MMi Daily Iron Ore Report (March 23)

[Indonesia] Wire rod prices in Indonesia remain stable at around 485 USD/metric ton FOB after surging by about 5 USD/metric ton last week. Previously, this price increase occurred as pressure from Chinese products eased, which was in line with predictions. However, it appears that fundamental factors are playing a role in maintaining this price stability, in line with the current increase in demand. If these fundamental factors continue to develop favorably, wire rod prices will follow the same trend as billet prices—rising gradually.

Iranian Armed Forces Chief of General Staff Abdollahi Ali stated on a social media platform on August 19 local time that although countries on the southern coast of the Persian Gulf had issued statements claiming they would not allow the US to use their territory to attack Iran, a large number of military aircraft (especially refueling planes) have appeared at bases in the region, making it impossible for the host countries to be unaware, and Iran is fully aware of all these movements. Abdollahi warned that any assistance or convenience provided to US forces is tantamount to acting in coordination with them.

The latest data from the National Bureau of Statistics (NBS) showed that in July 2026, China's rebar production was 13.223 million mt, down 13.6% YoY; cumulative production for January-July was 100.928 million mt, down 11.2% YoY. In July, China's production of medium-thick wide steel strip was 17.871 million mt, down 3.2% YoY; January-July cumulative production was 126.686 million mt, down 4.5% YoY. In July, China's wire rod production was 10.014 million mt, down 11.2% YoY; January-July cumulative production was 73.074 million mt, down 6.2% YoY. In July, China's ROM iron ore production was 67.148 million mt, down 20% YoY; January-July cumulative production was 536.055 million mt, down 8.7% YoY.