The most-traded iron ore futures contract moved downwards after a higher opening today but held up well throughout the day. The most-traded I2601 contract finally closed at 795, up 1.02% from yesterday. Traders sold goods in line with market conditions;

[SMM Stainless Steel Daily Review: Post-Holiday SS Futures Retreat After Rapid Rise, Weak Stainless Steel Fundamentals Constrain Market Trends] SMM October 10: SS futures showed a trend of falling back. Driven by the overall weakness in metal futures, SS futures followed suit and declined, once breaking below 12,800 yuan/mt during the session. In the spot market, during the first week after the holiday, industry participants gradually resumed work, but the spot market continued the sluggish trend seen before the holiday, with downstream end-users maintaining a cautious wait-and-see attitude toward purchases. Although LME nickel prices rose during the holiday due to macro tailwinds, and domestic metal futures generally explored higher after the holiday, the fundamentals of stainless steel remained weak, leading to a rapid pullback after the rise, with overall spot quotations showing relatively small fluctuations. On the futures side, the most-traded contract SS2511 strengthened and moved higher. At 10:30 a.m., SS2511 was quoted at 12,780 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 340-640 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was reported at 8,100 yuan/mt; the average price of cold-rolled mill edge 304/2B coil was 13,100 yuan/mt in Wuxi and 13,100 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil in Wuxi was 25,650 yuan/mt, and 25,650 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was reported at 24,950 yuan/mt in both regions; the price of cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. During the first week after the holiday, the domestic stainless steel market was generally in a holiday state during the National Day and Mid-Autumn Festival holidays, with...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Continue to Rise] Iron ore concentrate prices in west Liaoning have remained relatively stable after the holiday. The current ex-factory price for 66% grade iron ore concentrates on a wet basis, excluding tax, is 740-750 yuan/mt. Supply from mines and beneficiation plants remains relatively tight, with a strong wait-and-see sentiment prevailing. They are unwilling to sell at prices below their psychological expectations. Steel mills are currently purchasing as needed.

[SMM Stainless Steel Daily Review: Post-Holiday SS Futures Strengthen, Spot Trading Remains Sluggish, Spot Prices Hold Steady] SMM October 9: SS futures showed a trend of falling first and then rising. On the first trading day after the holiday, although LME nickel surged during the holiday, SS futures opened lower, dragged down by the pullback in the ferrous metals series. In the afternoon, driven by the strength in SHFE nickel and the overall ferrous metals series turning positive, SS futures followed the upward trend, once approaching 12,900 yuan/mt. In the spot market, on the first day after the holiday, industry participants gradually resumed work, but the spot market continued the sluggish trend seen before the holiday, with downstream end-users maintaining a cautious wait-and-see attitude toward purchases. Additionally, in the morning, SS futures were affected by the weakness in the ferrous metals series and declined slightly. Morning spot offers were largely unchanged from pre-holiday levels. In the afternoon, as SHFE nickel continued to strengthen, driving SS futures higher, afternoon offers rose slightly. However, downstream acceptance of high prices remained limited. On the futures side, the most-traded contract, SS2511, strengthened and climbed higher. At 10:30 a.m., SS2511 was quoted at 12,780 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 340-640 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,100 yuan/mt; the average price for cold-rolled trimmed 304/2B coil was 13,100 yuan/mt in Wuxi and 13,100 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was 25,650 yuan/mt, and 25,650 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil was 24,950 yuan/mt in both locations; cold-rolled 430/2...

The iron ore futures opened lower but closed higher today. The most-traded contract I2601 finally settled at 790.5, up 0.96% from the pre-holiday price. Traders sold at market prices, while steel mills mainly adopted a cautious wait-and-see approach, resulting in limited inquiries in the market. Trading sentiment was sluggish.