Profit recovery drove up operating rates of EF steel mills

SMM Flash: Overall, domestic export quotations saw relatively small changes today. Export volumes of some steel billet shipments to Southeast Asia increased, and quotations edged up slightly, but profit per mt was not high. Overseas quotations were mostly raised. Affected by the war, shipping capacity was tight, and overall ocean freight rates increased. Most traders were currently staying on the sidelines and suspended quotations to the Middle East. In addition, port blockades in multiple locations across the Middle East affected vessel berthing, forcing ships to seek alternative ports, such as Sohar Port in Oman.

SMM Steel, February 24 – According to SMM statistics, the estimated total shipments to mainstream markets this week reached 302,700 mt, up 50.90% WoW. By market:

Today, DCE Iron ore futures trended stronger, with the most-traded I2605 contract closing at 753.5 RMB/ton, an increase of 0.67% from the previous trading session. In the physical market, spot prices were broadly unchanged from the prior day.