Latest Update in the SMM Finished Steel Market

DCE iron ore futures market roseing sharply trends，the main contract closed 827，an increase of 5.35% throughout the day. There is a strong wait-and-see sentiment in the market,

Today's rebar futures swung on a strong note amid brisk market sentiment.

During the survey period (March 12-March 18), the output of wire rod increased while that of rebar declined, and the total inventory of building materials continued to decline.

Data from the General Administration of Customs on March 7 showed that China’s steel exports were up 32.6% YoY at 15.912 million mt, and its average export price was $791.7/mt, down $374.2/mt YoY.

In the first 10 days of March 2024, key steel mills produced 20.5798 million mt of crude steel, 18.4376 million mt of pig iron and 19.2762 million mt of finished steel.

According to SMM survey of 50 EF steel mills that mainly produce construction steel, their operating rates was 42.2%, down 2.08 percentage points WoW, as of March 12.

Ferrous metal prices dipped last week.

As of March 15, iron ore inventory across 35 ports tracked by SMM totaled 139.15 million mt, up 1.09 million mt WoW and 6.03 million mt YoY.