Data: SHFE, DCE market movement (Apr 30)

Today, the DCE Iron ore futures strengthened today, with the most-traded contract I2609 closing at 796 yuan/mt, up 1.60% from the previous trading session. Spot prices rose 2-5 from the previous day. Traders showed moderate enthusiasm in quoting, while steel mills restocked on an as-needed basis with limited inquiries

SMM News Flash:  [HRC] Today's HRC export prices rose $1/mt MoM, with most market quotes above $500/mt. However, according to market feedback, a quote of $480/mt was seen today, likely an MD price. [India] Domestic steel mill prices in India remained stable, with ex-factory prices at 625-630 USD/tonne. Mills held prices firm due to good order-taking and upward cost pressure. However, spot trading market sentiment was weak, and coupled with energy supply issues at downstream processing enterprises, procurement was mainly driven by steel demand.

The core logic of the South American steel market is that end-user demand drives everything. Consumption demand is the starting point, filled jointly by local production and imports; imports act as a regulating valve rather than a driving force.