MMi Daily Iron Ore Report (March 11)

SMM News Flash:  [Sheets & Plates] Today's HRC export prices fell $1/mt MoM due to a firm exchange rate. Other sheets & plates mostly remained stable. Market inquiries still existed, but actual transactions were limited. Traders reported recent medium-thickness plate deals flowing to Vietnam and Africa. [India] Indian HRC SAE1006 export offers to Vietnam were largely stable at around $615/t CFR. Market transactions remained relatively quiet, with no major orders reported as Vietnamese buyers stayed cautious at current price levels. Market sentiment was stable but subdued, while mills continued to maintain firm offer levels.

[Domestic Iron Ore Brief] The domestic ore market in the Tangshan area remained generally stable. Tender prices from local major mines increased slightly. The current delivery-to-factory price for 66-grade iron ore concentrates on a dry basis, tax included, was 995-1,000 yuan/mt. Sentiment at mines and beneficiation plants as well as beneficiation plants was notably firm on higher price expectations, with some unwilling to make shipments as costs were below their psychological expectations. Currently, steel mill profits have improved, and the cost-effectiveness of domestic iron ore concentrates has slightly improved, with overall market transactions showing improvement compared to the previous period. However, iron ore futures weakened today.