MMi Daily Iron Ore Report (November 17)

[Vietnam] ASEAN hot-rolled coil (HRC) import offers ticked down to 535 USD/tonne CFR this week amid limited demand. As Vietnamese domestic steel mills aggressively slashed their ex-works prices, local buyers heavily prioritized higher-value domestic resources over imports, leaving the import market slow. Last week, major domestic producers Hoa Phat and Formosa Ha Tinh both cut their HRC prices by 33-34 USD/tonne, bringing Hoa Phat’s target prices for large buyers down to 535-537 USD/tonne CIF and Formosa Ha Tinh’s September shipment offers to 546-556 USD/tonne. This compression forced import prices lower; Indian HRC deals were concluded at 535-540 USD/tonne CFR, while Indonesian HRC was quoted at 525-535 USD/tonne CFR, both failing to attract transactions. In the slab segment, Asian prices also weakened, with an Indonesian mill cutting August shipment offers to 490-495 USD/tonne FOB and a Vietnamese mill quoting 490 USD/tonne FOB, while Chinese-origin slabs stood around 465 USD/tonne FOB. Meanwhile, tightened EU finished steel quotas are expected to prompt European seaborne buyers to look to Asia for semi-finished steel alternatives.

[SMM steel]FHS has announced July price last Friday with a continuous sharp cut of 1050VND/kg (~40$/MT) compared to last month. Pls refer the below. ================= 20kt up: $538 CIF (14,230 VND/kg) 15kt - 20kt: $540 CIF (14,280 VND/kg) 10kt - 15kt: $542 CIF (14,330 VND/kg) 5kt – 10kt: $544 CIF (14,380 VND/kg) 2kt – 5kt: $546CIF (14,430VND/kg) <2kt: $548 CIF (14,490 VND/kg) Shipment: Aug/Sep 2026 Port: HCM/PM Ex rate: 26,460VND = 1$

[SMM Stainless Steel Daily Review] SS Futures Bottom Out, Stainless Steel Market Inquiry Activity Picks Up According to SMM on July 6, SS futures overall bottomed out during the session. The SS futures dropped sharply in the Friday night session but quickly recovered after the Monday daytime session opened. As of the close, the most-traded SS contract settled at 14,740 yuan/mt. In the spot market, morning stainless steel quotes were subdued by the Friday night decline, with overall offers on the low side. As futures surged, spot quotes were also restored in tandem. Market inquiry activity picked up notably, though transactions were mostly concentrated on low-priced cargoes. SS futures most-traded contract. At 10:15 a.m., SS2608 was at 14,725 yuan/mt, up 70 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 245-795 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; cold-rolled trimmed edge 304/2B coil average prices were flat in Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; the quote for hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil was flat in both Wuxi and Foshan. This week, the tug-of-war between macro factors and industry fundamentals dominated futures movements. US inflation data pulled back, and market expectations for US Fed interest rate hikes further cooled, the US dollar...