MMi Daily Iron Ore Report (November 11)

[Yonggang April-1, 2026 General Steel Price Adjustment] Yonggang’s April-1, 2026 construction steel price adjustment: rebar and wire rod remained stable; current prices were rebar at 3,450 yuan/mt, wire rod at 3,700 yuan/mt, and coiled rebar at 3,700 yuan/mt; for the March-3 period, rebar was compensated by 175 yuan/mt and wire rod by 235 yuan/mt; for this period, the monthly discount interest rates for electronic bank acceptance bills were 1.19‰ for Tier 1 and Tier 2 banks, 1.29‰ for provincial city commercial banks, and 1.49‰ for Tier 3 and Tier 4 banks. [SMM Steel]

This week, Lecong hot-rolled coil inventory stood at 960,400 mt, down 47,300 mt WoW, a decline of 4.69%; up 3.93% YoY on a calendar basis and down 6.42% YoY on a lunar calendar basis.

The World Steel Association reported on March 25, 2026, that while global crude steel production fell by 2.2% in February, India’s production surged by 7.7% year-on-year to reach 13.6 million tonnes. This growth is driven by the government's aggressive infrastructure spending and the "Make in India" initiative, which has bolstered domestic steel consumption. The increase in Indian output helps offset production declines in Russia and South America, as the country moves toward its national goal of 300 million tonnes of annual capacity by 2030.