MMi Daily Iron Ore Report (March 13)

[Leading Mills Keep Pushing Up Prices, Grain-Oriented Silicon Steel Prices to Remain Generally Stable with Slight Rise Next Week] This week, cold-rolled grain-oriented silicon steel spot prices held up generally stable with a slight rise, while end-users maintained a steady procurement pace of purchasing as needed. Ferrous metals futures swung wildly this week, limiting overall market price fluctuations. However, Baowu announced its July price policy for grain-oriented silicon steel with a MoM increase of 300 yuan/mt, opening up upside room for spot prices. Traders showed strong willingness to hold prices firm, and spot offers were gradually raised in line with the mill's policy, with low-priced resources in the market largely disappearing.

[Major steel mills did not continue to push up prices; the non-oriented silicon steel market may remain in the doldrums next week] This week, spot prices of cold-rolled non-oriented silicon steel in Shanghai were stable, with overall market transactions being moderate. Market feedback indicated that ferrous metals futures swung wildly this week, and coupled with Baowu's flat July price policy, the drivers for price changes were weak. In terms of fundamentals, downstream demand remained sluggish, with weak purchasing enthusiasm. Meanwhile, steel mills reduced production, leaving both supply and demand for non-oriented silicon steel weak. Although some traders destocked, overall market inventory remained high, suppressing prices.