Today, DCE Iron Ore futures saw a significant decline, with the most-traded contract I2509 closing at 693.5, down 2.73% for the day. Traders' enthusiasm for selling was moderate; steel mills purchased as needed, and the market transaction atmosphere was acceptable.

【SMM Weekly Review of Stainless Steel Social Inventory: Inventory Buildup Observed in Wuxi and Foshan Stainless Steel Markets Amid Holiday Effect】This week (May 1-8, 2025), the total inventory in the two major stainless steel markets of Wuxi and Foshan showed an inventory buildup trend, rising from 975,400 mt on April 30, 2025, to 989,100 mt on May 8, 2025, representing a 1.4% WoW increase. Inventory pressure on stainless steel social inventory increased somewhat after the Labour Day holiday.

[SMM Rebar Daily Review: Inventory Increases Slightly After Holiday, Construction Steel Prices Fluctuate Downward in Search of Bottom] Today, rebar futures fluctuated downward, closing at 3,052 yuan/mt, down 1.74% from the previous trading day. In terms of spot prices, as the futures market weakened, spot prices in most regions fell by 10-30 yuan/mt, with market transactions mainly focused on low-priced resources, and the overall transaction situation remained average.

[SMM Daily Review of Stainless Steel Spot Market: Cautious End-Users Fail to Change the Stable Trend of Stainless Steel Prices] SMM reported on May 8 that the market was heavily influenced by multiple news events today, leading to volatile market conditions. On the one hand, the US Fed meeting sent hawkish signals, suggesting a potential delay in the interest rate cut process. On the other hand, Trump announced that a trade agreement would be reached with a major country that night, and the expectation of tariff reductions boosted market sentiment. Stimulated by these two factors, SS futures strengthened rapidly after the opening of the daytime session. However, the market rally could not be sustained. As nickel prices and ferrous metals series futures declined overall, SS futures came under pressure, with gains quickly narrowing and turning into a pullback. Despite the upward momentum in the market, end-users in the downstream sector remained cautious in their procurement, with limited acceptance of high-priced resources. This kept stainless steel spot prices stable overall, without significant fluctuations in line with futures. In the futures market, the most-traded contract 2506 experienced an upward exploration followed by a pullback. At 10:30 a.m., SS2506 was quoted at 12,780 yuan/mt, up 30 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 340-540 yuan/mt. In the spot market, the cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 8,050 yuan/mt. The average price of cold-rolled trimmed 304/2B coils was 13,050 yuan/mt in Wuxi and 13,050 yuan/mt in Foshan. The cold-rolled 316L/2B coil was priced at 23,850 yuan/mt in Wuxi and 23,850 yuan/mt in Foshan...

【SMM Steel Mill Guidance Price】Guidance Prices for Different Series of Domestic Large Stainless Steel Mills on May 8

【Tsingshan Stainless Steel Plate Prices】On May 8, 2025, Tsingshan announced the guidance prices for 304 cold-rolled and hot-rolled futures. The cold-rolled 304 Hongwang/AEON/Ruipu/Shangke prices were set at 12,800, and the 304 Yongjin 4-foot prices were set at 12,900. The reported volumes are pending approval, remaining unchanged from the previous plate prices.

[Zhangpu Stainless Steel Plate Prices] Zhangpu stainless steel plate prices on May 8, 2025: In the Wuxi market, 304 HRC is priced at 13,200; cold-rolled stainless steel is priced at 14,000; 316L HRC is priced at 23,400, up by 100; cold-rolled 316L stainless steel is priced at 24,100, up by 100; 321 HRC is priced at 15,600.

【Dongfang Special Steel Stainless Steel Plate Prices】Dongfang Special Steel's stainless steel plate prices on May 8, 2025: Hot-rolled coil (4-8mm) 304 price at 12,750; 316L price at 22,900, up by 50.

[TISCO Stainless Steel Plate Prices] TISCO stainless steel plate prices on May 8, 2025: Cold-rolled 304 at 15,850; 321 at 16,400; 316L at 25,750, up 100; 430 at 9,800; HRC 304 at 15,100, up 50; 304L at 15,200; 321 at 15,700; 316L at 24,800; Medium-thickness plates (random length) 304 at 16,700; 304L at 16,900; 321 at 18,800; 316L at 28,000.