Overseas rare earth markets diverged this week between light and heavy types. Driven by the uptrend in China, terbium oxide and terbium metal prices rose, while light rare earths remained stable. Trading-wise, heavy rare earths saw few transactions due to export controls. On the industrial front, U.S. companies accelerated domestic recycling and purification, while European and Japanese firms advanced R&D on magnetic material recycling and rare-earth-free alternative technologies. Meanwhile, Indo-Pacific and South Korean players actively restructured supply chains, and resource development and processing projects were intensively launched in locations such as Malaysia, Thailand, and Brazil. The global “de-risking” layout for rare earths continued to deepen.

The government of Trinidad and Tobago is in talks with US-based Pinnacle Steel and Canada's Vanadium Corp over a concession to operate the former Point Lisas steel plant. The project will be developed under an MoU with plant landowner PLIPDECO, providing a framework for negotiations, feasibility studies, and upgrades. The government said the project could make Trinidad and Tobago a vanadium producer, meeting up to 50% of US demand. The Steel Workers Union supports the restart but is concerned about being excluded from talks.

[SMM Aluminum Express News] Rio Tinto is ramping up aluminum production following the commissioning of its AP60 smelter expansion at the Arvida complex in Quebec, Canada. The US$1.1 billion (C$1.5 billion) project adds 160,000 tpy of low-carbon primary aluminum capacity through 96 new AP60 pots, with production expected to progressively ramp up through 2026. The expansion strengthens Rio Tinto's low-carbon aluminum supply for automotive, packaging and energy transition markets while increasing the company's total AP60 production capacity.

Overall, the supply-demand fundamentals of the prebaked anode market are expected to remain stable in H2, but against the backdrop of continuous new capacity release, industry competition may intensify, and price trends will be more influenced by cost-side disruptions and downstream procurement pace.

July 15, global mining giant Rio Tinto officially released its production and operating report for Q2 and H1 2026: In the core Pilbara region of Australia, production: H1 total Pilbara production was 162.3 million mt, marking the best half-year performance since the record year of 2018. The ongoing rollout of equipment efficiency improvements and logistics optimization plans across all mines helped offset short-term disruptions from cyclones and maintenance. Shipments: Q2 global iron ore sales totaled 88.8 million mt, up 5% YoY; quarterly Pilbara sales were 85.3 million mt, surging 7% YoY and up 18% QoQ, setting a peak for quarterly shipments since 2020. Cost side: The surge in diesel prices pushed up unit cash costs. It is estimated that for every $10/barrel increase in crude oil, Pilbara ore cash cost per mt rises by $0.15. The full-year Pilbara FOB cash cost guidance remains unchanged at $23.5–25/wmt. The full-year sales volume target remains unchanged: global iron ore of 343–366 million mt, Pilbara at 323–338 million mt. At the IOC iron ore operation in Canada, affected by pit modifications and replacement of train unloading equipment, Q2 production and sales fell 31% YoY. The full-year sales guidance of 15–18 million mt remains unchanged, with Canadian wildfires continuing to be a short-term variable of disruption. Major breakthrough at Simandou (Guinea) Construction completion of the SimFer mine and port infrastructure at Simandou exceeded 75%, and the full railway line completed commissioning for train operations in Q1. Raw ore production at the mine steadily resumed in Q2, with total H1 shipments of 4.2 million mt, all sent to China. Key industry characteristic: Simandou ore requires three-stage crushing in China, creating a 2–3 month lag from mine output to actual sales. As of month-end June, raw ore stockpiles awaiting crushing at the mine site stood at 7.6 million mt, with total system inventory at 9.6 million mt. The concentrated release of this growth in H2 will significantly increase global supply of low-alumina, high-grade iron ore.

SMM News, July 15: Metal market: As of the midday close, domestic base metals showed mixed performance, with SHFE copper rising 0.57%, SHFE aluminum edging down, SHFE lead falling 1.8%, SHFE zinc up 0.45%, SHFE tin up 1.36%, and SHFE nickel down 0.43%. Furthermore, aluminum casting most-traded futures edged down, alumina most-traded rose 0.89%, lithium carbonate most-traded fell 2.33%, silicon metal most-traded fell 0.35%, and polysilicon most-traded futures fell 1.04%. Ferrous metals all rose. Iron ore rose 1.13%, rebar rose 1.24%, hot-rolled coil rose 1.09%, and stainless steel rose 0.76%. Coking coal and coke: The most-traded coking coal contract rose 2.12%, and the most-traded coke contract rose 1.1%. Overseas base metal market: As of 11:42, LME metals nearly all rose. LME copper rose 0.28%, LME aluminum rose 0.49%, LME lead fell 0.32%, LME zinc rose 0.73%, LME tin rose 0.28%, and LME nickel edged up. Precious metals: As of 11:42, COMEX gold fell 0.8%, and COMEX silver fell 0.67%. Domestic precious metals: SHFE gold rose 0.18%; SHFE silver most-traded rose 1.03%. Furthermore, as of the midday close, platinum most-traded futures rose 2.35%, and palladium most-traded futures rose 3.6%. As of the midday close, the most-traded Europe shipping futures contract rose 2.78% to 2,572.5 points. As of 11:42 on July 15, some futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: High-quality copper was quoted at 80 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a discount of 20 yuan/mt, flat with the previous trading day; SX-EW copper was quoted at a discount of 80 yuan/mt, flat with the previous trading day. The average price of Guangdong #1 copper cathode was 105,205 yuan/mt, up 1,100 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,095 yuan/mt, up 1,085 yuan/mt from the previous trading day. Spot market: Guangdong inventory ended a two-session rising streak and fell again today, mainly due to reduced arrivals... Macro Front Domestic: [National Bureau of Statistics (NBS): H1 GDP rose 4.7% YoY; national economy operated within a reasonable range; new momentum grew rapidly] The National Bureau of Statistics (NBS) released data showing that, according to preliminary estimates, H1 GDP reached 69,570.4 billion yuan, up 4.7% YoY at constant prices. By industry, the value added of the primary industry was 3,152.2 billion yuan, up 3.7% YoY; the secondary industry was 25,047.3 billion yuan, up 3.9%; and the tertiary industry was 41,370.9 billion yuan, up 5.2%. By quarter, Q1 GDP grew 5.0% YoY and Q2 grew 4.3%. On a QoQ basis, Q2 GDP rose 0.9%. Overall, the national economy operated within a reasonable range in H1, with new quality productive forces cultivated and strengthened and high-quality development progressing toward new heights of quality. At the same time, we must recognize that external instabilities and uncertainties are mounting, the contradiction between strong supply and weak demand in China remains pronounced, and the foundation for economic improvement still needs consolidation. In the next phase, we will adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, intensify counter-cyclical and cross-cyclical adjustments, continue to expand domestic demand and optimize supply, enhance growth and revitalize existing assets, focus on building a strong Chinese market, accelerate the cultivation and strengthening of new momentum, step up efforts to stabilize employment, enterprises, markets, and expectations, and promote the effective improvement of quality and reasonable growth of quantity in the economy. [PBOC reverse repo operations achieved a net injection of 911.5 billion yuan on the day] The PBOC conducted 426.5 billion yuan of 7-day reverse repo operations and 1,400 billion yuan of 6-month outright reverse repo operations today. With 15 billion yuan of 7-day reverse repos and 900 billion yuan of outright reverse repos maturing today, the operations resulted in a net injection of 911.5 billion yuan on the day. US dollar: As of 11:42, the US dollar index extended the previous trading day's decline, falling 0.11% to 100.83. Data: A key turning point signal emerged in US inflation. June CPI recorded its first MoM decline in six years, while core inflation was basically flat, prompting the market to dramatically scale back bets on a July rate hike by the US Fed. On Tuesday, data released by the US Bureau of Labor Statistics showed that the June Consumer Price Index (CPI) rose 3.5% YoY, below market expectations of 3.8% and a significant pullback from the prior reading of 4.2%. Core CPI rose 2.6% YoY, also below expectations of 2.8% and the prior reading of 2.9%. (Wall Street See) According to CME "FedWatch": The probability of the US Fed holding rates steady in July is 84.5%, while the probability of a cumulative 25-basis-point rate hike is 15.5%. For September, the probability of holding rates steady is 42.2%, the probability of a cumulative 25-basis-point hike is 50%, and the probability of a cumulative 50-basis-point hike is 7.8%. (Jin10 Data APP) Fed Chairman Walsh stated that he places equal emphasis on the Fed's employment and inflation mandates—a point he has repeatedly stressed since assuming the role of Fed Chairman. "In the mandate you have given us, we do not favor one part over the other," Walsh told members of the House Financial Services Committee. "Price stability and full employment are not trade-offs. I am committed to achieving both. When later asked if he supported targeted measures to address the unemployment rate and employment opportunity gaps between Black and White Americans, Walsh stated: "The US must not leave anyone behind. Economic opportunity is critical to the trajectory of growth for the US over the next five to ten years, meaning every American needs the opportunity to be productive." (Jin10 Data APP) A CICC research note indicated that US June CPI fell 0.4% MoM on a seasonally adjusted basis, with YoY growth pulling back to 3.5%; core CPI was flat MoM and up 2.6% YoY, both below market expectations. The decline in energy prices was the main driver of cooling inflation. Looking ahead, as tensions escalate again between the US and Iran, the outlook for energy inflation remains uncertain. Meanwhile, the AI inflation effect is gradually materializing, with upstream hardware supply-demand mismatch, rising prices for software and related products, and AI capex boosting aggregate demand all potentially making core inflation stickier. For policy, the cooling inflation data in June supports the Fed holding rates steady at its July meeting, but recent remarks by Waller suggest [1] the Fed is reassessing the possibility of a "preventive rate hike." We maintain our base case of no rate hikes for the year, but flag that the bar for hiking has already fallen. If one or two hotter-than-expected inflation prints emerge, it could push the Fed to further discuss rate hike options. A CITIC Securities research note stated that US June CPI came in below expectations across the board, retail gas prices fell, core services inflation was flat MoM, and the second-round inflation effect was minimal. CITIC Securities believes US inflation is not sticky, noting that headline CPI YoY has definitively passed its cycle peak and is expected to trend mildly downward in Q3, hit bottom in September, rise to a secondary peak around year-end, and then decline rapidly next March. CITIC Securities still expects the Fed to stay on hold for the full year, sees room for derivative-priced rate hike expectations to be revised further down, considers US Treasuries currently unsuitable for allocation-based opportunities—with short-dated bonds better than long-dated ones—and believes the US dollar index faces difficulty sustaining upward momentum but has support, while the technology-driven theme in US equities retains its appeal. On the data front: Today will see the release of figures including China's June total electricity consumption YoY, China's June total electricity consumption, the US June PPI annual rate, the US June PPI monthly rate, the US July New York Fed Empire State Manufacturing Index, the Eurozone May industrial output MoM rate, Canada's May wholesale sales MoM rate, and the Bank of Canada's interest rate decision as of July 15. Additionally, attention needs to be paid to: the National Bureau of Statistics (NBS) releasing the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office holding a press conference on the state of the economy; the State Council Information Office holding a press conference to brief on the execution of monetary policy and financial statistics for H1 2026; the National Energy Administration releasing total electricity consumption data around the 15th of each month. Fed Governor Barr spoke on artificial intelligence at the Fed’s annual financial inclusion conference; 2027 FOMC voting member and Chicago Fed President Goolsbee participated in a fireside chat; Fed Governor Lisa Cook delivered remarks at the Fed’s annual financial inclusion conference; Fed Governor Bowman also spoke at the same conference; permanent FOMC voting member and New York Fed President Williams gave a speech; Fed Chair Warsh attended the Senate Banking, Housing, and Urban Affairs Committee hearing on the Fed’s Semi-annual Monetary Policy Report; Bank of England Governor Bailey spoke; the Bank of Canada announced its interest rate decision and monetary policy report, and Bank of Canada Governor Macklem and Senior Deputy Governor Rogers held a monetary policy press conference. ASML published its Q2 2026 financial report. Crude oil: As of 11:42, both benchmarks rose, with WTI up 1.02% and Brent up 1.32%. Despite improved risk sentiment from cooling inflation, the crude oil market remains driven by geopolitics. The US announced the reinstatement of a naval blockade on vessels transiting Iranian ports and coastal areas, with escalating Middle East tensions supporting oil prices. Meanwhile, the US and European refined product markets are historically tight, heightened Middle East strains have fanned fuel supply concerns, and high oil prices continue to pressure consumers. Goldman’s Privorotsky believes Brent around $85 itself is manageable, the real story is in refined products, distillates rather than crude oil are the true inflation signal, and heating oil futures have hit new highs since the conflict erupted, highlighting tightness in the product market, with any further disruption disproportionately hitting inflation. (Wall Street CN) Additionally, Iran’s Islamic Revolutionary Guard Corps said in a statement on the 15th that as long as the US continues attacks on Iran, the region will not export “a drop of oil” or natural gas. (Xinhua) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

Rio Tinto released its production results for the second quarter of 2026. According to the report, Rio Tinto’s lithium production in Q2 stood at 14,600 tonnes of lithium carbonate equivalent (LCE), up 20% year-on-year and 15% quarter-on-quarter. By product, lithium carbonate output reached 13,900 tonnes, lithium hydroxide output was 5,300 tonnes, and other specialty lithium products stood at 1,100 tonnes on an LCE basis. Rio Tinto noted in the announcement that, as its lithium business is vertically integrated, the production volumes of different lithium products should not be directly added together. In terms of production changes, Rio Tinto’s Q2 lithium output growth was mainly driven by the ramp-up of the Rincón starter plant in Argentina, as well as the earlier-than-scheduled first production from the Sal de Vida and Fénix 1B projects. The Rincón starter plant produced 385 tonnes of LCE in the second quarter. Year to date, Rio Tinto’s lithium production declined 7% year-on-year, mainly due to the Mt Cattlin mine being placed on care and maintenance at the end of March 2025, which weighed on hard-rock lithium output. On project progress, construction of the full-scale Rincón lithium plant is advancing and remains in the early execution stage. Current work is focused on key infrastructure, including camp facilities, utilities and pipelines, while site earthworks, early preparation works and supporting infrastructure construction are also underway. The Sal de Vida project achieved first production ahead of schedule in Q2 and is currently in the commissioning stage. The Fénix 1B expansion project also delivered first production ahead of schedule in Q2 and has entered commissioning. Rio Tinto previously disclosed that Sal de Vida has a planned capacity of 15,000 tonnes of LCE per year, while the Fénix 1B expansion has a planned capacity of 10,000 tonnes of LCE per year. In terms of prices, the average CIF China, Japan and Korea price stood at US$22,043/tonne in the second quarter of 2026. Meanwhile, Rio Tinto’s average realised lithium product price in the first half of 2026 was US$18,960/tonne LCE. In addition, the Nemaska Lithium project is planned to deliver first production in 2028. Following an in-depth review initiated in the first quarter, the construction pace of its Bécancour processing plant will slow in 2026. The plant is currently more than 70% complete. Necessary activities such as asset preservation and site integrity works will continue, while other activities will be paused or deferred and the contractor workforce will be temporarily reduced. Rio Tinto previously disclosed that the Nemaska Lithium project is located in Quebec, Canada, with Rio Tinto holding a 50% interest. The project has a planned capacity of 28,000 tonnes of LCE per year, producing integrated lithium hydroxide. SMM believes Rio Tinto’s year-on-year and quarter-on-quarter growth in Q2 lithium output mainly reflects the gradual production ramp-up of its Argentine brine assets, particularly as Sal de Vida and Fénix 1B achieved first production ahead of schedule. This indicates that the execution progress of the company’s brine lithium project portfolio is slightly ahead of previous expectations. In the short term, as these new projects remain in the commissioning and ramp-up stages, their actual contribution to global lithium supply still requires further observation. In the medium to long term, as Rincón, Sal de Vida and the Fénix expansion continue to advance, Rio Tinto’s capacity weighting in South American brine lithium resources is expected to increase further. However, the care and maintenance status of Mt Cattlin and the slower construction pace at Nemaska also suggest that, under the current lithium price environment, mining companies are continuing to adjust development priorities across different assets based on project economics and capital expenditure pressure.

Canada has launched the Open Science and Data Platform (OSDP), a centralized digital portal that integrates geospatial, environmental and regulatory data to support mining and infrastructure project reviews. Developed by Natural Resources Canada, the platform aims to improve regulatory efficiency, reduce duplicated studies and enhance transparency. It is already being used to support major projects, including Newmont's proposed Red Chris mine expansion in British Columbia.

SMM July 15: Metals Market: Overnight, base metals on both domestic and overseas markets broadly rose, with only LME lead, SHFE aluminum, SHFE lead, and SHFE nickel declining together. SHFE lead led the declines with a 1.45% drop, while LME tin led the gains with a 2.39% increase. SHFE tin rose 1.45%, LME copper gained 0.9%, and the % changes for other metals were within 1%. Alumina main contract rose 1.08%, while cast aluminum main contract fell 0.11%. Overnight, ferrous metals collectively rose. Rebar and iron ore both gained around 0.8%, with rebar up 0.88% and iron ore up 0.8%. Hot-rolled coil (HRC) rose 0.73%. Coking coal and coke saw coking coal rise 0.4% and coke rise 0.35%. Overnight in precious metals, COMEX gold rose 1.31% and COMEX silver rose 1.84%. Domestically, SHFE gold rose 0.89% and SHFE silver rose 1.98%. Overnight closing prices as of 6:44 a.m. on July 15: >> Click to view SMM Futures Data Dashboard Macro Front China: [China's H1 Imports and Exports Scale Surpassed 25 Trillion Yuan for First Time, up 16.9% YoY; Strong Foreign Trade Growth Momentum Expected to Continue in H2] The State Council Information Office held a press conference today (14th) to report on China’s foreign trade performance this year. At the conference, it was reported that China's foreign trade achieved double-digit growth in H1, maintaining a sound operational trend. With the rapid development of artificial intelligence, imports and exports of related products showed strong momentum. In H1, imports and exports of computing hardware such as electronic components and computer parts reached 5.13 trillion yuan, up 56.6% YoY. Smart products like AI glasses, AI translators, and mechanical exoskeletons are iterating rapidly, with various innovative products constantly emerging. According to customs statistics, in H1, China's total goods trade import and export value was 25.47 trillion yuan, up 16.9% YoY. Of this, exports were 14.73 trillion yuan, up 13.4% YoY, marking the 11th consecutive quarter of growth; imports were 10.74 trillion yuan, up 22.1% YoY, with the growth rate 8.7 percentage points higher than that of exports. In June alone, imports and exports totaled 4.78 trillion yuan, up 24.2% YoY, marking 17 consecutive months of growth. From the export perspective, the product structure further optimized. In H1, China's exports of mechanical and electrical products were 9.36 trillion yuan, up 20.1% YoY, accounting for 63.5% of total export value, 3.5 percentage points higher than the same period last year. Exports of high-tech products reached 3.26 trillion yuan, up 39% YoY. (CCTV News) >> Click for Details SMM compiled import and export data for some metal industry products based on figures released by the General Administration of Customs, details as follows: >> Click for Detailed Import and Export Data US Dollar Side: As of the overnight close, the US dollar index fell 0.38% to 100.93. The US inflation data released on Tuesday came in below expectations, leading traders to scale back bets on US Fed rate hikes. Data released by the US Labor Department on the 14th showed that, dragged down by falling energy prices, the US Consumer Price Index (CPI) increase pulled back in June, though inflationary pressure remained significant. The data showed that while the US June CPI YoY increase slowed to 3.5% from May's 4.2%, it was still significantly above the US Fed's 2% inflation target. The Labor Department stated that the decline in energy prices was the biggest factor pulling back the CPI increase for the month, offsetting price increases in other areas like housing and food. Heather Long, chief economist at Navy Federal Credit Union, said inflationary pressure eased somewhat in June, but the slowing inflation trend may be short-lived as military confrontation between the US and Iran heats up again. (Xinhua News Agency) (Jin10 Data APP) After June inflation data came in below expectations, the CME "FedWatch" tool showed that the probability of a Fed rate hike this month fell to 17%, compared to 42% yesterday. The June CPI data showed a 0.4% MoM decline and a 3.5% YoY increase, indicating a milder price trend than economists predicted. Even excluding the significant drop in oil prices last month, the inflation figures were better than expected. Peter Cardillo of Spartan Capital noted, "This data exceeded our expectations, and even if it hasn't completely eliminated the possibility of a rate hike this month, it has significantly reduced that probability." According to FedWatch data, the market broadly expects at least one rate hike within the year. (Jin10 Data APP) A CITIC Securities research report stated that the US June CPI was broadly lower than expected, retail oil prices fell, core services items showed zero MoM growth, and second-round inflation effects were minimal. CITIC Securities believes US inflation stickiness is weak, the headline CPI YoY has confirmed it passed its peak for this round, and Q3 will generally show a mild pullback, hitting bottom in September, before rising to a secondary high at year-end and rapidly declining next March. CITIC Securities still expects the US Fed to hold steady all year, sees further downside room for rate hike expectations priced into derivatives, believes US Treasuries are currently unsuitable for tactical allocation opportunities (short-end bonds are better than long-end bonds), thinks the US dollar index has difficulty surging sustainably but has support, and views the tech-driven theme in US equities as still attractive. According to CME "FedWatch": The probability of the US Fed maintaining rates unchanged in July is 84.5%, and the probability of a cumulative 25-basis-point rate hike is 15.5%. The probability of the Fed keeping rates unchanged through September is 42.2%, the probability of a cumulative 25-bps hike is 50%, and the probability of a cumulative 50-bps hike is 7.8%. (Jin10 Data APP) Macro Side: Data to be released today include China’s Q2 GDP YoY rate, China’s June total retail sales YoY, China’s June industrial production above designated size YoY, China’s June total electricity consumption YoY, China’s June total electricity consumption, US June PPI YoY, US June PPI MoM, US July NY Fed Empire State Manufacturing Index, Eurozone May industrial production MoM, Canada May wholesale sales MoM, and the Bank of Canada interest rate decision as of July 15. Additionally, the NBS will release its monthly report on residential sales prices in 70 large and medium-sized cities. The State Council Information Office will hold a press conference on national economic performance and another press briefing on the implementation of H1 2026 monetary policy and financial statistics data. The National Energy Administration will release total electricity consumption data around the 15th of each month. Fed Vice Chair for Supervision Barr will speak on AI at the Fed's annual Financial Inclusion Conference. 2027 FOMC voting member and Chicago Fed President Goolsbee will participate in a fireside chat. Fed Governor Lisa Cook and Fed Governor Bowman will speak at the Fed's annual Financial Inclusion Conference. FOMC permanent voting member and New York Fed President Williams will deliver remarks. Fed Chairman Walsh will testify before the Senate Banking, Housing, and Urban Affairs Committee on the "Federal Reserve's Semi-Annual Monetary Policy Report." BOE Governor Bailey will speak. The Bank of Canada will announce its interest rate decision and monetary policy report, and BoC Governor Macklem and Senior Deputy Governor Rogers will hold a monetary policy press conference. ASML will release its Q2 2026 financial results. Crude Oil Side: Overnight, oil prices on both sides of the Atlantic rose together, with WTI crude up 2.16% and Brent crude up 2.21%. The geopolitical conflict between the US and Iran heightened concerns about supply disruption risks. However, news last night indicated that US President Donald Trump abandoned his idea of imposing a 20% compensation fee on cargo transiting through the Strait of Hormuz just a day after it was widely criticized as impractical. (From Wall Street CN APP) American Petroleum Institute (API) data showed that last week, US API crude oil inventories fell by 564,000 barrels, following a decline of 399,000 barrels the previous week. API Cushing crude oil inventories rose by 238,000 barrels last week, compared to a decrease of 69,000 barrels previously. Gasoline inventories fell by 1.664 million barrels (prior: -2.929 million barrels), while distillate inventories rose by 2.259 million barrels (prior: -1.801 million barrels). (From Wall Street CN APP) Foreign media reported, citing sources, that Iran had begun secretly moving oil tankers through the Strait of Hormuz over the past few days, before the escalation of hostilities and the US announcement that it would re-impose a blockade on Iranian ports. Vessel tracking data shows that over the past week, a total of six US-sanctioned very large crude carriers (VLCCs) sailed through the Strait of Hormuz into the Gulf of Oman with their Automatic Identification System (AIS) transponders turned off. These six tankers can collectively transport 12 million barrels of crude oil. These vessels, along with other Iran-linked ships, completed their voyages after the US revoked the license on July 7 that allowed Iran to temporarily sell crude oil. Besides these six Iranian VLCCs, a significant number of US-sanctioned vessels linked to Tehran have departed from the Strait of Hormuz since July 7. These ships are part of the 57 million barrels of crude oil that Iran successfully exported between the two rounds of US naval blockades. (Jin10 Data APP)

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.