MMi Daily Iron Ore Report (Sep 10)

Published: Sep 10, 2024 18:20
Today, iron ore fluctuated upward and plunged at the close. The most-traded contract I2501 finally settled at 675 yuan/mt, dropping 0.07% throughout the day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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[India Export] Indian HRC discussions into Europe were centred around 695–700USD/tonne CFR. A higher offer of around 715USD/tonne CFR Europe was also heard, although no transaction was confirmed at this level. European demand has improved amid production cuts, with ArcelorMittal raising its Southern European HRC offer by 20EUR/tonne (23USD/tonne) to around 790EUR/tonne delivered for November. Vietnam remains unattractive for Indian sellers given the higher realizations available in Europe and the domestic market. Indian billet export offers were heard at 485–490USD/tonne FOB India. Domestically, HRC remained around 633–654USD/tonne (60,000–62,000INR/tonne) EXW Mumbai. Higher coking-coal costs are supporting mills’ resistance to lower prices, while Indian HRC prices have already increased by around 4,000INR/tonne between August and early September.
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