[SMM Stainless Steel Daily Review] SS Futures Fluctuate Downward; High Price Fear in Stainless Steel Spot Market Leads to Weak Trading SMM, January 12: SS futures showed a weak and fluctuating trend with limited overall volatility. During the daytime session, stainless steel futures opened with a slight increase but gradually pulled back and closed at 13,855 yuan/mt. In the spot market, morning offers rose further due to the increase in SS futures and high futures prices. Although high-grade NPI, high-carbon ferrochrome, and stainless steel scrap prices were all strengthening, the simultaneous rise in stainless steel prices alleviated the losses for steel mills. Raw material costs under inquiry have recovered profits, leading to strong production willingness. However, downstream demand remains in the off-season, and high prices have triggered significant fear of high prices, resulting in weak inquiry and trading during the day. The most-traded SS futures contract fluctuated weakly. At 10:30 a.m., SS2602 was quoted at 13,855 yuan/mt, up 60 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,400 yuan/mt; the average price of cold-rolled edged 304/2B coil was 13,900 yuan/mt in Wuxi and 13,900 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil in Wuxi was 25,850 yuan/mt, and 25,850 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil in Wuxi was 24,650 yuan/mt; the price of cold-rolled 430/2B coil in both Wuxi and Foshan was 7,650 yuan/mt. Recently, SHFE nickel futures...

Dalian iron ore futures trended stronger today amidst volatility. The benchmark I2605 contract ultimately closed at 822.5 RMB/tonne, representing an increase of 0.92% compared to the previous trading day.

[Domestic Iron Ore Brief: Shandong Iron Ore Concentrates Prices May Have Some Upside Potential] This week, Shandong mines and beneficiation plants quoted 64-grade alkaline powder at 903 yuan per tonne, up 13 yuan, on a dry basis, pre-tax, and ex-mine with acceptance payment terms. Steel mills raised their prices simultaneously. Most miners maintained normal production, and those undergoing monthly routine maintenance resumed operations, leading to a recovery in supply. Currently, steel mills showed moderate enthusiasm for purchases. Large mines basically operated with no inventory, while small plants and traders followed the market.

Dalian iron ore futures exhibited a weak, volatile trend today. The benchmark contract I2605 ultimately closed at 814.5 RMB/tons, a decline of 0.73% compared to the previous trading day.

[SMM Stainless Steel Daily Review] SHFE Nickel Drives SS Futures to Stop Declining and Strengthen, Stainless Steel Market Faces Hidden Risk of Pullback SMM January 9: SS futures showed signs of stopping declines and strengthening. SHFE nickel rose again, driving stainless steel futures higher, with SS again strengthening and hitting a high of 13,885 yuan/mt. Spot market side, influenced by the market's "rush to buy amid continuous price rise and hold back amid price downturn" sentiment, stainless steel market inquiries and transactions were relatively active during the week. However, as stainless steel prices continued to climb, downstream end-users' fear of high prices gradually increased. Additionally, market expectations for the narrowing scope of Indonesian nickel ore approvals slowed down, and futures began to show significant fluctuations. Currently still in the traditional consumption off-season, stainless steel mills' January production schedule is expected to increase further, posing a substantial risk of pullback in the subsequent market. Social inventory fell 2.06% WoW this week to 854,600 mt. The most-traded SS futures contract declined and pulled back. At 10:30 a.m., SS2602 was quoted at 13,795 yuan/mt, down 45 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 75-275 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was 8,400 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 13,800 yuan/mt in Wuxi and 13,800 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi was 25,850 yuan/mt, and 25,850 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 24,550 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 765...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Edge Up] Trading activity in the domestic ore market in west Liaoning is low. The current delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis is 750-760 yuan/mt. Production at local mines and beneficiation plants has been relatively stable recently. Operations previously affected by environmental protection-driven production restrictions have gradually resumed normal production. Holders at mines and beneficiation plants exhibit relatively strong bullish sentiment.