Data: SHFE, DCE market movement (May 13)

Today, the DCE Iron ore futures fluctuated upward today, with the most-traded contract I2609 closing at 820 yuan/mt, up 0.31% from the previous trading session. Port spot prices rose 3-5 yuan from the previous day. Traders showed low enthusiasm in offering; steel mills made few inquiries

[SMM Steel] The US Department of Commerce (USDOC) preliminarily determined that Mexico’s Deacero Group sold rebar in the US below fair market value during the review period from Nov. 1, 2023 to Oct. 31, 2024. USDOC assigned the group a weighted-average dumping margin of 8.45%. Reviews for Grupo Acerero, Grupo Simec, and Sidertul were canceled after customs data showed no shipments during the review period. Final results are expected within 120 days.

[SMM Steel] A Global Energy Monitor report showed that India is developing over 60% of the world’s new coal-based blast furnace steelmaking capacity, while India and China together account for 86% of planned projects globally. Around 319 million mt/year of new coal-based steel capacity is currently announced or under construction, despite the steel sector already contributing 11% of global CO₂ emissions. The report noted that only 34% of global steel production currently uses electric arc furnaces, while green hydrogen-based DRI accounts for just 2% of total DRI capacity. In India, 93% of planned ironmaking capacity still relies on coal-intensive technology, though only 5% has started construction so far.