【SMM Steel Market Morning Brief】Ministry of Finance and State Taxation Administration: Continuation of Offshore Trade Stamp Duty Preferential Policies

Today Iron ore futures trended weaker with the most-traded contract I2609 closed at 803 yuan/mt, down 1.11% from the previous trading session. Port spot prices were 2-4 yuan higher than the previous day. Traders showed moderate enthusiasm in offering; steel mill purchases were mostly driven by rigid demand; overall spot trading sentiment was lukewarm.

SMM News Flash:  [HRC] Today, HRC export prices decreased by 3 USD/tonne compared to the previous month. Some large factories in the north still maintain a high quotation level of 530 USD/tonne because there are still some orders for special specifications, and large factories have no obvious willingness to reduce prices and ship. [India] Indian HRC SAE1006 offers to Vietnam declined sharply to $580/t CFR for June shipments as sellers lowered prices to remain competitive. Vietnam continued to be a key target market for Indian exporters amid weaker demand elsewhere. Market sentiment remained cautious, with Indian exports facing pressure from falling EU prices and uncertain recovery in the Middle East market.

[SMM Hot-Rolled Coil Daily Trading] On May 18, the combined daily trading volume of hot-rolled coil from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, and Ningbo) totaled 13,070 mt, down 610 mt DoD (-4.5%), up 12.00% YoY (solar calendar), and up 22.84% YoY (lunar calendar).