[Domestic Iron Ore Brief Commentary] Domestic Iron Ore Prices May Have Some Room to Rise Next Week

Hoa Phat Group reported first-half 2026 revenue of VND 108.87 trillion and net profit of VND 15.48 trillion, up 47% and 103% year-on-year, respectively, achieving 52% of its annual revenue target and 70% of its full-year profit goal. Second-quarter net profit rose 51% to VND 6.42 trillion on revenue of VND 55.56 trillion, supported by robust steel production and sales, with HRC shipments jumping 57% in the first half. The steel business accounted for 93% of revenue and 68% of profit, while agriculture remained the second-largest earnings contributor. The group also accelerated investments in new industrial parks, expanded its household appliance business with a new refrigerator factory, and continued construction of its Dung Quat rail and special steel project, which is expected to begin supplying rail products from the second quarter of 2027.

[SMM Stainless Steel Daily Review] SS Futures Stopped Falling; Off-Season Sales Pressure Capped Upside in Spot Stainless Steel According to SMM’s July 29 report, SS futures generally stopped falling and regained some ground. Supported by a weaker US dollar index and broad gains in base metal futures, SS underwent a similar recovery. By market close, the most-traded SS contract settled at 14,515 yuan/mt. In the spot market, spot stainless steel quotes had already declined on the previous afternoon, dragged by weak futures. Today, although the recovery in SS futures boosted inquiry activity in the spot market, traders’ strong willingness to sell in the off-season limited the extent of the rebound in spot quotes. SS most-traded futures contract. At 10:15 a.m., SS2609 was at 14,540 yuan/mt, flat from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 380-830 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was unchanged; the average price for cold-rolled, mill-edge 304/2B coil fell 25 yuan/mt in Wuxi and 25 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was unchanged; the quoted price for hot-rolled 316L/NO.1 coil in Wuxi was unchanged; cold-rolled 430/2B coil prices in Wuxi and Foshan were both flat. This week, favorable macro and industry factors combined to support nickel and stainless steel futures in consolidating on a strong note. On the macro front, US inflation expectations pulled back, while continued geopolitical tensions between the US and Iran roiled market risk sentiment. On the industry front, expectations that the growth in Indonesia’s supplementary RKAB nickel ore quotas would be limited continued to ferment, effectively steadying the bottom for nickel prices and... .

Alpha Metallurgical Resources, Inc. released its preliminary operating results for the second quarter of 2026. Impacted by persistent market weakness and unexpected damage to port equipment, the company's metallurgical coal shipments fell to 3.5 million tonnes during the quarter. As a result, Alpha lowered its 2026 full-year metallurgical coal sales guidance to 13.2–14.0 million tonnes, down from the previous 14.4–15.4 million tonnes, representing a reduction of approximately 1.2–1.4 million tonnes. Meanwhile, due to higher fixed-cost absorption resulting from lower sales volumes, together with increased maintenance expenses, the company raised its Cost of Coal Sales guidance to US$103–107 per tonne, up from the previous US$95–101 per tonne. As one of the leading U.S. suppliers of metallurgical coal, Alpha's lower sales outlook points to tighter seaborne coking coal supply, while the higher cost base is expected to provide support for international seaborne coking coal prices.