MMi Daily Iron Ore Report (September 29)

Iron ore concentrate prices in the Tangshan area remained relatively stable, with 66% grade iron ore concentrates priced at 930-935 yuan/mt on a dry basis, including tax, ex-works. Operating rates at mines and beneficiation plants remain low overall, providing some support for iron ore concentrate prices. On the demand side, steel mills are currently operating at a loss.

Stelco Holdings Inc. will indefinitely idle finishing operations at its Hamilton, Ontario plant, affecting up to 500 workers across Hamilton and Lake Erie. The company said the move was 'unfortunate but necessary', citing US tariffs that have cut demand for its cold rolled and galvanized products. Demand in its traditional markets fell almost 25% in Q2 2026 vs the 2024 quarterly average, with Canada down 10%. Ottawa's import curbs have cut volumes but not enough to close the gap. Production will be concentrated at the Lake Erie Works in Nanticoke, Ontario. Parent Cleveland-Cliffs said the product mix will change but steel tonnage will not, and will offer Hamilton staff Lake Erie roles. Peer Algoma Steel announced over 1,000 layoffs; ArcelorMittal Long Products Canada shut its Hamilton wire drawing mill.