[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Fluctuate at Highs] Iron ore concentrate prices in Tangshan, Hebei have remained relatively stable in recent days, with ex-factory prices for 66% grade iron ore concentrates on a dry basis, including tax, at 920–925 yuan/mt. Supply remains tight, as local governments in Qian'an and Zunhua recently issued written documents regarding land use regulations for iron ore beneficiation enterprises, leading to the suspension and rectification of some non-compliant enterprises.

[SMM Stainless Steel Daily Review: Stainless Steel Futures Hit Bottom and Rebounded, Wait-and-See Sentiment Remained, Inquiries Increased but Transactions Were Insufficient] SMM October 16 - SS futures showed a trend of hitting bottom and rebounding. During yesterday's night session, dragged down by the pullback in SHFE nickel and ferrous metals, SS futures further hit bottom. By the morning session opening, it once fell below 12,500 yuan/mt. In the afternoon, driven by the halt in decline and strengthening of SHFE nickel, SS followed the rise. By the close, it rose to 12,615 yuan/mt. In the spot market, affected by the weakness in SS futures before noon, spot transactions were relatively sluggish, and offers further declined. In the afternoon, driven by the rebound in futures, market offers followed the rise, and inquiry activity increased. Currently, stainless steel prices have reached relatively low levels, and steel mills are already in a situation of cost-price inversion. However, market transactions are significantly disturbed by the fluctuations in futures, and downstream players still maintain a strong wait-and-see sentiment. This week, social inventory increased significantly, up 5.19% WoW, to 952,600 mt. In futures, the most-traded contract 2512 hit bottom and then rebounded strongly. At 10:30 a.m., SS2511 was quoted at 12,525 yuan/mt, down 40 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 445-745 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,000 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 12,950 yuan/mt in Wuxi and 12,950 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was 25,500 yuan/mt, and 25,500 yuan/mt in Foshan...

Iron ore concentrate prices in the Tangshan area of Hebei have remained relatively stable in recent days, with ex-factory prices for 66% grade iron ore concentrates (dry basis, including tax) at 920-925 yuan/mt. Supply remains tight, as the local governments in Qian'an and Zunhua recently issued written documents regarding land use regulations for iron ore beneficiation enterprises

[SMM Stainless Steel Daily Review: SS Futures Stop Falling and Stabilize, Futures Influence Dominates Weak Spot Stainless Steel Trading] SMM October 15 - SS futures showed signs of stopping their decline and stabilizing. Today, the futures market generally trended downward, with SS futures probing further downward, at one point approaching 12,500 yuan/mt, hitting a low not seen in nearly three months. On the spot market side, influenced by the low futures prices, spot stainless steel trading remained sluggish today. Under the pressure to sell resulting from concentrated inverted pricing after the holiday, traders frequently offered discounts. Currently, the market is significantly influenced by futures, with a strong wait-and-see sentiment. As futures remain weak, spot prices are unlikely to achieve a significant rebound. Futures side, the most-traded contract 2511 weakened and probed lower. At 10:30 AM, SS2511 was quoted at 12,565 yuan/mt, holding steady compared to the previous trading day. In the Wuxi region, the spot premium/discount for 304/2B was in the range of 455-755 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; for cold-rolled mill edge 304/2B coil, the average price in Wuxi was 13,000 yuan/mt, and in Foshan it was 13,000 yuan/mt; for cold-rolled 316L/2B coil in the Wuxi region, the price was 25,300 yuan/mt, and in the Foshan region it was 25,300 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in both locations was reported at 24,750 yuan/mt; for cold-rolled 430/2B coil, the price in both Wuxi and Foshan was 7,600 yuan/mt. During the National Day and Mid-Autumn Festival holidays, the domestic stainless steel market was generally on holiday, with shipments and inbound/outbound warehouse activities restricted...

The most-traded iron ore futures contract continued to trade in the doldrums today, with the most-traded I2601 contract closing at 776.5, down 1.46% from the previous day. Traders showed moderate willingness to sell; steel mills purchased as needed, with some restocking at low levels, and inquiries were moderate. Market transaction sentiment remained moderate.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning Expected to Remain Volatile] The domestic ore market in West Liaoning is generally stable. The current ex-factory price for 66% grade iron ore concentrates on a wet basis, excluding tax, is 730-740 yuan/mt. Mines and beneficiation plants currently show a relatively strong reluctance to budge on prices, with a pronounced wait-and-see sentiment. Coupled with the recent weak performance of iron ore futures, buyers' bearish outlook on the market has increased, leading steel mills to adopt a cautious approach to pricing.

According to the SMM survey, on October 15, the blast furnace operating rate at the 242 steel mills surveyed by SMM was 87.14%, down 0.15 percentage points WoW.

As of October 14, the operating rate of 50 major construction steel-producing electric furnace steel mills nationwide was 38.4%, up 2.22% MoM; the capacity utilization rate was 40.23%, up 2.52% MoM; the daily average production of construction steel was 89,600 mt, an increase of 5,600 mt MoM.

[SMM Stainless Steel Daily Review: SS Futures Approach 3-Month Low, Spot Stainless Steel Follows Decline with Sluggish Trading] SMM October 14 - SS futures showed a significant downward correction trend. Today, futures moved lower overall, with SS futures further declining, once approaching 12,500 yuan/mt during the session, hitting the lowest level in nearly three months. In the spot market, affected by macro factors and the decline in futures, the spot market was also impacted, with widespread pessimism about the future outlook, leading to further weakening in purchasing and trading. Currently, the market is significantly influenced by futures, with a strong wait-and-see sentiment. Traders increased price concessions, and offers continued to decline, but trading remained sluggish. On the futures side, the most-traded contract SS2511 weakened and declined. At 10:30 a.m., SS2511 was quoted at 12,565 yuan/mt, down 75 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 455-755 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,000 yuan/mt, and in Foshan, 13,000 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,300 yuan/mt, and in Foshan, 25,300 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations reported 24,750 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt. During the National Day and Mid-Autumn Festival holidays, the domestic stainless steel market was generally in a holiday state, with shipments and warehouse movements...