MMi Daily Iron Ore Report (Aug 23)

Al Yamamah Steel Industries' subsidiary, Al Yamamah Company for Reinforcing Steel Bars, has signed a Shariah-compliant credit agreement worth SAR 500 million (approximately $133.3 million) with Arab National Bank to finance a planned steel billet production plant in Saudi Arabia. The seven-year financing is secured by a promissory note, with plant capacity and location details not yet disclosed. This follows a SAR 270 million contract signed with Italian equipment manufacturer Danieli in July for billet production equipment, part of Al Yamamah's push to expand its billet production capacity and production chain.

PT Krakatau Steel Tbk (KRAS)/Krakatau Steel Group continues its transformation agenda into 2026, booking revenue of USD 622.74 million (around IDR 11.15 trillion) — up 35.1% — and net profit of USD 10.94 million. The company also ranked 78th in the Fortune Indonesia: 100 Indonesia's Biggest Companies list, recognition tied to its ongoing transformation and fundamental improvements. President Director Akbar Djohan said the Fortune Indonesia 100 listing serves as both recognition and motivation to continue the transformation, noting that fundamental strengthening has also been supported by strategic shareholder measures via Danantara, including shareholder loans (PPS) and further restructuring agreements that have boosted liquidity and operational efficiency.

Short-duration intense rainfall with hourly precipitation of 0.03-0.05 meters is expected across most of Shanghai's central urban areas before midnight tonight. The Shanghai Meteorological Observatory issued a blue rainstorm warning signal for the central urban areas at 12:25 on September 2, 2026. The Shanghai Flood Control Headquarters decided to simultaneously activate the Level IV flood and typhoon response for the central urban areas.