MMi Daily Iron Ore Report (June 6)

[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Weak Note; Pre-Holiday Spot Prices Hold Steady Awaiting Post-Holiday Market According to SMM on September 30, SS futures currently maintained a consolidation pattern on a subdued note. Dragged by further declines in SHFE nickel, SS moved lower in tandem, though the overall decline was relatively narrow. At the close, the most-traded SS contract settled at 1,370 yuan/mt. In the spot market, on the last trading day before the National Day holiday, actual transactions were limited, with most industry participants already in a pre-holiday standby mode and some even having left early for the holiday. Spot prices remained stable for the time being, awaiting post-holiday market developments. SS futures, the most-traded contract. At 10:15 a.m., SS2611 was quoted at 13,695 yuan/mt, down 120 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 525-875 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil remained flat; for cold-rolled 304/2B coil with mill edges, the average price in Wuxi held steady, while the Foshan average was unchanged; the price of cold-rolled 316L/2B coil in Wuxi was flat; for hot-rolled 316L/NO.1 coil, Wuxi quotes were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, stainless steel futures showed a consolidation pattern with a weak but resilient tone. During the week, overall sentiment in the nonferrous metals complex was subdued, and persistently falling SHFE nickel prices weighed on commodity market sentiment. However, SS futures did not follow the decline deeply, with the futures showing relatively firm performance, maintaining a weak consolidation with strong resilience and no breakdown below key levels. The spot market continued its subdued tone as the peak-season narrative was disproven, with sluggish end-use demand constraining market activity...