EU's permanent steel safeguard takes hold: 50% out-of-quota duty, quotas cut 47%

Itochu, BHP Group, and Mitsui have reached a final investment decision to construct the Ministers North iron ore deposit in Western Australia. The joint venture, owned 85% by BHP, 8% by Itochu, and 7% by Mitsui, targets an annual output capacity of 20 million tonnes. Production is scheduled to begin in the second half of 2028, utilizing existing infrastructure from the nearby Yandi mine to replace its depleting reserves.

Thyssenkrupp Steel announced that it has slightly reduced blast furnace production at its Duisburg steelworks due to critically low water levels on the Rhine River. The severe weather conditions have constrained the inflow of raw materials, forcing the steelmaker to suspend its own barge operations and charter alternative vessels with a shallower draught. The Rhine logistics disruption has led to increased freight costs across the German industrial sector, although Thyssenkrupp noted that customer deliveries are not currently at risk.

Workers at BHP's Port Hedland iron ore facility in Western Australia launched an eight-hour strike in mid-July, marking the first industrial action in the Pilbara region in over 25 years. The strike, driven by demands for pay parity and improved working conditions, involved up to 200 workers, with market participants estimating it could potentially impact iron ore shipments by 2 million tonnes. By July 21, 2026, BHP and the union representing the workers reported they were close to reaching a formal agreement to resolve the dispute.