[SMM Steel] Indonesian Wire Rod Prices Remain Low

[Sheets & Plates] HRC and some other sheets & plates export prices rose $1/mt day-on-day today, with HRC transaction prices at $480-483/mt FOB. Market inquiries and transactions showed slight divergence recently: in long-haul regions, inquiries and transactions increased compared to earlier amid China's low prices, while in short-haul regions, competitors maintained low quotes, offering no clear price advantage, leaving transactions sluggish.

US President Trump said in an interview with Fox News on the 4th that the Strait of Hormuz will open "soon," or Iran will be hit "very hard." Regarding engagement with Iran, Trump said: "Our talks are going very well. Iran doesn't want to admit it, and you know, that's a little embarrassing. You just went out and said we had great talks, and then someone in Iran jumps up and says, 'We never met.' That's just false. They want to make a deal." When asked how the US would respond if Iran walks away from negotiations again, Trump replied: "If they go back again, they'll be hit very hard." But he added, "I hope it's not needed."

The China Federation of Logistics and Purchasing released the July China Commodity Price Index on the 5th. Looking at the index's performance, the commodity price index pulled back slightly MoM, maintained a relatively large YoY increase, and the market operation foundation remained generally solid. The China Commodity Price Index for July stood at 128.6 points, pulling back 1.3% MoM but up 15.5% YoY. Among the 50 key commodities monitored by the China Federation of Logistics and Purchasing, prices of 14 commodities rose MoM in July. Among them, coke (7.1% MoM), Pr-Nd oxide (6.4% MoM), and corrugated paper (5.6% MoM) led the gains.