MMi Daily Iron Ore Report (June 9)

This week, the large-sample inventory of Ningbo HRC stood at 362,000 mt, down 23,000 mt WoW (-5.97%), and up 24.23% YoY on a lunar calendar basis.

[Turkey] Dragged down by market weakness, Turkish domestic rebar prices edged down by 1 USD/tonne to 591.5 USD/tonne EXW. As the depreciation of the lira continues to push up local currency costs, domestic traders have largely adopted promotional pricing strategies, offloading inventories at levels below mill dollar offers. Although mills attempted to hold prices firm last week, they were forced to compromise amid sluggish demand: some mills in the Marmara region lowered their offers by 5 USD/tonne to 605-610 USD/tonne EXW, while offers from Izmir mills also dropped to 585-590 USD/tonne EXW. On the macroeconomic front, rising costs stemming from geopolitical conflicts and a high-interest-rate environment continue to suppress downstream demand, with the market generally expecting limited room for a summer construction rebound. Export activity remains equally subdued, with EU buyers showing insufficient interest in purchasing Turkish material.

[SMM HRC Daily Trading Volume] On June 9, the total daily trading volume of hot-rolled coil among sample enterprises in four SMM cities (Shanghai, Lecong, Tianjin, Ningbo) was 13,000 mt, up 420 mt, or 3.1%, DoD, down 7.60% calendar YoY, and up 30.92% lunar YoY.