Cleveland-Cliffs shares jump on strong Q2 results and upbeat guidance

During the survey period (July 21–July 27), rebar supply in Central China was stable, while both the operating rate and capacity utilization rate of wire rod declined.

The US has proposed that Mexico impose import tariffs on steel and aluminum from countries outside North America, following the model of US Section 232, in a bid to restrict imports from China and build a common external tariff wall protecting preferential trade terms among the US, Mexico, and Canada. Mexico has expressed willingness to consider the proposal as part of negotiations to review the USMCA trade agreement, though specific tariff rates and product lists remain under discussion, with the US hoping to reach a framework agreement by the end of this year. Currently, the US imposes a 50% tariff on crude steel/aluminum from China and most other countries, while Mexico applies tariffs by product category, up to 25% for countries without an FTA; Mexico had previously offered to significantly cut its imports of Chinese steel to facilitate the talks. The third round of negotiations was recently held in Mexico City, attended by USTR Jamison Greer and Mexican Economy Minister Marcelo Ebrard, with the next round expected in Washington in September. Meanwhile, Mexico is also seeking to have US Section 232 tariffs on its own exports, currently 50% on steel/aluminum and 25% on autos, lifted as part of the same USMCA review.

Indian steelmaker Tata Steel Limited announced it successfully generated $1.13 billion in cost savings during the 2025–26 fiscal year, achieving 95% of its $1.19 billion transformation target. For the upcoming 2026–27 fiscal year, the company set a new cost-improvement goal of $741 million, focusing on supply chain optimization, lower energy expenditures, and deploying artificial intelligence across manufacturing operations. Concurrently, Tata Steel is advancing its plans to expand domestic crude steel capacity from 27.4 million tonnes to over 40 million