[SMM Stainless Steel Daily: US Fed Interest Rate Cut Realized, Bullish Factors Exhausted, SS Falls; Inventory Continues to Pull Back, Stainless Steel Spot Prices Temporarily Hold Steady] SMM, September 18: SS futures continued to trade in the doldrums. The US Fed interest rate cut was fully in line with previous market expectations, and with bullish factors exhausted, futures generally fell after the daytime session opened, with SS futures following the downtrend and falling below 12,900 yuan/mt in the afternoon. In the spot market, driven by the weakness in SS futures, downstream players maintained a cautious wait-and-see attitude. However, stainless steel traders generally have high holding costs, and there are good expectations for pre-holiday stockpiling demand before the National Day holiday next week, so spot prices held steady during the day. Futures side, the most-traded contract 2511 fell. At 10:30 am, SS2510 was quoted at 12,955 yuan/mt, up 45 yuan/mt from the previous trading day. Wuxi region 304/2B spot premiums/discounts were in the range of 315-615 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coil averaged 8,150 yuan/mt; cold-rolled mill edge 304/2B coil averaged 13,250 yuan/mt in Wuxi and 13,250 yuan/mt in Foshan; cold-rolled 316L/2B coil was 25,750 yuan/mt in Wuxi and 25,750 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 25,150 yuan/mt in both regions; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although the market has entered the traditional peak consumption season of "September-October peak season," and the US Fed interest rate cut has been implemented as scheduled, providing room for domestic moderately accommodative monetary policies, the market...

Iron ore futures moved downwards after a higher opening today, with the most-traded contract I2601 closing at 800 yuan, down 0.12% from the previous trading day. Traders showed moderate willingness to sell; steel mills adopted a cautious wait-and-see approach and purchased as needed. Market trading activity was moderate.

[Domestic Iron Ore Brief: Tangshan Iron Ore Prices May Continue to Fluctuate] The Tangshan domestic ore market is generally stable, with the delivery-to-factory price, tax included, for 66-grade iron ore concentrates on a dry basis ranging from 1,000 to 1,005 yuan/mt. Some prices have edged higher. Local iron ore concentrate resources are relatively tight, particularly in Qianxi and Zunhua areas, where ore resources are scarce, and most producers are in a state of suspension.

The Southeast Asian steel industry stands at a critical historical juncture. On one hand, the region is experiencing an unprecedented wave of capacity expansion, with Chinese capital-driven investments planning to add over 100 million mt of new capacity, and a duopoly between Vietnam and Indonesia has already taken shape. On the other hand, the EU carbon border tax and global decarbonization requirements are compelling industry to undergo a green transformation, posing severe challenges to traditional development models. Key trends indicate that a capacity race and green transformation are advancing in tandem; regional supply chains are being restructured, with self-sufficiency rates increasing, yet high-end products still rely on imports; national infrastructure projects provide solid support for demand, but the risk of overcapacity cannot be ignored. The key to future competition lies in balancing scale expansion with quality improvement, traditional capacity with green transformation, and short-term gains with long-term sustainability. Enterprises that can achieve breakthroughs in low-carbon technologies, product structures, and market positioning will take the lead in the next round of industrial reshuffling. The major transformation in Southeast Asia's steel industry is not only reshaping the regional industrial landscape but also profoundly impact global steel trade and supply chains.

[SMM Stainless Steel Daily Review: SS Futures Struggle to Hold at 13,000 yuan/mt, Spot Prices Follow Decline with Sluggish Trading] SMM, September 17 — SS futures continued to trade in the doldrums. Driven by broad weakness across metal futures, SS futures followed the downward trend, trading below 13,000 yuan/mt throughout the day and even briefly falling below 12,900 yuan/mt. On the spot market, the weakness in SS futures further intensified cautious wait-and-see sentiment among stainless steel end-users. Although traders offered discounts under sales pressure, inquiries and transactions remained sluggish during the day. For futures, the most-traded contract 2511 moved lower. At 10:30 a.m., SS2510 was quoted at 12,910 yuan/mt, down 135 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 360-660 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,150 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 13,250 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,750 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 25,150 yuan/mt in both regions; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although the market has entered the traditional September-October peak season consumption period, and expectations for US Fed interest rate cuts are gradually approaching, providing room for domestic moderately accommodative monetary policies, the market's outlook for stainless steel this month...

Iron ore futures held up well today, with the most-traded contract I2601 closing at 804.5, down 0.12% from the previous trading day. Traders showed moderate willingness to sell, while steel mills mainly purchased as needed. Market trading sentiment was moderate.

According to the SMM survey, as of September 17, the blast furnace operating rate among the 242 steel mills surveyed by SMM stood at 86.38%, up 0.22 percentage points WoW.

Looking ahead, as overseas demand enters the peak season, overseas prices are expected to rise further, restoring normal domestic-overseas price spreads. Although tax-free orders may decrease, tax-included prices remain competitive, and orders should steadily return to normal levels. As SMM currently observes, some state-owned steel mills have seen improved orders due to reduced price disruptions from such practices, while traders avoiding them are actively seeking other orders to compensate.  

Forging or purchasing customs clearance documents from other import and export firms refers to an export method where enterprises or individuals without export rights purchase a set of legitimate export declaration documents from import and export companies with operating rights to export goods and declare them to customs