[SMM Analysis] As the off-season approaches, will the inventory drawdown in Lecong continue? Overall, due to the low arrival volumes from mainstream steel mills, the supply pressure in Lecong will remain low in the subsequent period. Meanwhile, demand remains resilient in the short term, and the off-season effect is not yet apparent. Therefore, SMM predicts that under the pattern of weak supply and stable demand, the inventory drawdown of HRC in Lecong will continue, and the spot price will remain relatively firm...

According to the SMM survey, as of May 21, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 88.41%, down 0.23 percentage point WoW. The capacity utilisation rate of blast furnaces was 90.08%, down 0.37 percentage point WoW. The daily average pig iron production of the sampled steel mills was 2.4303 million mt, down 10,000 mt WoW.

[SMM Steel Mill Guidance Price] Guidance prices for various series of domestic large stainless steel mills on May 21

[SMM Stainless Steel Daily Review: Favourable Macro Front Fades, Fundamentals Take the Lead; Sluggish Trading, Stainless Steel Market Weakens] SMM reported on May 21 that today, the SS futures market exhibited a fluctuating trend. As macro-level disruptions gradually faded, market trading logic reverted to being dominated by fundamentals. Amid the tug-of-war between bullish and bearish forces, the market direction remained unclear in the short term. Looking back at last week, driven by favourable macro factors, stainless steel spot prices strengthened significantly. Under the market psychology of "rush to buy amid continuous price rise and hold back amid price downturn," downstream procurement demand was concentrated and released. However, entering this week, the pent-up demand from the previous period has been largely met, leading to a significant decline in market trading activity and an increase in the pressure on traders to sell their goods. To boost sales, some traders opted to offer discounts, driving the overall spot prices in the doldrums. In the futures market, the most-traded contract 2507 fluctuated upward slightly. At 10:30 a.m., SS2507 was quoted at 12,870 yuan/mt, up 10 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 350 to 600 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 mill edge 304/2B coils had an average price of 13,175 yuan/mt in Wuxi and 13,175 yuan/mt in Foshan; the cold-rolled 316L/2B coils were priced at 23,875 yuan/mt in Wuxi and 23,875 yuan/mt in Foshan; the hot-rolled 316L/NO.1 coils were quoted at 23,100 yuan/mt in both regions; and the cold-rolled 430/2B coils were both priced at 7,500 yuan/mt in Wuxi and Foshan. As...

Today, the Dalian iron ore futures continued to hold up well, with the most-traded contract I2509 closing at 728.5, up 0.76% for the day. Traders sold their goods in line with market conditions, while steel mills adopted a wait-and-see attitude, with their purchase willingness weakening somewhat.

[SMM Rebar Daily Review: Can the Subsequent Trend Be Boosted Amidst Persistently Weak Demand?] Today, the futures market fluctuated and closed at 3,061, down 0.07% from the previous trading day. On the spot cargo side, market quotes were largely stable in the morning session, while in the afternoon, quotes in some regions loosened, with a decline of 10-20 yuan/mt. Trading activity was sluggish throughout the day.

[Brief Review of Domestic Iron Ore Market: Iron Ore Concentrates Prices in West Liaoning May Remain in the Doldrums with Fluctuations] The market prices of domestic ore in west Liaoning have remained generally stable. The ex-factory prices of 66-grade iron ore concentrates on a wet basis, excluding tax, range from 705 to 710 yuan/mt. Most producers refuse to budge on prices, but the downstream demand side is weak. Steel prices have been weak recently, and traders are concerned about the market outlook, thus inquiring cautiously.

Overall, the products in question subject to Malaysia's anti-dumping investigation accounted for 2.87% of China's total exports of tin-plated (coated) iron or non-alloy steel flat-rolled products, representing a relatively small proportion. Export destinations where anti-dumping products accounted for over 5% of total exports include Italy, Mexico, UAE, Belgium, and the US. The current varieties and specific progress of Malaysia's anti-dumping investigations against steel products from China are as follows.

Today, DCE Iron Ore futures continued to open lower and then rebounded slightly, with the most-traded contract I2509 eventually closing at 725, up 0.28% for the day. Traders' enthusiasm for selling was moderate. Steel trading was active today, with steel mills quoting higher prices and procurement volumes also increasing.