[SMM Stainless Steel Daily Review: SS Futures Fluctuate Considerably, Stainless Steel Market Adopts Cautious Wait-and-See Approach with Weak Transactions] SMM, September 5 - SS futures exhibited considerable volatility, initially declining before rebounding. Approaching the close of the night session, bearish positions surged significantly in stainless steel futures due to the downturn in ferrous metals series, driving futures prices down sharply to nearly 12,600 yuan/mt. However, as the daytime session commenced, the market gradually regained rationality, with futures prices oscillating and recovering, ultimately closing at 12,850 yuan/mt. Spot market-wise, stainless steel transactions this week remained notably influenced by SS futures' fluctuations. Early in the week, spot offers rose following the rally in futures and steel mills' price hikes, with active inquiries and deals spurred by the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn. Yet, by mid-week, spot transactions weakened again as futures pulled back. Despite some spot traders' refusal to budge on prices, mounting transaction pressures led them to offer discounts to stimulate sales. The significant volatility in futures, coupled with delayed implementation of macro tailwinds and slower-than-expected downstream demand recovery, dampened bullish confidence in the stainless steel market. Futures-wise, the most-traded SS2510 contract weakened and pulled back. At 10:30 AM, SS2510 traded at 12,740 yuan/mt, down 140 yuan/mt from the previous session. In Wuxi, spot premiums/discounts for 304/2B ranged between 430-730 yuan/mt. In the spot market, Wuxi’s cold-rolled 201/2B coils averaged 8,100 yuan/mt, while cold-rolled 304/2B coils with mill edges...

Iron ore futures showed a weak-then-strong trend today, with the most-traded contract I2601 closing at 789.5, up 0.77% from the previous trading day. Traders demonstrated active selling interest, while steel mills' purchase willingness declined as the weekend approached.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Liaodong Region May Edge Up] The domestic ore market in Liaodong remained generally stable, with no significant improvement in transactions. Due to the impact of environmental protection inspections by inspection teams, the operating rate of mines and beneficiation plants continued to be low, making it difficult to alleviate the recent tight supply of spot cargo. There is strong reluctance to budge on prices among mines and beneficiation plants, and most producers holding inventory maintained their previous high price demands.

According to the SMM survey, on September 3, the blast furnace operating rate of 242 surveyed steel mills stood at 85.01%, down 1.13 percentage points WoW.

SMM reported on September 4 that during the week (August 29-September 4, 2025), the total inventory of the two major stainless steel markets in Wuxi and Foshan showed a destocking trend, dropping from 928,800 mt on August 28, 2025 to 918,700 mt on September 4, down 1.09% WoW.

[SMM Stainless Steel Daily Review: SS Futures Continued Weakness, Sluggish Spot Transactions] SMM, September 4 - SS futures showed a weakening pullback trend, remaining in the doldrums throughout the day and closing near 12,850 yuan/mt. On the spot market, downstream wait-and-see sentiment intensified further as SS futures weakened, resulting in sluggish inquiries and transactions. Under pressure to move inventory, traders further conceded margins, leading to lower offers. However, the overall bullish sentiment toward stainless steel this month remained largely unchanged, and with steel mills raising their listed prices, the room for concessions was relatively small. Futures side, the most-traded contract 2510 pulled back. At 10:30 am, SS2510 was quoted at 12,880 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B ranged between 340-640 yuan/mt. Spot market details: - Wuxi cold-rolled 201/2B coil averaged 8,100 yuan/mt. - Cold-rolled trimmed 304/2B coil averaged 13,200 yuan/mt in both Wuxi and Foshan. - Cold-rolled 316L/2B coil in Wuxi and Foshan was quoted at 25,825 yuan/mt. - Hot-rolled 316L/NO.1 coil was quoted at 25,300 yuan/mt in both regions. - Cold-rolled 430/2B coil was priced at 7,550 yuan/mt in Wuxi and Foshan. Following last week’s rebound in SS futures, the market broke through previous resistance early this week, supported by positive macro and news factors, extending gains further upward. Market confidence was thus boosted...

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.