Iron ore futures moved downwards after a higher opening today, with the most-traded contract I2601 closing at 795.5, down 0.81% from the previous trading day. Traders sold at market prices, while steel mills purchased as needed at lower levels.

[SMM Stainless Steel Daily Review: Ferrous Futures Pullback Dragged SS Lower, Cost Support Remained Firm and Stainless Steel Spot Prices Were Largely Stable] SMM, Sep. 11: SS futures continued to be in the doldrums. The overall weakness in ferrous metals futures further dragged SS futures lower, with prices trading below 12,900 yuan/mt for most of the day. In the spot market, the lower futures prices led downstream end-users to remain cautious and adopt a wait-and-see attitude, with just-in-time procurement dominating the market, and spot market transactions remained sluggish. However, transaction prices for high-grade NPI moved higher during the day, and the ferrochrome market also remained strong. Additionally, just-in-time procurement increased as the peak season began. Although acceptance of high-priced cargoes remained low, traders were relatively optimistic about the market outlook, and offers were largely stable during the day. Social inventory fell further this week, down 1.75% WoW to 902,600 mt. In futures, the most-traded contract SS2510 was in the doldrums. At 10:30 a.m., SS2510 was quoted at 12,895 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 325-625 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,100 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 13,200 yuan/mt in Wuxi and 13,200 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil was 25,825 yuan/mt in Wuxi and 25,825 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil was 25,300 yuan/mt in both regions...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in the Liaodong Region Expected to Remain Volatile] Transactions in the domestic ore market in the Liaodong region showed no significant improvement. The continued strength of external markets has boosted local market sentiment, with producers demonstrating a clear inclination towards higher offers. However, traders generally maintain a cautious stance, showing limited enthusiasm in inquiries. The operating rate of local mines and concentrators has not seen a notable increase recently, and circulating resources in the market remain scarce.

[SMM Stainless Steel Daily Review: SS Futures Fluctuations Keep Downstream End-Users Cautious, Cold-Rolled and Hot-Rolled Stainless Steel Markets Diverge] SMM, Sep. 10: SS futures were in the doldrums. Although the night session saw prices break below 12,900 yuan/mt due to weakness in the ferrous metals series, they gradually strengthened after the daytime session opened and held above 12,900 yuan/mt. In the spot market, downstream end-users remained cautious amid the fluctuations in SS futures, with continued low acceptance of high-priced material, leading to sluggish trading throughout the day. However, supported by costs, traders kept their offers steady. In contrast to the sluggish trading of cold-rolled products, hot-rolled products saw relatively good inquiries and transactions due to tight supply. For futures, the most-traded contract SS2510 was in the doldrums. At 10:30 a.m., SS2510 was quoted at 12,930 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 290-590 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,100 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price was 13,200 yuan/mt in both Wuxi and Foshan; for cold-rolled 316L/2B coil, it was 25,825 yuan/mt in both Wuxi and Foshan; for hot-rolled 316L/NO.1 coil, the price was 25,300 yuan/mt in both regions; and for cold-rolled 430/2B coil, it was 7,550 yuan/mt in both Wuxi and Foshan...

Today, the iron ore futures market opened weak but then strengthened, with the most-traded contract I2601 closing at 805, up 0.25% slightly from the previous trading day. Traders sold goods in line with market conditions; steel mills gradually accepted higher prices and purchased as needed.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning Expected to Remain Volatile] Iron ore concentrate prices in west Liaoning remained relatively stable, with ex-factory prices for Fe66% iron ore concentrates on a wet basis, excluding tax, at 720-730 yuan/mt; Supply side, mines and concentrators have gradually resumed normal production, slightly easing the tight supply of local iron ore concentrates; Steel mills side, a leading local steel mill formulated its annual maintenance plan.

As of September 9, the operating rate of 50 EAF steel mills specializing in construction materials nationwide stood at 39.72%, down 1.18% WoW. The capacity utilization rate was 40.83%, down 0.8% WoW, while the daily average production of construction materials reached 90,900 mt, down 1,800 mt WoW.

Iron ore futures continued to hold up well today, with the most-traded contract I2601 closing at 805 yuan, up 2.03% from the previous trading day. Traders showed moderate willingness to sell, while steel mills exhibited stronger wait-and-see sentiment and tepid purchase willingness.