[SMM Stainless Steel Daily Review: Strong SS Futures and Steel Mill Production Cuts Fail to Boost Spot Market, Weak Stainless Steel Trading Persists] SMM October 29: SS futures showed a trend of stopping falling and rebounding. Today, nonferrous and ferrous metals futures generally showed strong performance, and SS futures also stopped falling and followed the upward trend, once rising above 12,800 yuan/mt during the session. On the spot market side, despite the strong performance of SS futures, trading in the spot market remained sluggish. In addition, a major stainless steel mill announced flat prices during the day, and spot prices remained stable. Market inquiries and procurement were relatively sluggish, and actual transactions still relied on traders offering discounts and sales promotions. The most-traded SS2512 futures contract stopped falling and rose. At 10:30 a.m., SS2512 was quoted at 12,755 yuan/mt, up 10 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 215-515 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,000 yuan/mt; the average price for cold-rolled mill edge 304/2B coil was 12,900 yuan/mt in Wuxi and 12,900 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was 25,300 yuan/mt and 25,300 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil was 24,800 yuan/mt in both locations; the price for cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. The traditional peak consumption season for stainless steel, the September-October peak season, is nearing its end, and the year-end off-season is approaching. Although the market expects the US Fed to implement two...

Today DCE Iron Ore Contract I2601 closing at 804.5 yuan, up 1.96% from the previous working day. Main port spot cargo prices increased by 5-10 yuan/mt compared to the previous working day, with PB fines transaction prices in the Shandong region at 805-810 yuan, up 5-10 yuan/mt;

According to data compiled by SMM from the General Administration of Customs, China's cumulative steel export volume from January to September 2025 reached 98.6964 million mt, up 17.14% YoY. Saudi Arabia remained the country with the largest cumulative YoY increase, up 1.4001 million mt, or 41.28% YoY. Specifically, among all steel product categories exported to Saudi Arabia in September, HRC's share expanded again to 45%, accounting for nearly half of the total, followed by steel billet at 19%, while coated/galvanized and medium-thickness plates accounted for 12% and 8%, respectively. Compared with the export product distribution in August, some changes occurred: the shares of medium-thickness plates and coated/galvanized products declined, while the proportions of steel billet and HRC increased again.

Southeast Asia's steel market is transforming from an import-dependent region into a self-sufficient supply base. While the region still imports high-grade steel for advanced manufacturing, its exports of carbon and stainless steel are growing rapidly. Market prices, though still influenced by China, are increasingly driven by local capacity and competition. The market now faces structural overcapacity, making future success dependent on mastering cost control, quality production, and green technology.

Supply is booming, with capacity set to double to 332 million tons by 2030, shifting from basic construction steel towards higher-value industrial products. Demand is growing and changing, driven not just by construction but increasingly by manufacturing, as global supply chains move into the region. The core issue is a mismatch. While local mills are expanding rapidly, they still can't fully meet the new demand for high-quality steel, leading to continued imports of these specific products even as overall capacity surges. This is reshaping ASEAN into a major, self-sufficient supply base, with Vietnam and Indonesia as its new hubs.

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)".