MMi Daily Iron Ore Report (March 11)

Today, the most-traded hot-rolled coil contract closed at 3,269, up 0.28%. In the spot market, spot hot-rolled prices in China were mostly stable with some gains, while spot cold-rolled prices were largely stable. Overall trading sentiment was moderate, and transactions at lower prices were moderate. Short term, hot-rolled coil inventory was expected to continue building up this week, though at a slower pace. Before the inflection point of inventory destocking emerges, finished steel products will likely struggle to break out of the broader market trend independently. In the short term, prices were expected to fluctuate rangebound in line with cost movements, with the HRC May contract facing pressure around 3,285.

[SMM Steel] India’s Steel Authority of India Limited (SAIL) reported record sales of 18.24 million tonnes during April–February FY2025/26, up 14% YoY, according to the Ministry of Steel. The company also achieved cash collections exceeding ₹1 lakh crore (+10% YoY), with February sales reaching 1.58 mt.