Iron Ore Futures and Spot Prices Drop on Mar 9

ITAC has issued a preliminary affirmative ruling proposing provisional anti-dumping duties on Chinese color-coated steel imports, ranging from 8.83% to 28.11% for a six-month period. Individual duties include 8.83% for Zhejiang Huapu Eco-Friendly Materials and 18.70% for Hefei HBIS/Suzhou HBIS, while other cooperating exporters face a weighted-average rate of 13.79%; non-cooperating producers face the highest rate of 28.11%. The probe, launched in December 2025 following a petition by ArcelorMittal South Africa and Safal Steel, found Chinese imports surged 51.3% to 77,457 metric tons in 2025, accounting for 84.23% of total imports.

Syria's Ministry of Economy and Industry has signed a 30-year strategic agreement with Saudi Arabia-based Ithraa Holding Group to rehabilitate, modernize, and operate the General Company for Iron and Steel Products in Hama. Signed August 28 during the Damascus International Fair, the plan allocates the first five years to rehabilitation and modernization, followed by a 25-year operational period, with output targeted to reach at least 350,000 tonnes per year within four years. The deal marks a step toward reviving Syria's idle industrial infrastructure and reducing its reliance on steel imports, while also signaling deepening economic ties between Syria and Saudi Arabia.