MMi Daily Iron Ore Report (January 9)

This week, HRC social inventory was 3.538 million mt, down 10,600 mt from the previous period, down 0.30% WoW, up 23.44% YoY, and up 24.36% on a lunar-calendar YoY basis. This week, HRC mill inventory was 1.186 million mt, up 42,900 mt from the previous period, up 3.75% WoW, up 3.70% YoY, and down 1.04% on a lunar-calendar YoY basis. This week, total HRC inventory was 4.724 million mt, up 32,200 mt from the previous period, up 0.69% WoW, up 17.81% YoY, and up 16.83% on a lunar-calendar YoY basis.

[Market Sentiment Remained Primarily Cautious, Grain-Oriented Silicon Steel Prices Might Continue to Hold Steady Next Week] This week, grain-oriented silicon steel quotations were temporarily stable, with only limited recovery in transactions. HRC futures strengthened and then fluctuated this week, but Baowu's base prices for grain-oriented silicon steel in April remained stable, overall market sentiment stayed cautious, and procurement demand was unlikely to be released.

On the 12th, China’s export prices for sheets & plates rose by $1-2/mt.