MMi Daily Iron Ore Report (March 27)

[SMM Daily Chrome Review: Prices Pulled Back, Weak Confidence on the Ore Side; The Supply-Demand Relationship in the Ferrochrome Market Adjusted] March 30, 2026: Ferrochrome prices saw no adjustment for the time being, while chrome ore prices dropped back slightly...

Driven by the combined impact of macro policies and geopolitical factors, the stainless steel market outside China saw a marked upward shift in the cost center. Indonesia’s decision to impose tariffs on nickel and coal exports, together with the implementation of Europe’s CBAM carbon tax, directly ignited bullish sentiment across the raw material supply chain, leading to firm Indonesian export offers and a sharp surge in European alloy surcharges. Pushed strongly by costs, steel mills across many parts of Asia intensively raised their list prices. However, end-use demand outside China showed significant structural divergence, with Japan and South Korea remaining resilient while Taiwan, China came under pressure. As the rapid price rally in the earlier period triggered downstream fear of high prices, current procurement is strictly limited to rigid demand. Looking ahead, the specific implementation details of Indonesia’s tariffs and validation of substantive demand will become the core variables shaping futures. In the short term, markets outside China are likely to hover at highs while maintaining a cautious wait-and-see stance.

[SMM Stainless Steel Daily Review] Macro Uncertainty Coupled With Just-in-Time Demand Support Kept Stainless Steel Spot and Futures Fluctuating SMM News, March 30: SS futures maintained a fluctuating trend. As macro news continued to cause disruptions, the market struggled to find a clear direction, making it difficult to change the fluctuating pattern in futures. As of the midday close, prices stood at 14,360 yuan/mt. In the spot market, spot stainless steel transactions were mostly driven by just-in-time demand, with limited fluctuations in market quotations, and traders generally adopted a strategy of holding prices steady for shipments. Although current stainless steel prices still had some cost support, heavy macro uncertainty fostered strong wait-and-see sentiment in the market; to avoid price fluctuations, downstream players mostly made just-in-time procurement. Despite solid underlying just-in-time demand during the peak season, fundamental factors such as supply and demand and costs were still unlikely to dominate stainless steel price trends in the short term. The most-traded SS futures contract maintained a fluctuating trend. At 10:15 a.m., SS2605 was quoted at 14,365 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 105-305 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was unchanged; for cold-rolled trim-edge 304/2B coil, the average price in Wuxi fell by 50 yuan/mt, while the average price in Foshan held steady; cold-rolled 316L/2B coil in Wuxi was unchanged; for hot-rolled 316L/NO.1 coil, Wuxi quotations were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. The stainless steel market has now entered the traditional peak consumption season. Downstream end-user transactions remained stable, but market sentiment turned cautious, with end-user enterprises showing little willingness to stockpile, and purchases were mostly made through restocking as needed...