[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.

[SMM Stainless Steel Daily Review: SS Futures Test Cost Support as Stainless Steel Prices Rally] SMM, September 9 - SS futures held up well during the session. Despite a sluggish night session, prices climbed in tandem with the strong performance of ferrous metals futures after the daytime session opened, briefly approaching the key 13,000 yuan/mt level. Spot market-wise, buoyed by positive SS futures and strengthening cost side, most spot traders maintained optimistic outlooks and raised offers. While cold-rolled product transactions remained sluggish, tight hot-rolled supply supported active inquiries and deals. Futures-wise, the most-traded 2510 contract pulled back. At 10:30 am, SS2510 traded at 12,860 yuan/mt, up 105 yuan/mt from the previous close. Wuxi’s 304/2B spot premiums/discounts ranged between 255-555 yuan/mt. In the spot market, Wuxi’s 201/2B cold-rolled coil averaged 8,100 yuan/mt; 304/2B cold-rolled edges, Wuxi and Foshan both averaged 13,200 yuan/mt; 316L/2B cold-rolled coil, both regions quoted 25,825 yuan/mt; 316L/NO.1 hot-rolled coil, both at 25,300 yuan/mt; 430/2B cold-rolled coil, Wuxi and Foshan both at 7,550 yuan/mt. The market officially entered the September-October peak season. The stainless steel industry widely expects prices to trend upward this month. Although...

[Domestic Iron Ore Brief: Tangshan Region Iron Ore Concentrates Prices May Have Some Upside Potential] Iron ore concentrate prices in the Tangshan region edged up slightly, with the delivery-to-factory price for 66-grade dry-basis tax-included iron ore concentrates ranging from 1,000 to 1,010 yuan/mt. Local mining and processing operations gradually resumed production, while demand for low-grade products showed some improvement. However, the higher resource costs from Chengde flowing into the region supported the price hike mentality among low-grade producers in Zunhua. Overall, iron ore concentrate resources remained sluggish.

Last week, China's steel export prices fluctuated rangebound by $1-5/mt. By product type, HRC prices fell by $1-5/mt, medium-thickness plates dropped by $3/mt, while cold-rolled products and silicon steel demonstrated strong resilience, showing slight increases. Last week, prices of mainstream resource varieties in the Thai market remained stable, with galvanizing CFR Thailand transaction prices at $530~535/mt and wire rod CFR transaction prices at $520-525/mt. According to local processing enterprises, transactions were in the doldrums last week, with downstream purchases cooling off and shipments remaining average.

According to the latest SMM tracking data, 39 mainstream steel mills planned a total HRC commercial material output of 14.0407 million mt in September, down 390,400 mt (2.7%) from the actual HRC commercial material production in August. On a daily average basis, with one fewer day in September compared to August, the planned daily HRC commercial material output for September stood at 468,000 mt, up 0.5% MoM from the actual daily HRC production in August.