MMi Daily Iron Ore Report (Aug 22)

[SMM Stainless Steel Daily Review] SS Night Session Strengthens, Stainless Steel Spot Offers Rise Ahead of Dual Holidays According to SMM on September 23, SS futures opened stronger in the night session, driven by a higher open in SHFE nickel, with futures continuing to climb and probe higher. The intraday high touched 13,920 yuan/mt, and by the close, the most-traded SS contract settled at 13,840 yuan/mt. In the spot market, boosted by further strength in SS futures, coupled with recent news of production cuts at stainless steel mills and just-in-time procurement ahead of the Mid-Autumn Festival and National Day holiday, stainless steel agents and traders raised their offers somewhat, though overall trading volume remained limited as the holiday approached and buyers with just-in-time procurement needs saw their bargaining power diminish. SS futures most-traded contract. At 10:15 a.m., SS2611 was at 13,855 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 415-715 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi rose 75 yuan/mt, and the average price in Foshan rose 100 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil offers in Wuxi were flat; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, the overall market was dominated by a weak tone, with the nonferrous metals sector collectively hitting bottom, dragging SS futures down persistently, with an intraday dip to a low of 13,290 yuan/mt. As the US Fed's rate hike landed, previously accumulated macro headwinds were released in a concentrated manner and largely exhausted for the time being, and market pessimism...

India’s metal recycling industry has urged the government to cut GST on metal scrap to 5% from 18% and remove the Pre-Shipment Inspection Certificate (PSIC) requirement for scrap imports. Recyclers said the high GST increases working capital needs, while overseas inspection adds costs and can delay shipments. The government is also promoting critical mineral recycling through a INR 1,500-crore incentive scheme, with 58 companies approved so far and around 850 KTPA of planned recycling capacity.