[SMM Stainless Steel Daily Review: Underperforming Peak Season Persists, Destocking Ends with Inventory Accumulation] SMM September 25 - SS futures held up well. Prices remained strong throughout the day, though the gains were relatively limited, staying above 12,900 yuan/mt for most of the session. Spot market sentiment recovered somewhat, influenced by the firm performance of SS futures, with some traders raising their offers. However, actual transactions remained mediocre, mainly concentrated in low-priced cargo. As Typhoon Hagibis passed through, the Foshan area gradually returned to normal today. Social inventory ended an 11-week destocking trend this week, rising 1.32% WoW to 909,000 mt. Futures side, the most-traded 2511 contract was in the doldrums. At 10:30 a.m., SS2511 was quoted at 12,905 yuan/mt, up 20 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 315-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; cold-rolled mill-edge 304/2B coil averaged 13,200 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,650 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,950 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in Wuxi and Foshan. Despite the current September-October peak season...

DCE iron ore futures strengthened after an initial dip today, holding up well throughout the session. The most-traded contract I2601 finally closed at 805.5, up 0.25% from the previous working day. Traders showed moderate willingness to sell;

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan May Edge Up] The domestic iron ore market in Tangshan remained generally stable, with ex-factory prices for 66% grade iron ore concentrates on a dry basis, including tax, ranging from 1,005 to 1,010 yuan per metric ton. Some producers showed improved purchasing enthusiasm, and large mines saw better tender results. However, market transactions remained relatively weak, with no significant increase in inquiries from producers. The tight supply situation for low-grade resources is expected to become more pronounced.

As of September 23, the operating rate of 50 steel mills producing building materials nationwide was 37.9%, down 0.6% WoW; the capacity utilization rate was 38.7%, down 0.33% WoW; the daily average production of building materials was 86,200 mt, down 700 mt WoW.

Iron ore futures fluctuated rangebound in the morning session and rose in the afternoon before weakening again. The most-traded contract I2601 closed at 803.5, flat from the previous trading day. Traders sold at market prices;

[SMM Stainless Steel Daily Review: Typhoon "Hagibis" Halts Foshan Stainless Steel Trading, Weak Market Confidence Keeps Prices Stable Without Gains] SMM, Sep 24 - SS futures were in the doldrums. SS repeated yesterday's trend, maintaining a relatively strong performance during the night session but weakening quickly after the daytime session opened, eventually closing down at 12,895 yuan/mt. On the spot market, pre-holiday demand for the National Day holiday failed to materialize, futures were in the doldrums, and high-grade NPI prices showed signs of softening, leading to weak market confidence and mediocre transactions during the day. In Foshan, cargo pick-up was suspended due to Typhoon "Hagibis," with most practitioners on home leave. In futures, the most-traded contract SS2511 traded in the doldrums. At 10:30 am, SS2511 was quoted at 12,905 yuan/mt, up 20 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 315-615 yuan/mt. On the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price of cold-rolled trimmed 304/2B coil was 13,200 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,650 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,950 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although it is currently the traditional September-October peak season, and end-use demand for stainless steel has indeed recovered compared to earlier periods, production at steel mills...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Fluctuate] Trading activity in west Liaoning was subdued, with iron ore concentrate prices edging up by 10-20 yuan/mt. The current delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis stood at 740-750 yuan/mt. Most traders adopted a wait-and-see approach, with only a few making small purchases at suitable prices. Mines and beneficiation plants maintained a strong reluctance to budge on prices, with the majority operating with relatively low inventory, and some beneficiation plants having relatively small capacity.

Last week, China's steel export prices fluctuated rangebound by $1-3/mt. By sheet & plate variety, HRC prices edged down $1-2/mt, while medium-thickness plates, cold-rolled products, and silicon steel remained in the doldrums. In the Thai market, mainstream product prices held steady mid-week, with galvanizing CFR Thailand traded at $610-620/mt and wire rod CFR at $520-525/mt. According to local traders, supply of some galvanizing resources is somewhat tight, overall shipment sentiment is average, and mills refuse to budge on prices.

According to an SMM survey, as of September 24, the blast furnace operating rate of the 242 steel mills tracked by SMM stood at 87.05%, up 0.67 percentage points WoW.