MMi Daily Iron Ore Report (November 18)

Vietnamese steelmaker Hoa Phat Group has officially launched the second phase of a massive rooftop solar project at its Dung Quat steelmaking complex to enhance energy self-sufficiency and lower carbon emissions. This 22.5 MWp installation spans rolling mills, the hot-rolled coil production unit, and warehouses, generating roughly 32.8 million kWh annually. Set for full completion across five phases by the second quarter of 2027, the $22.7 million initiative will reach a total capacity of 79.2 MWp, cutting carbon emissions by more than 78,000 metric tons per year and improving the mill's export competitiveness in carbon-regulated markets like the EU.

Global crude steel production declined by 2.2% year-on-year in February 2026, dropping to 141.8 million metric tons, according to data from the World Steel Association. However, production outside of the largest Asian markets showed strong localized growth, driven by robust domestic demand and infrastructure spending. India surged ahead with a 7.7% year-on-year increase to reach 13.6 million tons, while the United States recorded a 5.8% jump to 6.5 million tons. Germany also demonstrated a noticeable recovery, pushing its national steel output up by 4.8% to 2.8 million tons for the month

Kazakhstan-based steelmaker Qarmet has announced a strategic expansion of its Kentobe iron ore deposit, aiming to transition the site from an open-pit operation to a massive underground mining complex. Supported by a broader $400 million investment program, construction of the underground facility will commence in 2028 to tap into reserves exceeding 100 million metric tons. This modernization will secure long-term raw material supplies for Qarmet's metallurgical operations, lifting the site's annual iron ore output from the current 750,000 metric tons to over 850,000 metric tons in the near term.