According to the SMM survey, on July 2, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 87.54%, down 0.42 percentage points WoW.

Today, DCE iron ore futures weakened in the morning but surged significantly in the afternoon. The most-traded contract I2509 closed at 722.5, up 1.69% for the day. Traders were actively selling their goods. Steel mills' wait-and-see sentiment intensified, with inquiry volumes decreasing compared to yesterday.

[Domestic iron ore market brief: Iron ore concentrates prices in west Liaoning may rise slightly] Prices of iron ore concentrates in the west Liaoning region have remained relatively stable, with ex-factory prices (excluding tax, wet basis) for 66% grade iron ore concentrates ranging from 670 to 680 yuan/mt. Various inspections have been relatively frequent in the local area, leading to a relatively tight supply of iron ore concentrates production resources overall, which provides certain support for local ore prices.

[SMM Rebar Daily Review: Policy Signals Boost Steel Prices, Market Competition Intensifies, Beware of Price Jump Initially and Then Pull Back] Today, the futures market fluctuated upward, closing at 3,065, up 2.61% from the previous trading day. On the spot side, most market quotes increased, with gains ranging from 10 to 60 yuan/mt, driving a slight release of speculative demand in the market. However, purchases for actual needs remained weak, and overall trading performance was average.

[SMM Steel Mill Guidance Price] Guidance prices for various stainless steel series from large domestic steel mills on July 2

[SMM Stainless Steel Daily Review: Futures Drive Spot Prices Up, Inquiries in Stainless Steel Market Recover Slightly] SMM reported on July 2 that, influenced by the increasingly clear expectations for US Fed interest rate cuts, the SS futures market stopped falling and rebounded again, with the intraday high approaching 12,700 yuan/mt. In the spot market, thanks to the boost from the futures market, traders' quotes generally strengthened in the morning. The relatively low quotes from yesterday had basically disappeared, and market inquiries also recovered slightly. Despite relatively small changes in the fundamentals, downstream cautious wait-and-see sentiment had not yet fully dissipated, and the degree of recovery in actual transactions was not ideal. However, driven by the concessions of some traders, the transaction situation had also slightly improved compared to previous days. Currently, although stainless steel prices are at a low level and steel mills are facing losses and production cuts, the in-plant inventory and social inventory of stainless steel mills remain high. The repair of the market supply-demand relationship still takes time, and it is difficult for the fundamentals to change significantly in the short term. The market is in a stalemate, and spot prices are mostly driven by the changes in the futures market. In terms of futures, the most-traded contract 2508 strengthened and rose. At 10:30 a.m., SS2508 was quoted at 12,635 yuan/mt, up 115 yuan/mt from the previous trading day. In the Wuxi area, the spot premiums/discounts for 304/2B stainless steel ranged from 135-335 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,625 yuan/mt; the cold-rolled trimmed 304/2B coils had an average price of 12,700 yuan/mt in Wuxi and 12,700 yuan/mt in Foshan; the cold-rolled 316L/2B coils were priced at 23,800 yuan/mt in Wuxi and 23,800 yuan/mt in Foshan; the hot-rolled 316...