Today, DCE iron ore futures continued to trade in the doldrums, with the most-traded contract I2509 closing at 703.5, down 0.78% for the day. Traders' enthusiasm for selling was moderate; steel mills had largely completed their pre-holiday inventory restocking, resulting in fewer inquiries. The market trading atmosphere was moderate.

[SMM Rebar Daily Review: How Will Prices Trend After the Holiday as Downstream Stocking Demand is Released Before the Holiday?] Today, rebar futures fluctuated and closed at 3,096, down 0.42% from the previous trading day. On the spot cargo side, as the market gradually entered the holiday period, spot cargo quotes in various regions were largely stable, with prices in some regions easing by 10-20 yuan/mt, and overall trading performance was average.

【Brief Review of Domestic Iron Ore Market: Iron Ore Concentrates Prices in Tangshan Region May Remain in the Doldrums】The trading activity in Tangshan's iron ore concentrates market is sluggish. The delivery-to-factory prices for 66% grade dry-basis iron ore concentrates, inclusive of tax, range from 940 to 950 yuan/mt. Producers are adopting a wait-and-see attitude, with spot cargo holders maintaining firm asking prices. However, some are considering destocking a small amount before the holiday. As the holiday approaches, individual steel mills have shown an increased willingness to restock, but considering profit margins, there are few inquiries for price increases.

【SMM Steel Mill Guidance Price】Guidance prices for various series of domestic large stainless steel mills on April 30: Adjustments were made before the holiday.

SMM reported on April 30 that the total inventory in the stainless steel markets of Wuxi and Foshan decreased this week (April 25-30, 2025), falling from 985,800 mt to 975,400 mt, down 1.05% WoW. On the demand side, downstream firms stockpiled goods to meet immediate needs ahead of the Labour Day holiday, with stable demand. Low prices prompted enterprises and traders to restock at any time.

[SMM Daily Review of Stainless Steel Spot Market: Prices Edge Up as Low-Priced Supplies Dwindle, Supply-Demand Imbalance in Stainless Steel Market Awaits Resolution] SMM reported on April 30 that today, SS futures continued their previous fluctuating trend in the doldrums. As the Labour Day holiday approaches, the market did not witness the expected pre-holiday stockpiling frenzy, with all parties maintaining a cautious wait-and-see attitude. Currently, transactions are mainly concentrated on low-priced warrant cargoes, with most other purchases driven by rigid demand. Notably, as stainless steel prices hit a relatively low level, further downward resistance has significantly increased. Coupled with the gradual depletion of low-priced supplies, market prices have shown signs of a slight rebound. In the futures market, the most-traded contract 2506 is operating in a fluctuating trend in the doldrums. At 10:30 a.m., SS2506 was quoted at 12,655 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 8,100 yuan/mt; the cold-rolled trimmed 304/2B coils had an average price of 13,000 yuan/mt in Wuxi and 13,000 yuan/mt in Foshan. From the perspective of market fundamentals, the current stainless steel prices have led to significant losses in the stainless steel sector. Additionally, the prices of furnace charges such as nickel and chromium have remained relatively firm, highlighting the prominent cost-supporting effect. However, the overall production cuts in the industry have been insufficient, with production being maintained more through adjustments in steel grade structures, resulting in an insignificant contraction effect on the supply side. On the demand side, impacted by the US tariff policies, downstream enterprises hold a pessimistic outlook, leading to increasingly cautious purchasing behavior. Despite prices being at a low level, market transactions have not significantly improved, with weak demand remaining the core contradiction constraining the recovery of the stainless steel market.