[SMM Iron & Steel] Qatar LNG Disruptions Trigger 15-Month High in Coal Prices

The Ministry of Water Resources and the China Meteorological Administration jointly issued a red mountain torrent disaster meteorological warning at 18:00 on July 26. It is forecast that from 20:00 on July 26 to 20:00 on July 27, there is a high probability of mountain torrent disasters (orange warning) in parts of western and southern Jiangxi, southeastern Hunan, central and northern Guangdong, central and northern Sichuan, western Shaanxi, southern and eastern Gansu, and southeastern Xinjiang, among other areas. In some localities of southern Jiangxi and central and northern Guangdong, the probability is very high (red warning). Other areas may also experience mountain torrent disasters triggered by localized short-duration heavy rainfall. All localities are advised to carry out real-time monitoring, flood prevention warnings, and evacuation and risk avoidance measures.

[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...