[SMM Iron & Steel] AM/NS India Commences Phase 2 Expansion at Hazira to 15 MTPA

Today, the DCE iron ore futures strengthened today. The most-traded DCE contract I2609 closed at 719 yuan/mt, up 2.57% from the previous trading session. Spot iron ore prices at Qingdao Port rose by an average of about 10-15 yuan/mt from the previous trading day. Traders offered actively, steel mills purchased as needed, and overall spot transactions were moderate. Currently,

On August 6 China's steel export prices generally edged higher. Some flat-product export prices rose 1 USD/tonne day on day, with HRC transactions at 481-484 USD/tonne; prices have risen for successive days after the earlier decline, enquiries increased, and some products that did not follow the rise saw a degree of business. Billet export FOB prices rose 1 USD/tonne, with Jiangyin port offers at 450-455 USD/tonne, although overseas demand is fairly limited, billet export enquiries are few and competition is fierce, so deals are only possible with price concessions. Rebar export offers at Tianjin port rose 1 USD/tonne with transactions at 475-481 USD/tonne; a modest gain in futures improved enquiry sentiment and some mills concluded small-lot business, while GB-standard rebar exported to Hong Kong was offered at about 505-508 USD/tonne CFR with demand still present.