MMi Daily Iron Ore Report (April 9)

Indian steelmaker Rathi Steel and Power Limited reported a 28.86% year-on-year increase in sales volumes to 32,028 tonnes during the July–September quarter of FY27, according to its October 7 stock-exchange disclosure. Quarterly revenue exceeded 2 billion INR, while the company also reported a 450-basis-point reduction in its borrowing interest rate. The operational update indicates stronger quarterly sales activity, although the disclosure does not establish a corresponding increase in steel production.

In H1 2026, despite the steel industry being under pressure overall, Fangda Special Steel achieved revenue of 8.033 billion yuan and net profit attributable to shareholders of 208 million yuan, holding its operational foundation. From the perspective of its industrial base, Sichuan Fangda Vanadium-Titanium's blast furnace maintains a stable 70% ratio of vanadium-titanium magnetite ore in its charge, with vanadium content in hot metal consistently maintained at 0.35%–0.37%, placing it firmly in the first tier of China's vanadium-titanium smelting industry. Currently, Fangda's vanadium product capacity totals 30,000 mt/year (calculated as vanadium pentoxide), ranking third globally, with a Chinese market share of approximately 25% and accounting for over 13% of total global production.