MMi Daily Iron Ore Report (November 17)

The domestic ore market in Liaodong was generally stable today. Buyers were cautious in their inquiries, purchasing only for immediate needs, but some sellers held back from selling and held prices firm, reluctant to accept offers below their psychological expectations. Both sides were in a stalemate and stood on the sidelines, with trading thin. Demand side, steel mills were mostly incurring losses and had a strong desire to bargain down prices. Combined with maintenance at some mills, demand weakened in phases, exerting strong restraint on ore prices. However, ROM supply remained tight, and in the absence of notable positive external drivers, local ore processors had no production resumption plans in the near term.

In the second quarter of 2026, coal volumes transported by major eastern US railroads CSX and Norfolk Southern increased by 5% and 4%, respectively. However, their domestic coal shipments fell by 2% and 8%, while export volumes rose by 12% and 25%. The figures show that growth in US coal transportation was driven mainly by overseas demand rather than domestic power-sector consumption. Although the US government has introduced measures to support coal, including regulatory rollbacks and efforts to delay coal-plant retirements, coal consumption for electricity generation remained below year-earlier levels from January through May as natural gas and solar continued to displace coal. Weak domestic demand is likely to limit upside in US thermal coal prices, while stronger exports may provide some support to Appalachian thermal and metallurgical coal. However, increased US export supply could also limit gains in international coal prices.

호주 뉴사우스웨일스의 유나이티드 왐보 노천탄광에서 50대로 추정되는 작업자가 트럭에 치여 사망했다. 이 광산은 싱글턴에서 서쪽으로 약 23km 떨어져 있으며, 글렌코어와 피바디가 공동으로 운영한다. 경찰, 규제 당국 및 노조 안전 대표가 사고를 조사하는 동안 채굴 작업이 중단되었으며, 검시관을 위한 보고서가 작성될 예정이다. 중단이 장기화되면 단기 석탄 생산량이 줄어들어 관련 석탄 시장에 일부 지지 요인으로 작용할 수 있다. 그러나 중단 기간, 생산 손실, 영향을 받는 석탄 등급에 대한 정보가 아직 공개되지 않아 연료탄, 원료탄 또는 가격에 미칠 영향을 평가하기에는 이르다.