[SMM Iron & Steel] Gulf War Tensions Drive Up Global Freight Rates

[SMM Coking Coal and Coke Daily Brief Commentary] In terms of news, some steel mills initiated the first round of coke price cuts, with a reduction of 50-55 yuan/mt, expected to take effect on March 6 (Friday). In terms of supply, overall operating rates at coke producers were moderate, but downstream purchasing enthusiasm declined, leaving coke producers facing sales pressure. In terms of demand, with the Two Sessions about to convene, steel mills in some regions have been slow to resume work and production under the impact of production restrictions. In addition, end-use market demand was weak, strengthening steel mills’ desire to bargain down prices for coke, with purchasing as needed as the main approach. Overall, the supply-demand imbalance in the coke market has gradually become more prominent, and as cost support has gradually weakened, the coke market may remain in the doldrums in the short term, with the first round of price cuts about to take effect.

[Domestic Iron Ore Brief Commentary: Iron Ore Concentrates Prices in the Tangshan Area May Remain in the Doldrums and Fluctuate] At the beginning of the week, iron ore concentrates prices in the Tangshan area were relatively stable, with the delivery-to-factory price, tax included, for 66-grade dry-basis iron ore concentrates at 960-970 yuan/mt; mines and beneficiation plants in the area are currently operating normally as expected. During the Two Sessions, no relevant explosives restriction notices were received locally, but overall iron ore concentrates supply remains tight, providing some support to prices. Demand side, some steel mills are currently undergoing maintenance.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 04 Mar , 2026