A Brazilian court said that iron ore producer Vale lost 200 million reais after disadvantages in government decisions amid a corruption and money laundering scheme https://t.co/Dtm1wwplmb ...

Fortescue’s full-year profit fell 41% on lower prices for its iron ore, as demand from China plateaus https://t.co/GKGw6wSG6d ...

Project Status - Rio Tinto has halted operations at the Simandou iron ore project in Guinea following a worker's death [1]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - Not provided in the given content 3) Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 781, down 2 from the previous day and up 9 for the week; PB powder is at 784, down 3 and up 8; Mac powder is at 774, down 1 and up 9; Jinbuba powder is at 758, down 3 and up 9; Mixed powder is at 708, down 5 and up 8; Super special powder is at 658, down 4 and up 8; Carajás powder is at 888, unchanged and up 8 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is at 822, up 1 and up 19; Brazilian coarse IOC6 is at 774, down 3 and up 8; Brazilian coarse SSFG is at 779, down 3 and up 8 [1]. - **Other Iron Ores**: Ukrainian concentrate is at 888, down 2 and up 20; 61% Indian powder is at 747, down 3 and up 9; Karara concentrate is at 888, down 2 and up 20; Roy Hill powder is at 754, down 3 and up 8; KUMBA powder is at 844, down 3 and up 8; 57% Indian powder is at 603, down 4 and up 8; Atlas powder is at 703, down 5 and up 8 [1]. - **Domestic Iron Ore**: Tangshan iron concentrate is at 983, unchanged and up 31 [1]. Futures Market - **DCE Contracts**: i2601 is at 795.0, down 6.0 and up 17.5; i2605 is at 774.0, down 5.5 and up 19.5; i2509 is at 805.5, down 2.0 and up 11.0 [1]. - **SGX Contracts**: FE01 is at 103.94, up 0.77 and up 1.71; FE05 is at 101.76, up 0.64 and up 1.61; FE09 is at 104.43, up 0.93 and up 1.96 [1]. Other Information - **Import Profits**: Import profits vary for different iron ore varieties, such as -28.43 for Newman powder, -10.91 for PB powder, etc. [1] - **Monthly Spreads**: For DCE contracts, the monthly spreads of i2601, i2605, and i2509 are 10.5, 21.0, and -31.5 respectively, with corresponding daily and weekly changes [1]

Water bodies and soil in local communities surrounding Guinea’s Simandou iron ore project have been found to be contaminated https://t.co/YUAuWLs2co ...

Operational Performance - Anglo's South African iron ore unit indicates that the state-owned logistics company has stopped performance decline [1] Logistics & Transportation - The state-owned logistics company transports Anglo's South African iron ore output [1] Sales Impact - Constrained sales are due to the deterioration in performance of the logistics company [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No core viewpoints explicitly stated in the provided content Group 3: Summary by Related Catalogs Spot Market - **Australian mainstream iron ore**: Newman powder price is 765, down 10 daily and 16 weekly; PB powder is 770, down 11 daily and 14 weekly; Macarthur powder is 756, down 7 daily and 9 weekly; Jinbuba powder is 744, down 4 daily and 13 weekly; mainstream mixed powder is 702, down 13 daily and 11 weekly; Super Special powder is 647, down 13 daily and 12 weekly; Carajás powder is 866, down 17 daily and 23 weekly [1] - **Brazilian mainstream iron ore**: Brazilian mixed ore is 792, down 11 daily and 23 weekly; Brazilian coarse IOC6 is 760, down 11 daily and 1 weekly; Brazilian coarse SSFG is 765, down 11 daily and 1 weekly [1] - **Other types**: Ukrainian concentrate is 858, down 12 daily and 12 weekly; 61% Indian powder is 733, down 4 daily and 13 weekly; Karara concentrate is 855, down 15 daily and 15 weekly; Roy Hill powder is 740, down 11 daily and 14 weekly; KUMBA powder is 830, down 11 daily and 14 weekly; 57% Indian powder is 602, down 13 daily and 12 weekly; Atlas powder is 697, down 13 daily and 11 weekly; Tangshan iron concentrate is 923, down 16 daily and up 10 weekly [1] Futures Market - **DCE contracts**: i2601 is 757.0, down 15.5 daily and 19.5 weekly; i2605 is 738.0, down 14.0 daily and 17.0 weekly; i2509 is 786.0, down 16.5 daily and 23.0 weekly [1] - **SGX contracts**: FE01 is 101.53, down 1.83 daily and up 2.25 weekly; FE05 is 99.19, down 1.92 daily and up 1.90 weekly; FE09 is 103.29, down 1.87 daily and up 2.48 weekly [1] Other Data - **Import profit**: Newman powder is -19.17; PB powder is 1.84; Macarthur powder is 8.57; Jinbuba powder is 12.72; mainstream mixed powder is 12.56; Super Special powder is -2.49; Carajás powder is -17.95; Brazilian mixed ore is -9.51; Roy Hill powder is 6.38 [1] - **Monthly spread**: i2601 - i2605 monthly spread is 29.0, up 3.6 daily and down 5.4 weekly; i2605 - i2509 monthly spread is 19.0, up 2.1 daily and down 7.9 weekly; i2509 - i2601 monthly spread is -48.0, up 4.6 daily and down 1.9 weekly [1]

Core Insights - Vallourec reported its second quarter 2025 results, showcasing resilience in its business model despite challenges in shipments and market conditions [1][4]. Financial Performance - Group EBITDA for Q2 2025 was €187 million, reflecting a 10% sequential decline but slightly above guidance midpoint, with a strong EBITDA margin of 22% [6][10]. - Tubes EBITDA margin improved by 76 basis points sequentially to 19%, although Tubes EBITDA declined by 13% due to lower volumes [6][10]. - Mine & Forest EBITDA decreased by 15% sequentially, impacted by lower market prices and higher costs, yet maintained a strong margin of 52% [6][10]. - Total cash generation amounted to €57 million, with adjusted free cash flow at €88 million [6][10]. Shareholder Returns - The company returned €370 million to shareholders through dividends of €1.50 per share and the repurchase of 1.2 million shares in Q2 2025 [4][6]. Operational Developments - The Brazil Performance Program is ahead of schedule, with significant operational simplifications completed, including the closure of a legacy Plug mill [5][7]. - Cost savings initiatives exceeded the target of €150 per tonne, enhancing operational efficiency [7]. Market Outlook - Q3 2025 Group EBITDA is projected to range between €195 million and €225 million, with expectations for improved performance in the second half of 2025 compared to the first half [4][6]. - The international OCTG market remains resilient, with recent contract awards indicating strong demand for Vallourec's premium products [8][9]. - In the US, market prices improved due to steel tariffs, and while oil drilling activity has decreased, gas drilling has rebounded, supporting demand for Vallourec's products [9].

Iron Ore Market - Australia's largest bulk-export terminal saw iron ore shipments swell to a record in June [1]

Summary of J.P. Morgan's China Metals Activity Tracker Industry Overview - The report focuses on the metals industry in China, specifically tracking inventory trends for steel, iron ore, copper, aluminum, and zinc as of the week ended July 18, 2025 [1][11]. Key Insights 1. **Copper Inventory Trends** - China typically experiences significant destocking of copper inventories from now until September. However, recent data shows a slowing pace of inventory drawdowns, with copper inventories increasing by 3,000 tons last week [1][12]. - The five-year average indicates a normal destocking of approximately 200,000 tons of copper during this period [1][12]. 2. **Steel Mill Margins** - There has been a notable improvement in China steel mill margins over the last three weeks, leading to a ~10% increase in iron ore prices to $102 per ton. Average hot-rolled coil (HRC) steel mill margins have returned to profitability for the first time since early 2023 [2][9]. - Rebar margins are close to breakeven, marking the strongest profitability since early 2023 [2][9]. 3. **Iron Ore Shipments and Production** - Iron ore shipments to China from Australia and Brazil have shown mixed results, with Australian shipments down by 4.3% week-over-week but up 8.2% year-over-year. Brazilian shipments increased by 23.9% week-over-week but decreased by 11.3% year-over-year [4][2]. - Total iron ore arrivals in China increased by 13.7% week-over-week, indicating a robust demand [4][2]. 4. **Impact of U.S. Tariffs on Copper** - A potential 50% tariff on U.S. copper imports, effective August 1, could reduce U.S. demand by approximately 4%, translating to a 0.2% decline in global copper demand [3][12]. - The U.S. exports around 540,000 to 580,000 tons of copper scrap annually, which could help mitigate a primary deficit of 700,000 to 800,000 tons per annum, although increased recycling capacity may take 2-3 years [3][12]. 5. **Physical Demand Indicators** - Despite recent increases in copper, aluminum, and zinc inventories, overall inventories remain at their lowest levels in over five years for this time of year, indicating tight physical markets [12][13]. - China's copper premium has risen by 70% in the last two weeks, reaching approximately $50 per ton, although it remains significantly below the year-to-date high of $103 per ton [12][13]. Additional Observations - The report highlights that the next ten weeks will be critical for assessing the health of Chinese physical copper consumers, as historical trends suggest a shift towards improved demand during this period [12][13]. - The report also includes detailed tables and figures illustrating inventory levels, shipment data, and price forecasts for various metals, providing a comprehensive view of the current market dynamics [4][9][34]. Conclusion - The J.P. Morgan report provides valuable insights into the current state of the metals industry in China, highlighting trends in inventory, pricing, and the potential impact of U.S. tariffs on copper demand. The data suggests a complex interplay of supply and demand factors that investors should monitor closely.