Manganese ore →Stands to benefit
Gabon
Gabon supplies 63.8% of manganese ore, so higher steel production should lift manganese ore demand and disproportionately benefit Gabon.
86% confidence
Manganese ore →Stands to benefit
South Africa
South Africa accounts for 19.8% of manganese ore supply, so the downstream steel output increase should support its sales and pricing.
83% confidence
Manganese ore →Stands to benefit
Mexico
Mexico holds a 14.2% manganese ore supply share, so stronger demand from steel production should modestly benefit it.
81% confidence
Manganese ore →Stands to benefit
India
India's 1.5% supply share means it could benefit from higher manganese ore demand, but the effect is small.
78% confidence
Ferrous scrap steel →Stands to benefit
Canada
Canada accounts for 62.4% of ferrous scrap steel supply here, so stronger downstream re-bar production should tighten scrap demand and benefit Canadian suppliers.
77% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Brazil
Brazil supplies 16.2% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Brazilian suppliers.
74% confidence
Metallurgical (coking) coal →Stands to benefit
Australia
Australia accounts for 55% of metallurgical coal supply, so higher steel output should lift demand for its export coal and benefit the main source country.
74% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
South Africa
South Africa supplies 12.4% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit South African suppliers.
72% confidence
Ferrous scrap steel →Stands to benefit
Mexico
Mexico's 26.9% supply share makes it a clear secondary beneficiary if higher steel output lifts ferrous scrap steel demand and pricing.
72% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
India
India supplies 9.9% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Indian suppliers.
71% confidence
Ferrous scrap steel →Stands to benefit
United States
The United States holds a material 22% share of ferrous scrap steel supply, so increased procurement for steelmaking should support U.S. suppliers.
70% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Canada
Canada supplies 9.5% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Canadian suppliers.
70% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Malaysia
Malaysia supplies 7.2% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Malaysian suppliers.
69% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Norway
Norway supplies 6.3% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Norwegian suppliers.
68% confidence
Metallurgical (coking) coal →Stands to benefit
GlencoreGLEN.L
Glencore's 18% share makes it a meaningful beneficiary of stronger coking-coal demand tied to higher steel production.
68% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Kazakhstan
Kazakhstan supplies 5.6% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Kazakh suppliers.
67% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Finland
Finland supplies 4.4% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Finnish suppliers.
66% confidence
Metallurgical (coking) coal →Stands to benefit
BHP GroupBHP
BHP's 12% share and 3-month replacement horizon mean higher steel output should modestly improve demand for its metallurgical coal.
66% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
Australia
Australia's dominant share of iron ore supply means stronger steel output and ore demand can benefit its export sector.
66% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Chile
Chile supplies 3.7% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Chilean suppliers.
65% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
South Korea (Republic of Korea)
South Korea supplies 3.4% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit South Korean suppliers.
64% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Germany (Federal Republic of Germany)
Germany supplies 2.7% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit German suppliers.
63% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
Brazil
Brazil is a major iron ore supplier, so higher ore demand from stronger steel production should help its miners and exports.
63% confidence
Refractory materials (magnesia-carbon bricks) →Stands to benefit
RHI MagnesitaRHIM
Higher steel output raises consumption of magnesia-carbon bricks in steelmaking, which should benefit the largest refractory supplier.
63% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Australia
Australia supplies 1.8% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Australian suppliers.
62% confidence
Metallurgical (coking) coal →Stands to benefit
Teck ResourcesTECK.B.TO
Teck's 8% share means stronger steel output can raise demand for its coking-coal sales.
62% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
Vale S.A.VALE
Vale's large iron ore market share makes it a direct beneficiary of firmer ore demand from higher steel output.
61% confidence
Ferroalloys (manganese, chromium, silicon) →Stands to benefit
Mexico
Mexico supplies 1.7% of ferroalloys, so higher steel output should lift ferroalloy demand and benefit Mexican suppliers.
61% confidence
Metallurgical (coking) coal →Stands to benefit
Anglo American
Anglo American's 8% share gives it a smaller but still plausible benefit from higher metallurgical-coal demand.
60% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
Rio TintoRIO
Rio Tinto supplies a large share of iron ore, so increased steel production should support its sales and pricing.
60% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
BHP GroupBHP
BHP's substantial iron ore exposure means it can benefit from tighter input markets and stronger demand.
59% confidence
Iron ore (direct shipping ore & pellets) →Stands to benefit
Fortescue Ltd.
Fortescue is also a meaningful iron ore supplier and would likely gain from the incremental demand lift.
56% confidence
Refractory materials (magnesia-carbon bricks) →Stands to benefit
Vesuvius plc
More steel production modestly lifts demand for refractory inputs, benefiting this smaller supplier.
53% confidence
Refractory materials (magnesia-carbon bricks) →Stands to benefit
Krosaki Harima Corporation
The steel output increase should slightly increase demand for its refractory products, supporting sales.
52% confidence
