per ton, retreating from multi-week highs to four-week lows. Weak construction activity and elevated rebar inventories continued to weigh on sentiment as China’s property market remained under pressure with new home prices falling year-on-year in July. Weak mill profitability limited buying appetite while only about one-third of steelmakers were profitable at the end of July, though improving blast-furnace operating rates offered some support. Read →

Iron ore futures hovered around CNY 710-713 per ton on August 25. China’s steel output fell 3.6% year-on-year to 76.93 million tons in July, the lowest for the month since 2017, while inventories remained elevated. Weak property activity weighed on demand with home prices down and only about one-third of steelmakers profitable, though fresh Chinese stimulus signals provided some support. Read →

China's National Bureau of Statistics reported domestic iron ore production at 536.055 million mt for January-July, down 8.7% year-on-year with July output at 67.148 million mt, a 20% drop. Lower local output supports higher seaborne imports, sustaining demand for Australian and Brazilian 62% Fe fines amid flat benchmark prices around $95-96/t. Read →

CISA member mills averaged 1.973 million mt daily crude steel output August 1-10, up 5.8% from late July, while finished steel inventories climbed 5.6% to 17.18 million mt. Rising supply during the off-season builds stocks and weighs on rebar and HRC prices despite steady blast-furnace utilization. Read →

Fortescue achieved first hot metal production via electric smelting at its Christmas Creek pilot using Pilbara ore and renewable power. The milestone advances commercial-scale green iron output, positioning the miner to supply lower-carbon feedstock for EAF steelmaking and differentiate from traditional blast-furnace routes. Read →

Shagang lowered HRB400 16-20mm rebar to Yuan 3,250/t EXW and other longs by Yuan 50/t for late August amid soft demand. The move by the top EAF producer signals margin pressure on electric-arc furnaces versus integrated mills as finished steel inventories rise and property-related buying stays muted. Read →

CISA mills lifted crude steel output 5.8% in early August versus late July to 1.973 million tonnes per day, though still 4.9% below year-ago levels. Rebar prices drifted lower to 3,216 yuan per tonne on August 13 amid building finished-steel inventories at 17.18 million tonnes. Iron ore benchmark held at $95.16 per tonne with Dalian January contract falling 1.19% to RMB 707, reflecting the supply-demand mismatch in construction steel. Read →

Social HRC inventory in 86 major Chinese warehouses rose 1.24% week-on-week to 4.4982 million tonnes. HRC production increased slightly while apparent demand weakened further in the off-season. Coke price hikes expected next week and iron ore consolidation provide cost support, but the most-traded HRC contract is forecast to trade in the 3,260-3,360 yuan range. Read →

SMM data for 10 key ports show iron ore stocks at 105.40 million tonnes, down 1.55 million tonnes week-on-week. DCE most-active I2701 contract settled at RMB 707 per tonne, down 1.19%, with Qingdao spot prices slipping RMB 4-5 per tonne. Spot transactions stayed light as mills bought on an as-needed basis. Read →

BHP reported net profit of $9.8 billion for FY ended June 30 2026, up 9% YoY, with revenue up 15% to $58.8 billion. WAIO iron ore production hit a record 291.2 million mt with shipments supporting the result; realized iron ore price rose 3% to $84.56/mt. The iron ore segment delivered $14.5 billion underlying EBITDA. Read →

Samarco posted a Q2 2026 net loss of $328.5 million, narrower than the $1.689 billion loss a year earlier. Pellet sales held steady at 3.9 million mt with average realized price up 1% to $122/mt. The Phase 3 project completed engineering and licensing to restore full 30 million mtpa capacity by 2028. Read →

NMDC reported consolidated net profit of INR 20.05 billion for April-June 2026, up 2% YoY, with total income up 1.5%. Iron ore production rose 26% YoY to 15.12 million mt while sales increased 2% to 11.52 million mt. Read →

China produced 76.93 million mt of crude steel in July, down 3.6% YoY and the weakest July since 2017. Output is expected to rebound in August as mills ease maintenance, though demand stays muted with rebar and HRC stocks elevated. Read →

China's crude steel production fell to 76.93 million metric tons in July, down 3.6% year-on-year and the lowest July since 2017, with year-to-date output down 3.1%. Construction demand remains weak due to property woes, but vehicle manufacturing and exports provide some offset. Iron ore imports rose 6% in the first seven months to 736.84 Mt and prices stayed steady between $93-100/t, with SGX at $95.10 on Monday. Read →

China's steel bar exports totaled 11.93 million mt in January-July, up 12.3% year-on-year, with July alone up 20.9%. Wire rod exports fell 5.2% over the period. Finished steel exports rose 2.9% in July, driven by infrastructure demand in Southeast Asia and the Middle East. Read →

BHP CEO Brandon Craig stated China's iron ore demand remains steady, supported by manufacturing activity. He noted stronger Indian demand for metallurgical coal as an additional positive factor for the market. Read →

Inventories of imported iron ore at China's 47 major ports tracked by Mysteel dropped 791,800 tonnes or 0.5% week-on-week to 174.22 million tonnes by August 13 due to typhoon disruption. Stocks remained 21.1% above year-ago levels despite the dip. Read →

July crude steel output fell 3.6% year-on-year to 76.93 million tonnes, the lowest monthly total in 2026, with Jan-Jul down 3.1% to 577Mt. Weak property and construction demand plus slower growth drove the drop. Lower output tightens mill margins and reduces near-term iron ore demand from blast furnaces. Read →

BHP reported full-year underlying profit of $13.20 billion, up 30%, beating estimates, with copper earnings of $18.19 billion surpassing iron ore's $14.53 billion. The company declared a $1.72 per share dividend, highest in four years. Record iron ore output supported earnings while China demand remains steady per the new CEO. Read →

BHP full-year profit rose nearly a third on higher copper and iron ore prices plus record output, beating forecasts under new CEO Brandon Craig. Copper now leads earnings ahead of iron ore. China iron ore demand stays steady amid the miner's shift toward copper growth. Read →

Iron ore futures fell toward CNY 700 per ton near 14-month lows. China’s July new yuan loans posted a record contraction, signaling weaker property and infrastructure investment that drives steel use. Blast furnace operating rates rose slightly to 82.64% last week. Read →

The 62% Fe seaborne benchmark settled at US$95.17 per tonne on Friday, up 0.13%. Vale’s New York shares fell 1.23% to US$13.63 and Rio Tinto dropped 2.57% while Dalian futures rose 0.42% to RMB 710.5. Vale raised 2026 C1 cash cost guidance to US$22.50, 23.50 per tonne on stronger real and diesel prices. Read →

Inventories at 47 major Chinese ports dropped 791,800 tonnes or 0.5% week-on-week to 174.22 million tonnes as of August 13. Stocks remain 21.1% higher than a year earlier despite the decline. Typhoon disruption contributed to the reversal after three weeks of builds. Read →

Vale New York shares dropped 4.30% to $13.80 on Thursday amid trader caution over Chinese construction activity. Iron ore is overwhelmingly a China story as the country buys more than two-thirds of seaborne supply. The move highlights fresh concerns about steel consumption in the property sector. Read →

Iron ore futures climbed above CNY 710 per ton, recovering from multi-month lows. Port inventories at major Chinese ports edged down to around 156.8 million tons. Daily hot metal production rose to 2.38 million tons while mill profitability improved to 33.77%. Read →

Vale and ABB signed a strategic alliance on August 11 to deploy AI, automation and digitalization across Vale's iron ore processing plants in Brazil. The partnership builds on a prior model plant in Itabira that achieved a 25% productivity gain and targets higher safety, output and energy efficiency. It supports Vale's position as a major seaborne supplier to China steel mills. Read →

Benchmark 62% Fe iron ore CFR China stood at $95.09 per tonne on August 12, up 0.53 or 0.56% from the prior day. The price is down 3.28% over the past month and 6.80% year-on-year. Steel benchmarks showed minor moves, with rebar and hot-rolled coil prices tracked separately on Chinese exchanges. Read →

SGX IODEX iron ore futures referenced a prior-day settlement around $95.77 per tonne. Dalian and SGX contracts continue to price 62% Fe fines for China delivery amid ongoing port stock builds and miner shipments. Read →

DCE main iron ore contract I2609 closed up 1.26% at 721.5 yuan per tonne. Qingdao port spot prices rose 3-6 yuan/tonne amid active trader quotes and modest steel mill buying. Reduced blast furnace maintenance next week supports modest demand expectations for the ferrous complex. Read →

Vale’s New York-listed ADRs dropped 3.83% to US$14.32 amid a broad Brazilian market sell-off that sent the Ibovespa down 2.50%. The move pressured iron ore proxies as traders reacted to the steep single-session decline in the major Brazilian miner. Read →

Imported iron ore inventories at 47 major Chinese ports reached 175 million tonnes as of August 6, up 1Mt or 0.6% week-on-week and 22.7% year-on-year. Arrivals surged 20% to 32Mt in the prior week, lifting vessels waiting to discharge from 121 to 126. Read →

Additional workers joined the rolling strikes at BHP's Port Hedland operations in Western Australia. The action risks disrupting shipments from the world's largest iron ore export hub, which handles a large share of Australian supply to China. Supply concerns provide near-term support to iron ore prices despite soft Chinese demand. Read →

GACC data showed China's finished steel exports totaled 65 million tonnes in January-July 2026, down 4.4% year-on-year. July exports fell 1.9% month-on-month to 10.12 million tonnes. The decline reflects the impact of new export licensing requirements and points to weaker overseas demand for Chinese steel products. Read →

BHP workers at Port Hedland voted in favour of strike action amid a pay dispute. The hub ships the bulk of Pilbara iron ore exports, raising risks of vessel delays and supply tightness. The move adds upside pressure to seaborne iron ore benchmarks. Read →

China's finished steel exports reached nearly 65 million tonnes in the first seven months of 2026, down 4.4% year-on-year per GACC data. July volume was 10.12 million tonnes. Lower export flows ease pressure on domestic steel prices and signal cooling global demand for Chinese output. Read →

About 150 workers joined a 24-hour stoppage at BHP's Port Hedland hub on Sunday, the first major action there in 25 years. BHP ships $80 million of iron ore daily through the port, which handled 75% of Pilbara exports last year. Vessels continued loading; talks resume August 18. Read →

DCE most-active iron ore contract eased to 713.5 yuan per tonne while SGX September futures fell 0.26% to $94.75. China's July producer prices inflation hit a three-month low and consumer inflation cooled. Steel futures including rebar and HRC also weakened on thin demand. Read →

DCE iron ore contract held flat at 716 yuan per tonne; SGX September rose 0.21% to $95.25. China's July PPI eased more than expected and CPI cooled amid retreating global energy prices. Rebar eased 0.23% and HRC slipped 0.03% on the Shanghai exchange. Read →

Rebar and HRC prices weakened further in the week of August 3-7 on thin end-user demand while billet recovered slightly on replenishment buying. Imported iron ore prices remained generally weak amid the divergence in finished steel. Read →