[SMM Iron Ore] Iron Ore Inventory Breakdown to China's 10 Ports - 3 July

[Vietnam] Vietnam HRC centre falls under low-priced imports and weak demand Offers for 2mm SS400 and SAE1006 coil into Vietnam held at 540-550 USD/tonne CFR. Hoa Phat cut prices sharply this month, largely due to fierce low-priced import competition, plunging 34 USD/tonne from the prior month to 550-551 USD/tonne (delivered domestic port), which the market is now digesting. Vietnamese HRC is expected to stay under pressure near term. [India] Alang breaking scrap steady, finished-steel demand weak Indian Alang HMS (80:20) breaking scrap held at about 400 USD/tonne EXW. In Gujarat's Bhavnagar, billet fell to about 480 USD/tonne DAP and rebar held at about 539 USD/tonne EXW; in north India's Mandi, billet slipped to about 502 USD/tonne DAP, rebar eased to about 558 USD/tonne EXW, and HMS scrap dipped to about 413 USD/tonne DAP. With weak downstream demand and need-based mill buying, scrap prices may stay soft near term.

Australian iron ore producer Fortescue Metals Group has shipped 200 million metric tons (mt) of iron ore in a single year for the first time, pushing its cumulative exports past 2.5 billion mt since its first cargo in May 2008. Currently, the company loads over 1,000 bulk carriers annually through its three ship loaders at Port Hedland. This milestone highlights the robust integration and efficiency of Fortescue's mining, rail, and port operations, ensuring a strong and consistent supply of Pilbara iron ore to the global market despite fluctuating macro demand.

ArcelorMittal has called on the European Union to extend the Carbon Border Adjustment Mechanism (CBAM) starting in January 2026 and the revised Tariff Rate Quota (TRQ) system starting in July 2026 to cover downstream steel products by 2027. The company warned that nearly two-thirds of non-grain oriented electrical steels (NGOES) used for new electric motors and generators in Europe are imported from outside the EU. Failing to protect this downstream value chain undermines the EU's climate policies and risks devastating Europe's strategic manufacturing autonomy amidst subsidized global overcapacity.