MMi Daily Iron Ore Report (June 3)

According to SMM survey, on 23 April, the total inventory across the 10 ports in China tracked by SMM stood at 114.32 million tonnes, marking a week-on-week decrease of 1.16 million tonnes. During this period, coarse fines, lump ore, and pellets experienced minor destocking, while concentrates saw a slight accumulation.

[Limited Fundamental Support for Prices, GO Silicon Steel Prices May Be in the Doldrums Next Week] In terms of supply, China's steel mills maintained a steady production pace. Regular GO silicon steel resources remained in ample supply, while high-grade Hi-B resources saw no supply expansion due to technical barriers and production schedule constraints. The overall market continued to exhibit a divergent pattern of "low-end surplus and relatively balanced high-end." On the demand side, downstream transformer enterprises continued to see weak orders, with end-user operating rates remaining moderate. Procurement was primarily need-based restocking, and pre-Labour Day holiday restocking demand release fell short of expectations. End-user enterprises generally adopted a wait-and-see stance, concerned about a post-holiday price pullback, maintaining a cautious procurement pace.