MMi Daily Iron Ore Report (February 25)

This week, HRC social inventory was 3.4922 million mt, down 22,800 mt from the previous period, down 0.65% WoW, up 31.41% YoY, and up 20.59% on a lunar-calendar YoY basis. This week, HRC mill inventory was 1.159 million mt, down 48,700 mt from the previous period, down 4.0% WoW, up 3.60% YoY, and down 1.91% on a lunar-calendar YoY basis. This week, total HRC inventory was 4.6512 million mt, down 71,500 mt from the previous period, down 1.51% WoW, up 23.17% YoY, and up 14.07% on a lunar-calendar YoY basis.

Vietnamese steelmaker Hoa Phat Group has officially launched the second phase of a massive rooftop solar project at its Dung Quat steelmaking complex to enhance energy self-sufficiency and lower carbon emissions. This 22.5 MWp installation spans rolling mills, the hot-rolled coil production unit, and warehouses, generating roughly 32.8 million kWh annually. Set for full completion across five phases by the second quarter of 2027, the $22.7 million initiative will reach a total capacity of 79.2 MWp, cutting carbon emissions by more than 78,000 metric tons per year and improving the mill's export competitiveness in carbon-regulated markets like the EU.

Global crude steel production declined by 2.2% year-on-year in February 2026, dropping to 141.8 million metric tons, according to data from the World Steel Association. However, production outside of the largest Asian markets showed strong localized growth, driven by robust domestic demand and infrastructure spending. India surged ahead with a 7.7% year-on-year increase to reach 13.6 million tons, while the United States recorded a 5.8% jump to 6.5 million tons. Germany also demonstrated a noticeable recovery, pushing its national steel output up by 4.8% to 2.8 million tons for the month