MMi Daily Iron Ore Report (Nov 28)

[SMM Steel] [Vietnam] To stimulate buying interest, ASEAN hot-rolled coil (HRC) import prices fell to 550 USD/tonne CFR. Market feedback indicates that current offers for Indian-origin SAE1006 HRC for August-September shipments have dropped to 540 USD/tonne CFR Vietnam. Amid slow trading and a persistent wait-and-see stance from buyers, this significantly lower pricing may reflect short-selling behavior by some traders betting on further price declines. However, given weak market expectations, Vietnamese buyers indicated they are still unwilling to accept these lower offers.

[SMM Steel] [Iran] Despite the lifting of temporary export restrictions at the end of May, production from major steel mills remains constrained following airstrikes in late March. Driven by limited billet output and persistent domestic shortages, Iranian producers are prioritizing domestic sales, with most shipments sourced from existing stock rather than new production. Last week, slab demand remained weak, with only around 18000 tonnes transacted at an offer price of 462 USD/tonne EXW. As the Strait of Hormuz reopened and logistical constraints eased, coupled with lower ocean freight rates and falling Chinese steel prices, Iran's flat steel imports have increased, pushing imported HRC prices in the Persian Gulf region down to 560-570 USD/tonne CFR. Additionally, a combined shipment of approximately 30000 tonnes of billets and HRC was delivered to Bandar Imam Khomeini (BIK) via Iskenderun, Turkey last week.

From July 1, a 50% out-of-quota tariff grabs the headlines — but for stainless steel, the real rule change is "melt-and-pour" origin, and it rewrites who counts as the producer.