MMi Daily Iron Ore Report (February 6)

[Vietnam] ASEAN HRC prices slipped to USD 535/tonne CFR Vietnam, while workable indications fell further to around USD 530-535/tonne CFR. Buyers largely stayed out of the market this week due to high domestic inventories and limited appetite for additional imports. Chinese-origin Q195 HRC was reportedly traded at around USD 502-505/tonne CFR Vietnam last week, but buying interest has weakened this week following earlier restocking, leaving near-term import activity subdued.

[Indonesia] Now, the Price of HRC is considered around 520-523 USD/ton FOB. This is due to the mill trying to match the gap between the buyer & user. As the price is considered already high but the demand is there as they are trying to fulfill the needs for the end of the year. But in the news, the demand is considered back again as the delivery is already in January 2027. The one that should be looked at is the situation at next week that in China is considered off season as they will have holiday for a week. So, if the indonesia's price is following the China's price, this one will be important for the next week at least.

U.S. Steel Košice (USSK), Nippon Steel's operating base in Slovakia, will invest around €0.9 billion in an electric arc furnace (EAF) and an air separation unit (ASU) at its Košice Steelworks. The EAF will have annual capacity of about 1.6 million mt and will run alongside existing blast furnaces, with production expected to start in 2030, while the ASU is set to begin operations in 2029. USSK signed a grant agreement with the Slovak government for up to €350 million from the EU Modernization Fund, comprising €310 million for the EAF and €40 million for the ASU.