Iron ore futures fluctuated rangebound in the morning session and rose in the afternoon before weakening again. The most-traded contract I2601 closed at 803.5, flat from the previous trading day. Traders sold at market prices;

Last week, China's steel export prices fluctuated rangebound by $1-3/mt. By sheet & plate variety, HRC prices edged down $1-2/mt, while medium-thickness plates, cold-rolled products, and silicon steel remained in the doldrums. In the Thai market, mainstream product prices held steady mid-week, with galvanizing CFR Thailand traded at $610-620/mt and wire rod CFR at $520-525/mt. According to local traders, supply of some galvanizing resources is somewhat tight, overall shipment sentiment is average, and mills refuse to budge on prices.

SMM Steel, September 23: According to SMM statistics, the estimated total shipments in mainstream markets this week were 235,600 mt, up 1.77% WoW. By market:

Iron ore futures moved downwards after a higher opening and remained in the doldrums throughout the day. The most-traded contract I2601 closed at 802.5, down 1.23% WoW. Traders showed moderate willingness to sell, while steel mills restocked based on demand.

In August 2025, China's magnesium product exports achieved moderate growth of 5.43% month-on-month and 4% year-on-year, reaching 38,600 tons, primarily driven by the fulfillment of orders received in the previous period. However, this performance was tempered by high prices resulting from the "anti-internal competition" policy, which fostered a cautious wait-and-see attitude among buyers, alongside stricter export payment regulations and a seasonal slowdown in Europe. A significant divergence was observed across product types: while magnesium ingot exports grew steadily and magnesium alloy shipments surged 27.23%, indicating strong North American demand, magnesium powder exports declined. Despite inventory buildup suggesting near-term softness, a "rush-to-export" effect ahead of October's new policies is anticipated to boost shipments in September.

According to the SMM survey, the impact from maintenance on construction materials decreased in this period (9.2-9.26), with multiple steel mills resuming production of construction material rolling lines either in the previous or current period. The impact from maintenance on construction materials was 1.2506 million mt, down 84,100 mt MoM.

According to the latest customs data, lead concentrate imports reached 134,800 mt in physical content in August 2025, up 10.23% MoM and 15.22% YoY. By the end of 2024, cumulative lead concentrate imports totaled 927,700 mt in physical content, an increase of 28.18% compared to the same period last year. Additionally, silver concentrate imports for the same month amounted to 185,000 mt in physical content, up 20.01% MoM and 17.24% YoY.