【Flash | Rotterdam and Busan Molybdenum Oxide Prices Converge Above $33.60/lb Mo】

Today, HRC futures first fell and then rose, with the most-traded HC2701 contract closing at 3,161 yuan/mt, up 0.29% intraday. Spot market transaction prices were mostly raised by 10-20 yuan/mt from previous levels, and intraday trading improved somewhat. The demand side is the main constraint, as order recovery in downstream manufacturing sectors such as automobiles, machinery, and welded pipes remains slow. Downstream enterprises maintain a low-inventory strategy, purchasing only small volumes as needed. According to regional inventory data released by SMM, performance was mixed. Zhangjiagang and Ningbo saw inventory buildup, while Tangshan, Shanghai, and Lecong mostly saw destocking. Considering that maintenance at multiple steel mills' rolling lines will be implemented later, the decline on the cost side has narrowed slightly, providing some bottom support for HRC prices. HRC prices are expected to move sideways in the short term, with limited room both upward and downward.

Ternium (NYSE: TX) reported Q3 2026 net sales of 4.64 billion USD, up about 17% y-o-y, with earnings of 1.42 USD per ADS. Adjusted EBITDA rose to 785 million USD at a 17% margin; operating income reached 578 million USD. Steel shipments grew about 8% y-o-y to 4.044 million tonnes on stronger Mexican demand. A 116 million USD deferred tax loss from peso depreciation capped net income at 368 million USD, of which 279 million USD was attributable to owners. Mining shipments fell 12% to 2.832 million tonnes after part of Mineração Usiminas was idled. Operating cash flow was 613 million USD and capex 398 million USD, mainly for the new Pesquería slab mill, turning free cash flow positive at 215 million USD and net cash to 22 million USD. An interim dividend of 0.90 USD per ADS was declared; Q4 EBITDA is guided broadly flat.

Strong US energy infrastructure demand is underpinning the galvanized steel market and lifting Taiwanese exporters' order books and pricing. Yieh Phui is accelerating international marketing and adding green-energy steel products to its portfolio, targeting Japan, Europe and North America. Other market signals are also firm: AISI data show US raw steel production rose both w-o-w and y-o-y in the week ending 31 October, while Nucor raised hot-rolled coil spot prices on tight supply and strong demand. In Asia, Hoa Phat exported 8,000 tonnes of galvanized steel to Japan for the first time, and Jindal (India) commissioned an upgraded continuous galvanizing line in West Bengal, pointing to continued downstream galvanizing capacity expansion.