[Daily SMM Hot Rolled Coil Trading] Spot trading volume increased slightly

On the evening of 28th February, Iran announced a prohibition on all maritime traffic through the Strait of Hormuz, effectively closing the waterway. According to multiple shipowners, a radio warning regarding the closure was issued by the Iranian military on the 28th. Following this escalation, a number of smaller tankers have reportedly altered their course to exit the strait, whilst others approaching the area have halted at the entrance to the waterway to assess the developing situation.

[ Yonggang 2026 Q1 Regular Steel Price Adjustment ] Yonggang's 2026 Q1 construction steel price adjustment: rebar and wire rod remained stable; current rebar at 3,450 yuan/mt, common wire at 3,700 yuan/mt, and coiled rebar at 3,700 yuan/mt; the monthly discount interest rate for electronic bank acceptance this period was 1.67 per thousand for first and second tier banks, 1.77 per thousand for provincial city commercial banks, and 1.97 per thousand for third and fourth tier banks. [ SMM Steel ]