Today, the most-traded iron ore futures contract held up well during the day, with the most-traded contract I2601 closing at 799.5, down 0.06% from the previous trading day. Traders sold at market prices; some steel mills locked in profits, and procurement volume increased.

As of September 11, the inventory of construction steel in Hangzhou reached 1.006 million mt, up 116,000 mt WoW, an increase of 13.03% WoW and 112.24% YoY. The current inventory level has surpassed 1 million mt, approaching the winter stockpiling level of 2025.

[SMM Stainless Steel Daily Review: Prices Hold Steady in September Peak Season Amid Macro Tailwinds, Slow Demand Recovery and Market Watch Keep Upside Resistance Unbroken] SMM, September 12 — SS futures showed a strengthening and probing trend. Overnight, US Labor Department data indicated that initial jobless claims this week reached a new high since 2021, with weakness in the job market further fueling expectations for a US Fed interest rate cut in September. Against this macro-positive backdrop, SS futures strengthened but were constrained by sluggish spot market transactions, failing to break through the 13,000 yuan/mt barrier. On the spot market side, SS futures encountered resistance at the 13,000 yuan/mt level, struggling to rise, with stainless steel spot prices largely holding steady this week. Downstream market caution and wait-and-see sentiment intensified again, inquiry activity weakened, and just-in-time procurement dominated, with traders reporting relatively sluggish transactions this week. However, as the peak consumption season approaches, downstream demand is gradually recovering, just-in-time stockpiling is increasing, and social inventory of stainless steel has further declined, particularly with tight supply of 304 HRC coils. Approaching expectations for a US Fed interest rate cut, coupled with persistently strong cost-side support for stainless steel, are providing bullish confidence to the stainless steel market. Yet, macro policies have not been implemented, and the downstream recovery process is slow, collectively limiting the strengthening trend of the stainless steel market during the peak season. Futures side, the most-traded contract 2511 held up well. At 10:30 a.m., SS2510 was quoted at 12,960 yuan/mt, up 65 yuan/mt from the previous trading day. Wuxi region 304/2B spot premiums/discounts...

Iron ore futures moved downwards after a higher opening today, with the most-traded contract I2601 closing at 795.5, down 0.81% from the previous trading day. Traders sold at market prices, while steel mills purchased as needed at lower levels.

[SMM Stainless Steel Daily Review: Ferrous Futures Pullback Dragged SS Lower, Cost Support Remained Firm and Stainless Steel Spot Prices Were Largely Stable] SMM, Sep. 11: SS futures continued to be in the doldrums. The overall weakness in ferrous metals futures further dragged SS futures lower, with prices trading below 12,900 yuan/mt for most of the day. In the spot market, the lower futures prices led downstream end-users to remain cautious and adopt a wait-and-see attitude, with just-in-time procurement dominating the market, and spot market transactions remained sluggish. However, transaction prices for high-grade NPI moved higher during the day, and the ferrochrome market also remained strong. Additionally, just-in-time procurement increased as the peak season began. Although acceptance of high-priced cargoes remained low, traders were relatively optimistic about the market outlook, and offers were largely stable during the day. Social inventory fell further this week, down 1.75% WoW to 902,600 mt. In futures, the most-traded contract SS2510 was in the doldrums. At 10:30 a.m., SS2510 was quoted at 12,895 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 325-625 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,100 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 13,200 yuan/mt in Wuxi and 13,200 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil was 25,825 yuan/mt in Wuxi and 25,825 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil was 25,300 yuan/mt in both regions...