[SMM Analysis: How Will the Maintenance of Stainless Steel Mills in Q2 2025 Affect the Market?] SMM reported on April 29 that some stainless steel mills will undergo maintenance in Q2 2025, mostly during the period of weak market demand from May to June. The main reasons are annual maintenance and ultra-low emission upgrades, which will have limited impact on market supply and prices.

oday, the Dalian iron ore futures continued to fluctuate rangebound, with the most-traded contract I2509 closing at 709, up 0.28% for the day. Traders sold goods according to market conditions; steel mills' restocking was nearing completion, and they purchased as needed. The market transaction atmosphere was moderate.

【SMM Steel Mill Guidance Price】Guidance prices for various series of domestic large stainless steel mills on April 29.

SMM Stainless Steel Spot Market Daily Review: Stainless Steel Transactions Remain Sluggish Before Labour Day Holiday, Market Stalemate with Prices Hard to Rise or Fall Today, SS futures first fell and then rose, continuing the previous fluctuating trend. As the Labour Day holiday approaches, downstream enterprises are in a strong wait-and-see mood, with muted demand for pre-holiday stockpiling, and market transactions remain sluggish. Currently, stainless steel prices have fallen to relatively low levels, and most stainless steel producers are caught in a dilemma of cost and selling price inversion, making it difficult for prices to fall further. However, affected by the continuous decline in futures prices, current market transactions are mainly low-priced warrant trades and rigid demand purchases, and market activity urgently needs to be improved. Futures side, the most-traded contract 2506 fluctuated. At 10:30 am, SS2506 was quoted at 12,685 yuan/mt. In the spot market, the average price of cold-rolled trimmed 304/2B coil in Wuxi was 12,950 yuan/mt, and in Foshan, it was 13,000 yuan/mt. Currently, pre-Labour Day holiday procurement and stockpiling demand have not met expectations, and market transactions continue the previous sluggish trend. Although the market generally believes that stainless steel prices are at relatively low levels and have rebound potential, the futures market continues to show a weak and fluctuating trend, suppressing spot prices, which remain at low levels. Although there are occasional reports of production cuts by stainless steel mills, the overall production decline is limited, with more structural adjustments between steel grades, and no substantial reduction in supply. Affected by the uncertainty of tariff policies, the cautious and pessimistic sentiment of downstream enterprises continues to spread, and the market is expected to remain in a state of multi-party game in the short term, with prices likely to remain stable.

[SMM Daily Rebar Review: Labour Day Holiday Approaches, Will Construction Steel Prices Remain Weak?] Today, rebar futures fluctuated downward, closing at 3,100, down 1.21% from the previous trading day. On the spot cargo side, quotes in most regions loosened, with declines ranging from 10 to 30 yuan/mt. Market sentiment significantly weakened compared to the previous two days, and trading atmosphere was poor. Additionally, as restocking before the holiday was largely completed, traders mostly maintained a wait-and-see attitude, and overall trading performance was average throughout the day.

【Brief Review of Domestic Iron Ore Market: Iron Ore Concentrates Prices in Western Liaoning May Remain Stable】The market in western Liaoning is relatively stable, with ex-factory prices for 66% grade wet-basis iron ore concentrates (excluding tax) at 700-710 yuan/mt. The region is once again facing safety inspections by the municipal government, causing some mines and beneficiation plants to face production halts and rectifications. The local supply of iron ore concentrates remains tight, and the overall sentiment to stand firm on quotes among mines and beneficiation plants remains strong.

[Operating Rate of Steel Mills Using Externally Purchased Billets (SMM Survey)] According to the SMM survey, as of April 29, the operating rate of steel mills using externally purchased billets, which mainly produce construction steel, was 34.64%, up 12.5 percentage points from the operating rate at the end of March, and up 9.14 percentage points YoY.