【SMM Steel】

Prices for 65% grade vanadium-titanium iron ore concentrates in Chengde, Hebei, slipped to 885 yuan/mt. Production halts at local mines and beneficiation plants are quite widespread. A major local mine recently completed its mining permit, but some related procedures still need to be processed.

【SMM Steel】Market sources report that the current FOB price for B500B-grade rebar in Φ18mm specification is quoted at USD 482/ton, with shipments ex-Tianjin Port.

Today, the most-traded HRC contract settled at 3,323, with futures edging higher by 0.36% for the day. In the spot market, cold and hot rolled coil prices were both stable MoM, while intraday transactions improved MoM. In terms of supply, market talk points to increased maintenance at steel mills in North China. According to SMM verification, the impact is mainly on hot metal production, with limited effect on hot rolling for now. Combined with production resumptions at some rolling lines earlier, HRC production rebounded MoM. On the domestic demand side, downstream restocking demand ahead of the Mid-Autumn Festival and National Day holidays has gradually kicked in. Orders from machinery, home appliance and other manufacturing sectors improved MoM, signaling a clear marginal recovery on the demand side. Outside China, there have been recent reports that large traders saw a notable improvement in export orders for sheets & plates, and the expected improvement in demand in markets outside China is gradually materializing. Overall, HRC prices are expected to continue moving sideways in the short term. As holiday restocking demand is further released and market sentiment gradually recovers, a tentative rebound is likely.