Today DCE Iron Ore Contract I2601 closing at 792.5 yuan, up 1.93% from the previous working day. Main port spot prices increased by 5-15 yuan/mt compared to the previous working day, with PB fines transaction prices in Shandong at 795-805 yuan,

[SMM Stainless Steel Daily Review: SS Futures Decline Dragged Down Spot Market, Insufficient Demand and Losses Prompt Steel Mills to Expect Production Cuts] SMM October 28 - SS futures showed a downward trend. Today, dragged down by weak precious metal performance, SHFE nickel prices fell, coupled with poor fundamentals, SS futures followed the decline, once dropping to 12,730 yuan/mt during the session. In the spot market, although the previous rise in SS futures failed to effectively drive up spot prices, today, as futures pulled back, the spot market also retreated. Amid persistently sluggish transactions, market merchants showed increased willingness to offer discounts for shipments, leading to further price declines. Recently, multiple steel mills reported production cuts, currently mainly focusing on 200-series stainless steel. In the afternoon, influenced by news of further production cuts from steel mills, 201 stainless steel offers rose slightly. The most-traded SS2512 contract declined. At 10:30 a.m., SS2512 was quoted at 12,745 yuan/mt, down 70 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 225-525 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,000 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 12,900 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil in Wuxi was 25,325 yuan/mt, and 25,325 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,850 yuan/mt in both regions; cold-rolled 43...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Fluctuate at Highs] This week, a miner in Shandong reported a price of 863 (down 11) for 64-grade alkaline powder on a dry basis, pre-tax, and acceptance-paid basis. Most mines maintained normal production, and steel mills actively purchased under long-term agreements, with no significant changes in blending ratios observed for now. Trading activity was robust. This week, although the fundamental supply strength and weak demand for imported ore constrained prices, positive external expectations remained.

To implement the arrangements of the National Conference on Advancing New Industrialization, accelerate the reduction, quality improvement, structural optimization, and transformation and upgrading of existing capacity, promote market supply-demand balance, and drive high-quality development in the industry, in accordance with relevant national laws, regulations, and industrial policies, the Ministry of Industry and Information Technology (MIIT) recently revised the "Measures for Capacity Replacement in the Steel Industry" (MIIT Document No. 46, 2021) and formulated the draft "Measures for Capacity Replacement in the Steel Industry (Draft for Comments)".

Recently, Chinese steel futures rebounded, with prices rising significantly. However, as domestic buying interest remained active, most transaction prices stayed at relatively low levels. Currently, some ports are offering HRC exports at FOB prices around $450/mt. In the Thai market, mainstream imported resources saw galvanizing prices increase again after the price adjustments at the beginning of the month, driven by good transaction performance. The current CFR Thailand transaction price stands at $645-650/mt. Wire rod prices, however, weakened slightly, with CFR transaction prices at $525-530/mt. According to SMM's recent survey of Thai processing enterprises, October orders improved slightly compared to September. Although mainstream resources are still raising prices, most end-users currently show acceptable acceptance.

The "October peak season" lost its luster. Can steel products achieve a "golden" finish by the end of the year?

According to the SMM survey, the impact from maintenance on construction steel saw a slight decrease during the current period (10.25-10.31), mainly due to multiple steel mills resuming blast furnace operations following maintenance last week. The impact from maintenance on construction steel this period was 1.3021 million mt, down 36,600 mt WoW.

Today, the Dalian iron ore futures strengthened, with the most-traded contract I2601 closing at 786.5 yuan, up 1.94% from the previous trading day. Main port spot prices rose 10-15 yuan/mt compared to the previous trading day, with PB fines transaction prices in the Shandong region at 785-790 yuan/mt, up 10 yuan/mt, and those in the Hebei region at 795-802 yuan/mt, up 10-12 yuan/mt from the previous trading day. Steel mills procured based on demand, while traders followed market trends, resulting in an overall subdued trading atmosphere.

[SMM Stainless Steel Daily Review: Trade Friction Eases, SS Recovers Previous Losses, Weak Demand Persists, Stainless Steel Spot Prices Remain in the Doldrums] SMM October 27 - SS futures showed a fluctuating trend. Against the backdrop of easing China-US trade friction, the tariff buffer period is expected to be extended again, leading to further strength in today's session, with the high point reaching 12,870 yuan/mt. In the spot market, despite the continuous surge in SS futures, the reaction in the spot market was relatively limited. Traders generally reported that downstream end-users' purchasing sentiment remained low, primarily making just-in-time procurement, and were reserved about price increases. High-priced cargoes were difficult to transact, and transactions still relied on discounted, low-priced cargoes. The current market remains in a state of loose supply and weak demand. Although there are positive factors from a macro perspective, their volatility is significant, and downstream wait-and-see sentiment is strong. Additionally, recent loosening in cost-side prices has made industry participants more cautious about future expectations. In the futures market, the most-traded contract 2512 fluctuated weakly. At 10:30 a.m., SS2511 was quoted at 12,815 yuan/mt, up 10 yuan/mt from the previous trading day. In the Wuxi region, the spot premium/discount for 304/2B ranged from 255-555 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,000 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,050 yuan/mt, and in Foshan, 13,050 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, the price was 25,325 yuan/mt, and in Foshan, 25,325 yuan/mt; for hot-rolled 316L/NO.1 coil, both regions reported...