MMi Daily Iron Ore Report (February 5)

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.

Mesabi Metallics Company, backed by the Essar Group, announced on March 31, 2026, that it has secured a $520 million senior secured credit facility to complete its iron ore mine and pellet plant in Nashwauk, Minnesota. The project, which is in an advanced stage of development, is now on track to commence commercial operations in the third quarter of 2026. This facility is designed to produce 7 million tonnes of high-grade iron ore pellets annually, providing a critical domestic supply of feedstock for North American blast furnaces and future direct reduction plants.