MMi Daily Iron Ore Report (July 13)

Canada's Algoma Steel Group issued guidance for its second quarter ended June 30, 2026, projecting total steel shipments of 175,000–180,000 tons and adjusted EBITDA of CAD$5–15 million, a figure boosted by a CAD$45 million insurance settlement tied to a January 2024 coke-making incident and an expected CAD$50–55 million capacity-utilization benefit. The company reported record plate sales and said its first electric arc furnace continued ramping up as expected following the completed shutdown of its last blast furnace in January 2026; a second EAF unit is expected online in the second half of 2026, completing the transition and cutting carbon emissions by roughly 70%. Algoma also introduced "Volta" as its new low-emissions steel brand produced via the EAF route.

[Flat products (HRC)]Sheet export prices fall further, HRC deals at 485-492 USD/tonne On July 13 China's HRC and other sheet export prices fell 1-3 USD/tonne day-on-day, with HRC export deal prices at 485-492 USD/tonne FOB. Futures dropped noticeably today; market feedback indicated inquiries were subdued overall with no notable transactions. [Billet]Billet export FOB down 3 USD, Jiangyin at 456-459 USD/tonne On July 13 China's billet export FOB price fell 3 USD/tonne, with Jiangyin port quoted at 456-459 USD/tonne. Market feedback noted export billet offers remain relatively high and uncompetitive versus other exporting countries; with prices in some destination markets continuing to slide, buyers pushed hard on price and deals proved difficult. [Rebar]Rebar export offers down 1-2 USD, overseas buyers cap price, deals thin On July 13 rebar export offers edged down 1-2 USD/tonne. Market participants reported that overseas buyers have turned bearish and are pressing hard on price; only a few sellers willing to concede at low levels concluded small volumes, with overall shipments unremarkable. [Vietnam]Vietnam HRC bids low, import price slips to 525 USD/tonne CFR On July 13 Vietnam's imported HRC price fell to 525 USD/tonne CFR, with about 5000 tonnes of Indonesian SAE1006 HRC booked at that level; Indian material was also offered around 525 USD/tonne CFR, but Vietnamese buyers targeted only 515-520 USD/tonne CFR. Weak demand and slow inventory destocking kept purchasing cautious. [India]India Alang shipbreaking scrap tight, holds at 355 USD/tonne EXW On July 13 India's HMS 80:20 shipbreaking scrap at Alang, Gujarat held at 355 USD/tonne EXW. Monsoon rains continued to slow ship dismantling and cutting, limiting finished-scrap supply and offsetting weak downstream mill demand. Mills purchased on a need basis; sluggish finished-steel sales capped upside, and prices are expected to stay stable near-term. [Brazil]Carbon-cost edge supports EU demand, Brazil slab export offers steady at 575-595 USD/tonne FOB On July 13 Brazil's slab export offers held at 575-595 USD/tonne FOB (September shipment). Demand from major overseas import markets remained strong, with Brazilian slab especially favored in the EU on its highly competitive carbon-cost advantage, but strong competition from Asian suppliers kept the export premium suppressed. Exporters admitted they cannot fully cover all overseas September-shipment orders, yet amid fierce competition the offer center for the new shipment window is set to remain steady with only minor adjustments.