[Domestic Iron Ore Brief Review: Iron Ore Concentrates in Tangshan Area Expected to Fluctuate] This week, the domestic ore market in Tangshan was generally stable with a slight rise, with some steel mills increasing their procurement prices by 5-10 yuan/mt. The current delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis was 1,005-1,010 yuan/mt. However, steel mills have slowed down their procurement pace, and their overall willingness to drive down prices remains strong, while traders are cautious in inquiries and procurement.

According to data compiled by SMM from the General Administration of Customs, China's cumulative steel exports from January to August 2025 reached 86.737 million mt, up 18.73% YoY. Saudi Arabia saw the largest cumulative increase, up 1.5224 million mt YoY, a rise of 61.66%. Among all steel product categories exported to Saudi Arabia, HRC dominated, accounting for 23%, followed by medium-thickness plates at 18%, while coated products and steel billet also held significant shares at 18% and 15%, respectively.

In January-August 2025, China's exports of sheets & plates decreased by 1% YoY. On September 8, data from the General Administration of Customs showed that China exported 9.51 million mt of steel in August 2025, down 326,000 mt MoM, a decrease of 3.3% MoM. Cumulative steel exports from January to August totaled 77.49 million mt, up 10.0% YoY. Among these, China exported 5.2037 million mt of steel sheets & plates in August 2025, down 501,000 mt MoM, a decrease of 8.8% MoM. Cumulative exports of sheets & plates from January to August reached 44.6326 million mt, down 1.2% YoY.

DCE iron ore futures were in the doldrums today. The most-traded contract I2601 closed at 790 yuan/mt, down 1.74% WoW. Traders showed moderate willingness to sell, while steel mills' wait-and-see sentiment intensified, with some mills restocking at low levels.

[SMM Stainless Steel Daily Review: "September-October Peak Season" Fails to Boost Demand, Stainless Steel Inventory Accumulates with Cost Support Weakening] SMM September 26 - SS futures showed a weakening and pullback trend. Affected by the overall weakness in the ferrous metals series, SS futures followed the decline, with prices approaching 12,800 yuan/mt during the session and finally closing at 12,840 yuan/mt. In the spot market, the continued doldrums in SS futures further dampened purchasing sentiment, extending the recent underperforming peak season. This week, stainless steel social inventory ended the previous 11-week destocking trend and shifted to inventory buildup. At the same time, nickel pig iron prices also softened, leading to generally weak market expectations for the future and further intensifying a cautious wait-and-see atmosphere. Pre-holiday purchasing demand for the National Day holiday did not materialize as expected. In futures, the most-traded contract 2511 traded in the doldrums. At 10:30 a.m., SS2511 was quoted at 12,840 yuan/mt, down 105 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 330-630 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,100 yuan/mt; for cold-rolled mill edge 304/2B coil, the average price in Wuxi was 13,150 yuan/mt, and in Foshan, 13,150 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,650 yuan/mt, and in Foshan, 25,650 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations reported 24,950 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in East Liaoning Expected to Remain in the Doldrums] Domestic ore prices in East Liaoning edged up by 10 yuan/mt. Local mine operations remain at persistently low levels, leading to tight spot cargo availability in the market. Coupled with steel mills' pre-National Day restocking expectations, sellers maintain a positive outlook, holding firm on high offers and showing reluctance to accept lower bids. However, steel mills, affected by weak sales of finished products,