MMi Daily Iron Ore Report (September 28)

[Plate/HRC] Today HRC and other flat-product export prices were flat day on day, with HRC deal prices at 486-491 USD/tonne. Overseas markets still saw no clearpick-up in volume and remained largely wait-and-see; some domestic traders selling short were able to secure a certain amount of volume. [Billet] Today export billet FOB prices were steady, with Jiangyin quoted at 457-459 USD/tonne. It is understood that the current international situation is unstableand a partial strait blockade in the Middle East has weighed somewhat on steel exports, with most Middle-East buyers taking a wait-and-see stance pendinggreater clarity. Meanwhile domestic billet export offers held no clear competitive edge, making deals hard to close. [Rebar] Today Tianjin rebar export prices were steady, with deals at 479-484 USD/tonne. Market participants reported ordinary inquiries; some South-China millsquoted rebar exports on the high side at 510 USD/tonne FOB, but the high offers struggled to clear.

Today, the DCE iron ore futures weakened today. The most-traded DCE i2609 contract closed at 739.5 yuan/mt, down 1.00%. The spot price at Qingdao Port fell around 4-8 yuan/mt from the previous trading day.