Imported Iron Ore Prices Continued To Rise Last Week And Are Expected To Fluctuate Rangebound This Week

At 4:15 PM on June 8, 2026, a ladle explosion at the SMS-1 steelmaking shop of Visakhapatnam Steel Plant (VSP) — operated by Rashtriya Ispat Nigam Limited (RINL) — unleashed molten metal at over 1,500°C onto the working platform below Caster-2. According to a preliminary report by India's Chief Inspector of Factories, the cause was a sudden release of gas entrapped within the liquid steel, which ruptured the ladle seal before the sliding gate was opened, triggering a catastrophic spill.

According to China State Railway Group Co., Ltd., from January to May this year, national railways shipped a total of 1.67 billion mt of cargo, up 1.8% YoY; the daily average loaded wagons reached 186,300, up 2.8% YoY, with a record high of 202,400 wagons loaded on May 2. Data shows that from January to May, national railway-rail-water intermodal volume reached 7.58 million TEUs, up 11.0% YoY, and cumulative bookings for the "single-document" logistics product stood at 47,000 TEUs. To further improve commodity vehicle transport services, the railway authorities provided end-to-end logistics solutions. From January to May, national railways shipped a total of 824,000 export commodity vehicles, up 55.5% YoY, of which 422,000 were NEVs, up 110.3% YoY, establishing a "fast lane" for Chinese automakers to go global. In terms of ensuring the transport of key goods, from January to May, national railways shipped 48.806 million mt of grain, up 11.9% YoY. The railway authorities actively supported peak summer demand by increasing the transport of thermal coal for power supply. From January to May, national railways shipped 870 million mt of coal, of which 580 million mt was thermal coal, and coal inventories at direct-supply power plants nationwide remained at relatively high levels.

The American Iron and Steel Institute recently reported that the US imported a total of 1.874 million short tons of steel in April 2026, including 1.378 million short tons of finished steel, up 5.9% and 5.5% respectively from March. From January to April 2026, total US steel imports were 6.972 million short tons, down 29.5% MoM, while finished steel imports stood at 5.118 million short tons, down 30.5% MoM. The finished steel import market share in April is estimated to be 16%, and for the first four months of 2026, 15%.