Iron ore prices may hover around low levels amid impact of more seasonal factors

[SMM Chrome Daily Review: Loose Supply Pattern Unlikely to Change in the Short Term, Chrome Market Mainly in the Doldrums] June 4, 2026: The ferrochrome and chrome ore market experienced slight fluctuations...

[SMM Stainless Steel Daily Review] SS Futures Pullback Transmitted to Spot Market, Wait-and-See Sentiment Intensified and Stainless Steel Prices Pulled Back SMM, June 4 — SS futures trended lower and pulled back. Dragged down by declining SHFE nickel prices, SS futures pulled back in tandem, operating overall below the 15,000 yuan/mt level. As of the morning close, the most-traded SS contract was quoted at 14,745 yuan/mt. Spot market side, affected by the decline in SS futures, wait-and-see sentiment among downstream end-users of spot stainless steel heated up notably, with inquiries and transaction activity in the spot market weakening further, and trader offers adjusted downward accordingly. The most-traded SS contract fell and pulled back. At 10:15 AM, SS2607 was quoted at 14,770 yuan/mt, down 245 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 400-900 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled trimmed-edge 304/2B coil, the average price fell 50 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi remained flat; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, the stainless steel market saw futures edging up slightly while spot prices moved sideways and stabilized. The futures-spot linkage remained weak, and the market officially entered the traditional consumption off-season, with the tug-of-war between longs and shorts on fundamentals intensifying. Traders had weak confidence in the market outlook with strong wait-and-see sentiment, but the slight recovery in futures stabilized market activity. Combined with steel mills' agents selling at stable prices and downstream...

The Bureau of International Recycling (BIR) reported that global recycled steel consumption grew by 4.5% year-on-year to 480 million metric tons (mt) in 2025 across key markets, even as global crude steel output fell by 1.9% to approximately 1.85 billion mt. Global direct reduced iron (DRI) production also climbed 4.9% to 153 million mt, largely driven by India's 7.4% output increase to 58.9 million mt. In terms of trade flows, the EU-27 and the US remained the largest scrap exporters at 16.68 million mt and 11.76 million mt, respectively, while Turkey retained its position as the top importer with 18.76 million mt despite a 6.6% volume decline. Pakistan posted exceptionally strong import growth, surging 39.8% to 3.02 million mt. This decoupling of scrap consumption from total crude steel production underscores the accelerating global shift toward lower-carbon electric arc furnace (EAF) steelmaking. The sustained demand for scrap and DRI signals structurally tighter future raw material supplies, which will continually reshape global trade dynamics as countries secure resources for decarbonization.