Jiangsu Tiangong Aihe Raises Molybdenum Steel Price for July 2026

[Brazil] This week, Brazilian HRC import offers dropped to 600–610 USD/tonne CFR, with a combined import contract of approximately 20,000 tonnes of flat steel recently concluded in the market. Notably, facing the impact of lower-priced resources out of Indonesia and India, Vietnam, as a core supplier to Brazil, has been forced to proactively lower its offers to stimulate export bookings. Currently, Brazil's strict import quota system alongside domestic credit tightening has significantly dampened local importers' restocking appetite. Compounded by continuously rising inventories at service centers, downstream demand remains deeply subdued, leaving steel mills struggling with sluggish new order intake.

[India] Mumbai HRC prices fell by around USD 3/tonne week on week to USD 602/tonne EXW, with trade offers at USD 571-611/tonne. Monsoon disruptions continued to weaken construction and infrastructure demand, while cautious restocking and competitive offers pressured the market. Near-term procurement is expected to remain need-based, keeping HRC prices under pressure."

Australia's BHP has approved a $900 million investment to develop the Ministers North high-grade iron ore deposit in Western Australia, which is scheduled to begin construction in July 2026 and expects its first ore by the 2028-29 financial year. Once fully ramped up, the satellite project is designed to deliver an annual production capacity of approximately 20 million metric tons (mt), directly supporting BHP's medium-term Western Australia Iron Ore (WAIO) target of exceeding 305 million mt per year. This development follows a record-breaking financial year ending June 30, 2026, where BHP's attributable iron ore output rose by 1% year-on-year to 264.7 million mt, while WAIO output remained strong at 256.9 million mt. For the 2026-27 financial year, the company forecasts total production between 260 million and 272 million mt. From a market perspective, the continuous expansion of designed capacity and the steady injection of new output from projects like Ministers North will significantly reinforce global iron ore supply volumes, potentially easing long-term structural supply constraints and heavily influencing international benchmark pricing trends.