Algoma Steel wins plate supply contract for Canadian Coast Guard polar icebreakers

SMM learned that Rotterdam warehouse molybdenum oxide was reported at $33.65/lb Mo EXW on November 3, while the latest Busan warehouse level reached $33.60/lb Mo EXW on November 4—equivalent to approximately RMB 5,598/mtu including value-added tax based on the same-day SMM exchange rate. European ferromolybdenum was also reported at $78.30/kg Mo. The spread between Rotterdam and Busan narrowed to only $0.05/lb Mo, indicating that physical market levels in Europe and Asia have largely converged. Transaction volumes, payment terms and delivery schedules have not yet been disclosed.

Today, HRC futures first fell and then rose, with the most-traded HC2701 contract closing at 3,161 yuan/mt, up 0.29% intraday. Spot market transaction prices were mostly raised by 10-20 yuan/mt from previous levels, and intraday trading improved somewhat. The demand side is the main constraint, as order recovery in downstream manufacturing sectors such as automobiles, machinery, and welded pipes remains slow. Downstream enterprises maintain a low-inventory strategy, purchasing only small volumes as needed. According to regional inventory data released by SMM, performance was mixed. Zhangjiagang and Ningbo saw inventory buildup, while Tangshan, Shanghai, and Lecong mostly saw destocking. Considering that maintenance at multiple steel mills' rolling lines will be implemented later, the decline on the cost side has narrowed slightly, providing some bottom support for HRC prices. HRC prices are expected to move sideways in the short term, with limited room both upward and downward.

Ternium (NYSE: TX) reported Q3 2026 net sales of 4.64 billion USD, up about 17% y-o-y, with earnings of 1.42 USD per ADS. Adjusted EBITDA rose to 785 million USD at a 17% margin; operating income reached 578 million USD. Steel shipments grew about 8% y-o-y to 4.044 million tonnes on stronger Mexican demand. A 116 million USD deferred tax loss from peso depreciation capped net income at 368 million USD, of which 279 million USD was attributable to owners. Mining shipments fell 12% to 2.832 million tonnes after part of Mineração Usiminas was idled. Operating cash flow was 613 million USD and capex 398 million USD, mainly for the new Pesquería slab mill, turning free cash flow positive at 215 million USD and net cash to 22 million USD. An interim dividend of 0.90 USD per ADS was declared; Q4 EBITDA is guided broadly flat.