Iron ore futures traded firmer on Friday. The DCE most-traded I2701 contract settled at 727 yuan/mt, up 1.04% from the previous session. Qingdao port spot prices rose by an average of 1 yuan/mt, with traders showing only moderate enthusiasm in offering and mills buying on an as-needed basis. Overall spot trading activity was lacklustre.

[Rebar] Today, rebar export quotations at Tianjin Port rose by USD 1/ton in tandem with the futures market, with overall transaction prices ranging from USD 484-489/ton. According to exporters, market inquiries were decent today but transactions remained modest. Some mills have seen sentiment improve, holding the view that September may see restocking expectations overseas, and rebar export demand could gradually improve.

[Steel Billet] Today, FOB export prices for square billets edged up by USD 1/t, with quotations at Jiangyin Port at USD 460–465/t. According to market feedback, overseas just-in-need demand is still in the recovery stage, and there has been some inquiry activity in the market. However, steel mills—taking production costs into account—are generally quoting at relatively high levels, making deals difficult to conclude.