MMi Daily Iron Ore Report (September 1)

[Yonggang September-1 Ten-day Quotation] Yonggang's construction steel price adjustment for the September-1 period of 2026: rebar and wire rod prices were uniformly raised by 150 yuan/mt; current rebar price is 3,450 yuan/mt, common wire rod is 3,700 yuan/mt, and coiled rebar is 3,700 yuan/mt; for the August-3 period, rebar was subsidized by 40 yuan/mt and wire rod by 80 yuan/mt; the monthly discount interest rates for electronic bank acceptance bills in this period are 0.61‰ for Class I and II banks, 0.71‰ for provincial city commercial banks, and 0.91‰ for Class III and IV banks. [SMM Steel]

Today, the most-traded HRC contract extended the downtrend from last night's night session, recovered somewhat in the afternoon, and closed at 3,380, down 0.47% WoW. HRC and CRC spot prices rose to varying degrees. In terms of supply, this week's HRC impact from maintenance was 95,100 mt, down 151,500 mt WoW. Next week's HRC impact from maintenance is 51,900 mt, down 43,200 mt WoW, with overall supply growth relatively small. Demand side, during the seasonal transition, end-use demand has yet to show a significant increase, and the futures-spot absorption capacity weakened WoW. Cost side, yesterday's meeting between the heads of state of China and Mongolia discussed issues such as border port railway construction. The market is concerned that Mongolian coal supply may gradually recover, which hindered the rise of coking coal and coke futures. Overall, short-term HRC prices continue to follow the cost side trend. Closely monitor the actual supply situation of coking coal and coke. The most-traded HRC contract will continue to consolidate at highs.