MMi Daily Iron Ore Report (June 28)

Hot-rolled coil inventory at Zhangjiagang Port was 375,000 mt this week, up 30,000 mt WoW, an increase of 8.70%; the YoY decline was 12.79% on a solar calendar basis and 12.38% on a lunar calendar basis.

[SMM Steel] ArcelorMittal Kryvyi Rih lost around 300,000 mt of steel exports in Q1 2026 after the Carbon Border Adjustment Mechanism added $60–90/mt in extra costs, prompting EU customers to cancel orders. The company had planned to ship 1.2–1.25 million mt to Europe in 2026, nearly half of its production, but access to the EU market has been significantly disrupted.

[SMM Coking Coal and Coke Daily Brief] In terms of supply, coke producers' profits have recovered notably, production enthusiasm was moderate, operations remained stable, and coke sales were smooth with no significant inventory pressure for the time being. Demand side, steel mills maintained normal production, daily average blast furnace hot metal output increased slightly, and rigid demand for coke increased. However, steel mill profitability was generally weak, with only some low-inventory steel mills actively procuring, while most steel mills slowed down their coke procurement pace. In summary, bullish sentiment has faded notably, and the coke market may remain stable in the short term.