[SMM Stainless Steel Daily Review: SS Futures Jump Initially and Then Pull Back With Strong Resistance Above 13,000 yuan/mt, Stainless Steel Spot Prices Pull Back and Trading Remains Weak] SMM, September 16: SS futures continued to show a pattern of jumping initially and then pulling back. Although the night session performed strongly overall, successfully breaking through 13,100 yuan/mt, the daytime session opened lower and gradually declined, falling back below 13,000 yuan/mt. In the spot market, morning trading was driven by the strong performance of SS futures, with traders raising their offers accordingly; however, actual transactions were relatively scarce. Subsequently, as futures weakened and agents lowered prices to move inventory, market offers followed suit downward, and sales pressure led to somewhat chaotic pricing. Downstream buyers exhibited strong wait-and-see sentiment, and actual transactions remained weak. On the futures side, the most-traded contract 2511 jumped initially and then pulled back. At 10:30 a.m., SS2510 was quoted at 13,045 yuan/mt, up 25 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 275-575 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,300 yuan/mt and in Foshan 13,330 yuan/mt; for cold-rolled 316L/2B coil, the price in Wuxi was 25,800 yuan/mt and in Foshan 25,800 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations reported 25,200 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt. Although the market has entered the traditional consumption peak season of "September-October peak season"...

Iron ore futures held up well today, with the most-traded contract I2601 closing at 803.5, up 0.82% WoW. Traders showed moderate enthusiasm in selling, while steel mills mainly purchased as needed. The market trading atmosphere was moderate.

As of September 16, the operating rate of 50 EAF steel mills mainly producing construction materials nationwide was 38.5%, down 1.22% from the previous period; the capacity utilization rate was 39.03%, down 1.79% from the previous period; the daily average production of construction materials was 86,900 mt, down 4,000 mt from the previous period.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Remain Volatile] The domestic iron ore market in Tangshan remains stable with a wait-and-see approach. The current ex-factory price for 66% grade iron ore concentrates on a dry basis, including tax, is 1,000–1,005 yuan/mt. Overall operations at mines and beneficiation plants remain at relatively low levels, and the supply of iron ore concentrates in the market remains tight. Steel mills continue to purchase cautiously, as recent profit margins have narrowed, leading to a predominance of purchasing as needed. Demand weakness is evident, and overall market transactions remain relatively sluggish.

According to the SMM survey, the impact from maintenance on construction steel increased during the current period (9.13-9.19). Last week, multiple steel mills conducted maintenance on blast furnaces and associated rolling lines, which was concentrated in the current period. Additionally, individual steel mills added maintenance on bar rolling lines. The impact from maintenance on construction steel reached 1.3147 million mt, up 49,200 mt from the previous period.

[SMM Stainless Steel Daily Review: SS Futures Break Through 13,000 yuan/mt Threshold, Steel Mills Raise List Prices and Spot Market Follows Suit with Increases] SMM, September 15 – SS futures continued to show a strong upward trend. Although the night session last Friday remained stable without significant fluctuations, during Monday's day session opening, driven by domestic major stainless steel mills raising list prices, SS futures surged strongly, briefly breaking through the 13,100 yuan/mt mark. On the spot market side, as SS futures climbed and steel mills increased list prices, stainless steel spot market offers followed suit with rises. Market sentiment gradually recovered, and inquiry volume increased. Although transactions for high-priced materials were slightly weak, after negotiations and concessions, the day's trading volume was moderate. In futures, the most-traded contract 2511 rose strongly. At 10:30 a.m., SS2510 was quoted at 13,020 yuan/mt, up 60 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 250-550 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coil averaged 8,100 yuan/mt; cold-rolled mill edge 304/2B coil averaged 13,250 yuan/mt in Wuxi and 13,250 yuan/mt in Foshan; cold-rolled 316L/2B coil was 25,800 yuan/mt in Wuxi and 25,800 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 25,200 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although the market has entered the traditional peak consumption season of "September-October peak season," and the Fe...

Today, the iron ore futures on the Dalian Commodity Exchange were in the doldrums, with the most-traded I2601 contract closing at 796, down slightly by 0.31% from the previous trading day. Traders showed moderate enthusiasm for selling; most steel mills were cautious and observing, while some mills made purchases at lower prices.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Shandong May Remain in the Doldrums] In Shandong, the pre-tax, dry basis, acceptance-paid ex-mine price for 64-grade alkaline iron ore concentrates was reported at 873 yuan, up 19 yuan. Miners are operating normally, with steel mills in both local and Hebei regions showing strong purchasing enthusiasm. Long-term contract shipments remain stable, and the overall market transaction atmosphere is moderate. Although the National Day holiday is approaching, steel mills have not intensified their overall restocking pace.

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.