Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 11

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 11
---
 up to 145% on Chinese goods and Beijing’s retaliatory measures, while iron ore exports from Australia and Brazil surged to compensate for the first quarter

| 8 |     | Interim Management Report |

Business overview continued

shortfalls. Despite these headwinds, prices found some support from steady hot metal output, Chinese Central Bank monetary easing, and a temporary U.S.- China tariff truce. Coking coal In the first half of 2025, coking coal prices remained subdued, averaging $186.56/t in the first quarter of 2025 and edging up slightly to $186.76/t in the second quarter of 2025. The decline of $17.40/t in the first quarter of 2025 from the fourth quarter of 2024 was driven by weak global demand and oversupply, despite weather-related disruptions in Australia and force majeure events in the U.S. and Poland. Chinese buyers largely stayed out of the seaborne market due to high domestic inventories and low-priced domestic supply, while Indian demand remained soft despite a six-month restriction on low ash met coke imports. Market sentiment was further dampened by global trade tensions, uncertainty over U.S. shipping fee reforms, and potential Chinese coal tariffs. In the second quarter of 2025, prices saw a modest rise in April and May due to supply disruptions at major Australian mines (Moranbah North, Appin, Oaky Creek) and strong Indian buying ahead of the monsoon, with 7.3 million tonnes per annum of Premium Mid Volatile high-grade coal capacity offline by May 2025. However, prices fell again in June as oversupply met weakening demand, with Indian buyers showing increased price sensitivity and Chinese mills reselling cargoes. Seasonal steel output cuts added further downward pressure, and despite ongoing supply constraints, interest in premium coking coal faded.

|                        |     |         | Iron ore                                                                             |     |         | Coking coal                                                                      |
| Source: Metal Bulletin |     |         | Reference average price per tonne (Delivered to China, Metal Bulletin index, 62% Fe) |     |         | Reference average price per tonne (Premium Hard Coking Coal FOB Australia index) |
| Q1 2024                |     | $123.58 |                                                                                      |     | $308.76 |                                                                                  |
| Q2 2024                |     | $111.80 |                                                                                      |     | $243.83 |                                                                                  |
| Q