[SMM Stainless Steel Daily Review: SS Futures Pull Back, Downstream Wait-and-See Sentiment Intensifies] SMM, September 3 - SS futures fluctuated in the doldrums. Despite a stronger night session, the daytime session opened with downward fluctuations influenced by the overall pullback in the ferrous metals series and a sharp decline in SHFE nickel, breaching the 12,900 yuan/mt level again. In the spot market, downstream end-users' acceptance of high-priced cargoes was already limited, and the weaker SS futures further exacerbated their wait-and-see sentiment. Although traders offered concessions, intraday transactions remained less than ideal. Recently, frequent news of maintenance and production cuts at stainless steel mills, coupled with sustained increases in nickel and chromium raw material prices, has fueled widespread market expectations for price hikes. Futures side, the most-traded contract 2510 fluctuated. At 10:30, SS2510 traded at 12,915 yuan/mt, down 50 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged between 355-655 yuan/mt. In the spot market, Wuxi's cold-rolled 201/2B coils averaged 8,100 yuan/mt; cold-rolled mill-edge 304/2B coils averaged 13,250 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coils in Wuxi and Foshan traded at 25,825 yuan/mt; hot-rolled 316L/NO.1 coils in both regions averaged 25,300 yuan/mt; cold-rolled 430/2B coils in Wuxi and Foshan both traded at 7,550 yuan/mt. Building on last week's rebound in SS futures, the early part of this week benefited from dual macro and news-driven tailwinds, successfully breaking through...

Iron ore futures continued to hold up well today, with the most-traded contract I2601 closing at 777 yuan, up 0.71% from the previous trading day. Traders maintained firm offers but showed moderate willingness to sell, while steel mills remained cautious in procurement with limited inquiries.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Have Some Upside Potential] Domestic iron ore prices in west Liaoning remained relatively stable, with the current ex-factory price of 66-grade iron ore concentrates (wet basis, tax-excluded) at 730-740 yuan/mt. Due to the military parade, transportation vehicles for explosives were previously subject to certain restrictions, affecting production at some mines and beneficiation plants. The overall supply of iron ore concentrates in the region continues to show a tight trend.

Iron ore futures showed slight strength today, with the most-traded contract I2601 closing at 771.5, up 0.06% from the previous trading day. Traders sold at market prices, while steel mills purchased as needed, with inquiries declining from yesterday.

[SMM Stainless Steel Daily: SS Futures Rebound to 13,000 yuan/mt, Downstream Struggles to Accept Steel Mills' Price Hikes] SMM, September 1 — SS futures showed resilient performance, continuing yesterday's upward trend and briefly breaking through the 13,000 yuan/mt mark during the session. In the spot market, confidence was boosted by the sustained rise in SS futures, coupled with early price increases from major stainless steel mills, prompting market quotations to follow suit. However, downstream acceptance of high prices remained low, with elevated offers leading to sluggish actual transactions. In the afternoon, traders began offering discounts, improving trading activity. Although the market generally holds bullish expectations for September's stainless steel outlook, end-use demand has yet to recover, keeping downstream players cautious. Futures-wise, the most-traded contract 2510 fluctuated within a range. At 10:30 am, SS2510 was quoted at 12,965 yuan/mt, up 105 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged between 305-605 yuan/mt. Spot market data showed Wuxi's cold-rolled 201/2B coil averaged 8,100 yuan/mt; cold-rolled trimmed 304/2B coils averaged 13,250 yuan/mt in both Wuxi and Foshan; Wuxi's cold-rolled 316L/2B coils were priced at 25,675 yuan/mt, matching Foshan's level; hot-rolled 316L/NO.1 coils were uniformly quoted at 25,150 yuan/mt in both regions; cold-rolled 430/2B coils in Wuxi and Foshan both stood at 7,450 yuan/mt...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Region May Remain in the Doldrums with Fluctuations] Iron ore concentrate prices in Tangshan's mines and beneficiation plants remained relatively stable, with 66-grade concentrates at 970-980 yuan/mt. Environmental protection-related controls persist in the region, leaving the domestic ore market in a pronounced stagnation, with resource tightness continuing. Demand side, steel mills faced environmental protection-driven production restrictions, leading to concentrated maintenance and a notable decline in hot metal production.

hina's steel export sector has demonstrated remarkable resilience in 2025, maintaining volumes above 100 million metric tons despite growing international trade barriers.

According to the SMM survey, the impact from maintenance on construction steel increased during this period (8.3-9.5), as some blast furnace steel mills implemented rotational shutdowns of their rebar rolling lines due to production restrictions for the military parade. The impact from maintenance on construction steel reached 1.2374 million mt this period, up 18,300 mt MoM.

Iron ore futures plunged today, with the most-traded contract I2601 closing at 766 yuan, down 2.67% from the previous trading day.

[SMM Stainless Steel Daily Review: SS Futures Strengthened on News Flow, Spot Inquiry and Trading Activity Recovered] SMM, September 1 — SS futures demonstrated strong upward momentum. Despite a relatively weak performance during Friday's night session, the contract surged rapidly after the morning opening, driven by news of turmoil in Indonesia and a decline in the US dollar index amid expectations of a US Fed rate cut, approaching the 13,000 yuan/mt threshold by the close. On the spot market, although reports emerged in the morning that a major steel mill had restricted coil sales, downstream end-users remained cautious toward high-priced material. While spot price increases lagged behind the futures rally, market inquiries and procurement activity showed signs of recovery, with trading outcomes deemed favorable. Futures side, the most-traded contract SS2510 fluctuated within a range. At 10:30 am, SS2510 was quoted at 12,875 yuan/mt, up 45 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B stood at 295-495 yuan/mt. Spot market details: - Wuxi 201/2B cold-rolled coil averaged 8,050 yuan/mt. - 304/2B cold-rolled coil (trimmed): Wuxi and Foshan both averaged 13,100 yuan/mt. - 316L/2B cold-rolled coil: Wuxi and Foshan both quoted at 25,675 yuan/mt. - 316L/NO.1 hot-rolled coil: both regions reported 25,100 yuan/mt. - 430/2B cold-rolled coil: Wuxi and Foshan both traded at 7,450 yuan/mt. Following last week’s rebound in SS futures, this week…