Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 16

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 16
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 Baseload spot average price 
 € per MWh                   |       |     |                     Belgium 
 Baseload spot average price 
                   € per MWh |
| Q1 2024                 |     |        |     |                       67.67 | 62.94 |     |                             |       |     |                       67.20 |
| Q2 2024                 |     |  71.76 |     |                             | 29.83 |     |                             | 54.09 |     |                             |
| Q3 2024                 |     |  75.99 |     |                             | 51.14 |     |                             | 62.20 |     |                             |
| Q4 2024                 |     | 102.65 |     |                             | 86.77 |     |                             | 97.23 |     |                             |
| Q1 2025                 |     | 111.89 |     |                             | 99.84 |     |                             |       |     |                      110.01 |
| Q2 2025                 |     |  69.73 |     |                             | 33.95 |     |                             | 66.53 |     |                             |

Ocean freight Dry bulk markets have been softer in the first half of 2025, with average sector earnings down by about 30%, due to weaker demand for major commodities such as coal and iron ore. The overall outlook points to a weaker year as compared to 2024, with fleet growth projected to be high, while dry bulk trade is

expected to decline, creating a fundamental imbalance. Although earlier supply chain disruptions at the Panama Canal have eased, persisting issues at the Suez Canal have kept pressure on the market. Sentiment also continues to be weighed down by persistent uncertainty around global tariff changes and ongoing geopolitical tensions, leading to a cautious view for the remainder of 2025. U.S. government policy continues to draw attention, though so far the direct effect of tariffs and counter-tariffs on dry bulk trade seems limited. In contrast, demand trends in China are likely to play a much bigger role in shaping dry bulk market dynamics this year. That said, tariffs could still have broader indirect consequences by adding uncertainty to the long-term global economic outlook. Seaborne dry bulk trade has been softer this year, especially from China, where high stockpiles, excess steel production capacity and lower thermal energy demand have slowed imports. Europe and other parts