[Brief Review of Domestic Iron Ore Market: Iron Ore Prices in West Liaoning May Continue to Decline] The ex-factory prices of domestically produced iron ore concentrates in west Liaoning have decreased by 5-10 yuan/mt, with current ex-factory prices (66% grade, wet basis, tax not included) at 705-710 yuan/mt. Recently, the market transaction atmosphere has been poor, and the cost-effectiveness of domestically produced iron ore concentrates has weakened, leading steel mills to adopt a more cautious approach in procurement.

Today, the DCE Iron Ore futures market experienced repeated fluctuations, with the most-traded contract I2509 eventually closing at 698.5, unchanged from yesterday's closing price, and recording a daily decline of 0.14%. Traders are shipping normally; steel mills are inquiring cautiously and purchasing as needed.

[SMM Stainless Steel Daily Review: Stainless Steel Market Struggles to Break Free from Strong Supply and Weak Demand, with Futures Market Leading the Decline Followed by Spot Market] SMM reported on May 28 that today, the SS futures market broke away from its previous consolidation pattern, experiencing a significant decline, with the most-traded contract price once again falling below the 12,700 yuan threshold. The spot market continued to exhibit a sluggish trend, with transaction prices continuously declining under the dual impact of persistently weak downstream demand and a weakening futures market. Although news of production cuts at stainless steel mills frequently circulated in the market today, the actual scale of these cuts remains limited, and the substantive impact of supply-side reductions on the market will take time to materialize. Therefore, the stainless steel market is expected to remain in the doldrums in the short term. In the futures market, the most-traded 2507 contract saw a significant decline. At 10:30 a.m., SS2507 was quoted at 12,750 yuan/mt, down 85 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 420-620 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 7,950 yuan/mt; cold-rolled trimmed 304/2B coils had an average price of 13,100 yuan/mt in Wuxi and the same in Foshan; cold-rolled 316L/2B coils were priced at 24,050 yuan/mt in Wuxi and the same in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,350 yuan/mt in both regions; and cold-rolled 430/2B coils were priced at 7,500 yuan/mt in both Wuxi and Foshan. Currently, the stainless steel market has entered the traditional consumption off-season, with notably weak downstream demand. However, on the supply side...

[SMM Rebar Daily Review: Supply-Demand Imbalance Intensifies, Short-Term Prices Consolidate] Today, rebar futures fluctuated downward, closing at 2,964 yuan/mt, down 0.77% from the previous trading day. In terms of spot prices, spot cargo quotes in most regions remained stable, with only a few regions experiencing a decline of approximately 10-20 yuan/mt. Trading volume throughout the day improved slightly compared to yesterday, primarily driven by lower-priced resources.

According to a survey by SMM, as of May 28, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 88.35%, down 0.06 percentage points WoW.

[SMM Hot Topic: Summary of Q1 Reports from 44 Steel Enterprises: Nearly 70% Achieved YoY Net Profit Growth] In Q1, the supply-demand imbalance in China's domestic steel market remained prominent. According to data from the National Bureau of Statistics (NBS), in Q1 2025, China's crude steel production reached 259 million mt, up 0.6% YoY. The domestic steel price index in Q1 decreased by 9.9% YoY, while the Platts 62% iron ore index increased by 1.0% YoY, and the price of coking coal in Lvliang, Shanxi, decreased by 36.1% YoY. Although the cost of raw materials and fuels for steel enterprises improved somewhat, the profit margins in the steel industry remained limited due to weak demand in the steel market, and operational pressures persisted.

[SMM Steel Mill Guidance Price] Guidance prices for various series of domestic large stainless steel mills on May 28