MMi Daily Iron Ore Report (November 17)

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums, Stainless Steel Traders Gradually on Holiday with Sluggish Trading SMM, February 6 – SS futures showed a weak and fluctuating pattern. During the day, nonferrous futures pulled back overall, and SS futures followed the decline, closing at 13,670 yuan/mt. In the spot market, although futures retreated, traders were gradually going on holiday, mostly in the winding-down stage, resulting in sluggish trading during the day, with quotations largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,755 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 415-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi was 14,100 yuan/mt, and in Foshan, 14,050 yuan/mt; for cold-rolled 316L/2B coils in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coils in Wuxi, 25,750 yuan/mt; for cold-rolled 430/2B coils in both Wuxi and Foshan, 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment, coupled with a sharp pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also experiencing wild swings. At the beginning of the week, prices once hit the limit down, and although a corrective rebound gradually unfolded later, the overall weak trend did not fundamentally reverse. The spot market, dragged down by futures fluctuations, moved lower in sync, with market sentiment following the futures...

[Unclear Price Trend, GO Silicon Steel Prices Likely to Remain in the Doldrums Next Week] This week, the cold-rolled grain-oriented silicon steel market generally remained in the doldrums, with a steady market pace and no wild price swings. Overall, it exhibited a trend of "slight softening amid stability and mediocre trading." According to market feedback, HRC futures fluctuated downward this week, rising first before falling. Affected by this, some traders adopted a cautious stance and slightly lowered their quotes to stimulate shipments, though the adjustments were limited. Currently, the overall trading atmosphere in the market is tepid, with end-user procurement pace slowing down. Most downstream buyers replenished stocks based on immediate needs, while speculative demand remained sluggish. Overall trading volume showed no significant improvement compared to last week.

On the 6th, HRC quotations in major domestic markets mostly held steady. Export prices remained stable.