Australia Discovered a Giant Iron Ore Deposit Worth $6 Trillion

[Brazil] Major-customer bankruptcy triggers spot liquidation; Brazilian HDG prices under pressure This week domestic hot-dip galvanized (HDG) steel prices in Brazil came under downward pressure. The decline was primarily driven by a key client of a major local mill filing for bankruptcy liquidation, creating receivables risks that prompted the steelmaker to liquidate inventory at discounted spot prices to accelerate cash recovery. However, backed by robust automotive demand, quotes from other mainstream mills held firm. Hot-rolled coil ex-works prices stabilized at 750-760USD/tonne EXW, as high interest rates and tight credit conditions continued to suppress downstream purchasing sentiment. In the slab market, mills prioritized internal consumption for September shipments, keeping export offers steady at 580-585 USD/tonne FOB.

Ferrous metals showed slight divergence this week, with coking coal outperforming while iron ore, coke, and coil and rebar were generally weaker, and iron ore led the decline. During the week, news of the U.S.-Iran conflict fluctuated, but the market...