MMi Daily Iron Ore Report (July 30)

On July 30 China's steel export prices were broadly weaker. Flat-product export prices edged down 2-3 USD/tonne day on day, with HRC transactions at 482-486 USD/tonne; domestically the meeting released no favourable news and futures fell sharply, and while overseas enquiries picked up somewhat, sentiment stayed largely wait-and-see, with price cuts unable to secure large volumes so export offers were lowered only modestly. Billet export offers at Jiangyin port were soft but steady at 450-455 USD/tonne FOB, as ferrous futures broke below the support level the market had expected and traders' willingness to hold prices firm waned, while overseas customers largely prefer buying on rallies rather than on dips. Rebar export prices at Tianjin port slipped 1 USD/tonne to 476-481 USD/tonne on transactions, with offers divided: some mills cut by 2-3 USD/tonne and drew only a few enquiries without concluding deals, while others opted to hold firm and kept prices flat.

This furnace is made with Tenova for its engineering will have the capacity of 2.5 mt and planned to produce 80% green steel from its capacity. The implementation starts in August and target to be completed in 2029. Compared to the usual EAF, this EAF will use exhaust head to preheat scrap metal. This project will receive EUR200m, funded by Federal goverment and the state of North Rhine-Westphalia.