MMi Daily Iron Ore Report (February 25)

HRC prices fluctuated upward today, with the most-traded contract settling at 3,236 yuan/mt at the close, up 1.19% intraday. In the spot market, HRC offers in major cities nationwide rose by 10-30 yuan/mt, though trading activity remained moderate, while cold-rolled and galvanized prices held steady. Intraday market rumors circulated frequently: some steel mills received notices requiring voluntary emission reductions during the Two Sessions period from March 4 to 11 (blast furnace output cut by 30%), with mills asked to submit their own plans; simultaneously, rumors emerged about relaxation of Shanghai property policies. Driven by multiple news factors, futures saw significant gains, and market trading sentiment improved accordingly.

[SMM Chrome Daily: Steel Mill Tenders Settled Flat, Market Gradually Resumes Work] February 25, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

February 25 news: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,752 yuan/mt, up 0.28%, with the highest price at 5,784 yuan/mt and the lowest at 5,736 yuan/mt. Trading volume was 140,400 lots, and open interest was 453,701 lots. Cost side, the manganese ore market continued to hold up well, serving as the core support for costs. Electricity prices showed significant regional divergence, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while most southern production areas see no downside room for electricity prices. The coking coal and coke markets overall remained in the doldrums, exerting a mild impact on SiMn costs. Supply side, pressure from SiMn supply is set to further release, significantly restraining price rises. On one hand, alloy plants in Ningxia had already seen inventory accumulation before the holiday, facing considerable pressure to digest stocks after the holiday; on the other hand, some alloy plants in Inner Mongolia still have expectations to start production and resume operations, which will lead to increased SiMn capacity release, gradually highlighting supply-side pressure and likely curbing price increases. Demand side, February steel tender prices have not been announced, and the market is watching for the impact of tender pricing.