Welcome to Arian Holding's commodity briefing for the start of the week. Base metals stay the firmest corner of the complex while ferrous drifts on soft Chinese demand and freight cools from recent highs. Below is a concise read by group, with each section linking through to the relevant product catalogue page for specifications, grades and quotations.
Today at a glance
| Commodity | Direction | Read | Catalogue |
|---|---|---|---|
| Iron ore & steel | Soft | Ore range-bound in the low-to-mid US$90s/t; Chinese rebar futures firming off lows near CNY 3,090/t | Steel Products |
| Copper | Firm | Structurally tight; Shanghai stocks at multi-month lows, forecasts revised higher | Non-Ferrous |
| Aluminium & zinc | Firmer | Aluminium ~US$3,200/t with LME stocks below 300kt; zinc led base metals in mid-July | Non-Ferrous |
| Industrial minerals | Stable | Barite, gypsum & aggregates tracking steady regional construction demand | Minerals |
| Petrochemicals | Mixed | Urea easing toward ~US$451/t; bitumen firm on tight supply (~US$605/t fob bids) | Petrochemicals |
| Polymers (PE/PP/PVC) | Steady | Sideways-to-soft; Indian producers nudged PE/PP up; Hormuz risk a wildcard | Polymers |
Steel & iron ore
Iron ore remains range-bound in the low-to-mid US$90s per tonne after touching a year-to-date low near US$93 at the start of July, with gains capped by persistent weakness in China's property sector — first-half real-estate investment reportedly down about 18% year-on-year and construction starts off more than 20%. Chinese rebar futures have nonetheless firmed off their lows, hovering near CNY 3,090 per tonne as improving sentiment and tighter lower-grade ore supply lend support. For project buyers this remains a constructive window to lock certified-grade tonnage on forward programmes rather than chase spot. See current grades and standards on our Steel Products and Semi-Finished Steel pages, both part of our Industrial Products & Commodities sector.
Copper & non-ferrous
Non-ferrous metals are the firmest part of the market. Copper stays structurally tight — Shanghai exchange inventories have fallen sharply to multi-month lows and Fastmarkets has revised its 2026 average forecast up toward the US$11,000/t area, citing electrification and supply-side constraints. Aluminium traded around US$3,200/t in mid-July with LME warehouse stocks slipping below 300,000 tonnes for the first time since 2022 and regional delivery premiums at record highs, while zinc was the strongest base metal in the second week of July, supported by falling stocks and a return to backwardation. Buyers of ingots, billets, cathodes and wire rod should plan for elevated pricing and firm premiums; explore specifications on our Non-Ferrous Metals catalogue.
Industrial minerals
Industrial minerals — barite, bentonite, gypsum, aggregates and cement clinker — are tracking steady, underpinned by infrastructure and construction activity across the GCC and wider region. Availability is reliable through our quarry and partner network, backed by lab certification and the logistics strength described in our Supply Chain & Logistics capability. Browse grades on the Industrial Minerals page, part of our Mining, Minerals & Natural Stone sector.
Petrochemicals
Petrochemical markets are mixed. Urea has eased toward US$451/t, drifting lower on softer spot enquiry, offering contract buyers a window to secure cover. Bitumen, by contrast, is firm — reference bids reached roughly US$605/t fob Singapore for prompt cargoes against buyer targets in the US$560–590/t band, with tight supply keeping ex-tank levels elevated. Methanol offers hold broadly steady across Asia. See available products — urea, sulphur, bitumen grades, base oils and methanol — on our Petrochemicals & Chemicals page.
Plastics & polymers
Polymer markets (PE, PP, PVC) are moving sideways-to-soft. Chinese PP and LLDPE futures have traded in a narrow band (PP around CNY 8,300–8,460/t, PVC near CNY 4,565/t), while several Indian producers announced modest PE and PP list increases from July 23 on supply discipline. The wildcard remains Middle East feedstock: disruption around the Strait of Hormuz continues to unsettle regional supply chains, keeping a floor under prices despite cautious converter buying. Net: a balanced window for converters to replenish without chasing the market. View resin and film options on our Plastics & Polymers page.
Freight & logistics
Dry-bulk freight has cooled from recent highs. The Baltic Dry Index eased to around 2,671 points, its lowest in several weeks, as Capesize rates softened (daily earnings near US$31,800) alongside seasonal iron-ore demand weakness. Lower bulk freight is a modest tailwind for landed costs on ore, minerals and clinker cargoes — factored into the delivered pricing our trade desk quotes through our logistics network.
What this means for buyers
With ferrous soft, copper and aluminium firm, petrochemicals mixed and freight easing, a selective forward-cover approach is sensible this week — locking steel, urea and bitumen cover while staying disciplined on copper and aluminium exposure. Arian Holding's global sourcing and quality-assurance teams can structure compliant, multi-grade supply across all of the above. Request a quote and our trade desk will respond with current, firm pricing for your specifications.
Sources: Trading Economics (iron ore, steel, urea); Fastmarkets base-metals update; London Metal Exchange / LME Insight weekly reviews; Baird Maritime (Baltic Dry Index); ChemOrbis, Plastic4trade and Kanetora resin updates; bitumen trade press. Figures are indicative market levels around July 27, 2026 and are provided for general information, not as trading advice.