MMi Daily Iron Ore Report (April 8)

The overall trend for iron ore futures was weak today, with the main contract I2609 closing at 750 RMB/ton, down 2.53% from the previous session. Spot prices fell 7-12 RMB/ton, with traders showing general willingness to quote but steel mills restocking only as needed and making few inquiries

[SMM Hot Rolled Daily Trading] On April 9, the combined daily trading volume of hot rolled coils from SMM sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 14,470 mt, down 230 mt MoM, down 1.6%, up 27.49% YoY on the Gregorian calendar, down 5.55% YoY on the lunar calendar.

HRC futures moved lower in a fluctuating trend today, with the most-traded contract closing at 3,270, down 0.15% MoM. Spot market side, market quotations remained stable for now, and trading performance was relatively average. In terms of supply, weekly hot-rolled production was 3.2155 million mt this week, an increase of 71,800 mt WoW, with further supply increases still expected going forward. Demand side, end-users mainly purchased on demand at low prices. Inventory side, total HRC inventory declined 111,100 mt WoW. The spot-futures price spread in South China and North China provided some room, and some basis traders closed positions to lock in profits, leading to some inventory destocking. Looking ahead, the US-Iran conflict and China's ore long-term ...