Goncalves: Cliffs in no rush on POSCO deal or asset sales. Cleveland-Cliffs President and CFO Celso Goncalves said no deal was imminent between the company and South Korean steelmaker POSCO because of disagreements over valuation. The Cleveland-based steelmaker also wants more for assets it has said it was looking to sell. Michael Cowden. Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University's Medill School of Journalism. Contact him at [email protected] or 724-759-7872.

Fastmarkets launches three new Saudi Arabia ferrous scrap indices. Fastmarkets launched three world-first regional price indices in a major expansion to its Saudi Arabian ferrous scrap market coverage, on Tuesday July 7. July 7, 2026 The launch was in response to growing demand for greater transparency and regional granularity in pricing of the Saudi Arabian ferrous scrap market. Fastmarkets started pricing the Saudi Arabian ferrous scrap market in August 2025, with its launch of the world-first Saudi Arabia national composite index for HMS 1&2 scrap. The three new launches are indices for HMS 1&2 materials of 1.0-1.5 meter lengths, in the key western market of Jeddah and the major Eastern Province market, together with an index for sheared HMS 1&2 of 0.6 meter length in Riyadh. All steelmakers in Riyadh and Al Kharj use induction furnace (IF) technology, meaning that they have limits on the size of scrap to be charged in their buckets. Therefore, such mills require their scrap inputs to be sheared to lengths around 0.6 meter for safe and effective charging. But there are electric-arc furnaces (EAFs) in the country's Eastern Province, West and South West, which are able to take pieces of HMS scrap exceeding 1m in length because of their larger bucket sizes. Since August 2025, Fastmarkets has been collecting regional data for both Jeddah and the Eastern Province as part of its pricing of the national composite index. Until now, these prices were not published as stand-alone prices, but were solely used as sub-indices within the calculation of the national composite index. From July 7, the delivered Eastern Province and delivered Jeddah data will be published as stand-alone indices, with full pricing history back to August 5 available to subscribers on the Fastmarkets dashboard. No pricing history will be provided for the assessment of the price for MB-STE-0954 Steel scrap sheared HMS 1&2 index, delivered Riyadh, Saudi Arabia, riyals per tonne, because the composite index normalizes the sheared 0.6m number to conform to specifications of 1.0-1.5 meter lengths. There is no change from these launches to the pricing, calculation or reporting of the existing assessment of the price for MB-STE-0939 steel scrap HMS 1&2 index, domestic composite, delivered Saudi Arabia, riyals per tonne. Prices are published each Tuesday, by 4pm UK time, with the first publication on July 7, 2026. The new assessments have the following specifications: MB-STE-0953 Steel scrap HMS 1&2 index, delivered Jeddah, Saudi Arabia, riyals per tonne Quantity: Minimum 100 tonnes. Specification: HMS 1&2 scrap processed and sold domestically. Quality may range from HMS 1&2 (60:40) to HMS 1&2 (80:20). Lengths of 1.0-1.5m. Material is not sheared to below 1m lengths. Unit & Currency: Saudi Arabian riyals per metric tonne. Location: Jeddah, Saudi Arabia. Data window: The data collection window runs from the previous price assessment until 3pm UK time on the day of the next assessment. Payment terms: Bank Transfer or Letter of Credit. Frequency: Weekly, Tuesday 4-5pm UK time. Note: Prices for sheared scrap, premium scrap and shredded scrap may be normalized based on market participant information. MB-STE-0954 Steel scrap sheared HMS 1&2 index, delivered Riyadh, Saudi Arabia, riyals per tonne Quantity: Minimum 100 tonnes. Specification: HMS 1&2 scrap processed and sold domestically. Quality may range from HMS 1&2 (60:40) to HMS 1&2 (80:20). Sheared to lengths around 0.6m. Unit & Currency: Saudi Arabian riyals per metric tonne. Location: Riyadh and Al Kharj, Saudi Arabia. Data window: The data collection window runs from the previous price assessment until 3pm UK time on the day of the next assessment. Payment terms: Bank Transfer or Letter of Credit. Frequency: Weekly, Tuesday 4-5pm UK time. Note: Prices for premium and shredded scrap may be normalized based on market participant information. MB-STE-0955 Steel scrap HMS 1&2 index, delivered Eastern Province, Saudi Arabia, riyals per tonne Quantity: Minimum 100 tonnes. Specification: HMS 1&2 scrap processed and sold domestically. Quality may range from HMS 1&2 (60:40) to HMS 1&2 (80:20). Lengths of 1.0-1.5m. Material is not sheared to below 1m lengths. Unit & Currency: Saudi Arabian riyals per metric tonne. Location: Eastern Province, Saudi Arabia. Data window: The data collection window runs from the previous price assessment until 3pm UK time on the day of the next assessment. Payment terms: Bank Transfer or Letter of Credit. Frequency: Weekly, Tuesday 4-5pm UK time. Note: Prices for sheared scrap, premium scrap and shredded scrap may be normalized based on market participant information. These prices are part of Fastmarkets' scrap price package. To provide feedback on these price assessments, or if you would like to provide price information by becoming a data submitter to these price assessments, please contact [email protected] and [email protected]. Please add the subject heading "re: Saudi Arabia steel scrap index prices." Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request. To see all Fastmarkets' pricing methodology and specification documents, go to the Fastmarkets methodology page.

India's iron ore paradox points to a structural high-grade import gap as 2030 steel targets near: Iron Ore Decoded 2026 India's drive toward 300 million tonnes per year of steelmaking capacity by 2030 is on track from a capacity standpoint, but panellists at Fastmarkets' Iron Ore Decoded 2026 conference, held during Singapore International Ferrous Week, said the country's domestic iron ore base is likely to fall short of supporting that growth. As a result, high-grade imports are expected to become a structural rather than opportunistic feature of the Indian steelmaking market.