Iron ore futures held up well today, with the most-traded contract I2601 closing at 807.5, up 0.81% WoW. Traders showed a strong willingness to sell, while steel mills remained cautious and observed the market, with purchase willingness declining from yesterday.

[Domestic Iron Ore Brief Review: Iron Ore Concentrate Prices in Eastern Liaoning May Remain Volatile] Today, domestic ore prices in some areas of the eastern Liaoning market edged higher, driven by sustained strength in external markets, leading to a slight increase in local iron ore concentrate prices; most local beneficiation plants remain optimistic about the outlook, showing strong reluctance to budge on prices.

According to the SMM survey, the SMM Ningbo HRC large-port statistical inventory stood at 383,500 mt as of September 17, up 4,000 mt WoW. This week, HRC prices first rose then fell, with spot prices fluctuating rangebound by 10-20 yuan/mt WoW. Trading atmosphere was moderate during the week, with end-users purchasing as needed and showing relatively low restocking willingness. As of the afternoon close on September 19, the most-traded HRC 2601 futures contract settled at 3,374 yuan/mt.

[SMM Stainless Steel Daily Review: Short-Term Positives Exhausted, Stainless Steel Prices Struggle to Rise] SMM, September 19 - SS futures were in the doldrums. The US Fed's interest rate cut aligned with market expectations, and the short-term positive effects were largely released. SS futures returned to fundamentals, remaining in the doldrums below 12,900 yuan/mt throughout the day, once approaching 12,800 yuan/mt intraday. Spot market, early this week, spot offers edged up driven by stronger SS futures and higher stainless steel mill list prices. However, downstream end-users had low acceptance of high-priced stainless steel, and transactions were not ideal. Subsequently, traders offered discounts under sales pressure, and spot prices gradually pulled back. Additionally, short-term macro tailwinds were largely exhausted, and cost side, upward momentum was insufficient, making it difficult for stainless steel spot prices to sustain gains. However, as month-end approaches, pre-holiday stockpiling demand is expected to gradually emerge. Moreover, social inventory of stainless steel fell for the 11th consecutive week, down 1.79% WoW to 897,200 mt. Although market demand feels weak, downstream demand is gradually recovering during the peak season, and stainless steel mills remain in losses, making significant price declines unlikely in the short term. Futures side, the most-traded contract 2511 was in the doldrums. At 10:30 am, SS2511 was quoted at 12,870 yuan/mt, down 90 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 350-650 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils were offered at 8,100 yuan/mt on average; cold...

[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.