[SMM Stainless Steel Daily Review] SHFE Nickel Drives SS Futures to Stop Rising and Pull Back, Cautious Wait-and-See Sentiment Rises in Stainless Steel Spot Market SMM, Dec ­25: SS futures showed a trend of stopping rising and pulling back. Driven by a sharp decline in SHFE nickel, SS futures also fell synchronously, once dropping to 12,870 yuan/mt during the session. In the spot market, influenced by the significant pullback in futures, market sentiment weakened again. End-users, already having limited acceptance of high prices, further strengthened their cautious wait-and-see sentiment. Although stainless steel spot traders lowered their offers, trading remained sluggish throughout the day. Social inventory fell 3.7% WoW to 892,400 mt this week. The most-traded SS futures contract declined. At 10:30 a.m., SS2602 was quoted at 12,935 yuan/mt, down 165 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 135-435 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,200 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 13,050 yuan/mt in Wuxi and 13,025 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 24,050 yuan/mt in Wuxi and 24,050 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was 23,250 yuan/mt in Wuxi; the price of cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Recently, as the US Fed Chairman transition approaches, coupled with data gaps caused by the earlier US government shutdown, the market's macro...

Iron ore futures fluctuated rangebound today, with the most-traded contract I2605 closing at 778.5, up 0.58% from the previous trading day. Traders showed moderate willingness to sell; steel mills purchased as needed.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Remain Volatile] The domestic iron ore market in West Liaoning has been relatively stable recently, with ex-factory prices for 66% grade iron ore concentrates on a wet basis, excluding tax, at 730-740 yuan/mt. Traders' inquiry enthusiasm is moderate, while mines and beneficiation plants maintain a strong willingness to hold prices firm, with only a few adjusting sales according to market conditions. Steel mills primarily restock when prices are low and are reluctant to purchase above their psychological price thresholds.

According to data from the General Administration of Customs compiled by SMM, China's cumulative steel exports from January to November 2025 totaled 121.1127 million mt, up 13.32% YoY. By country, the Philippines remained the largest contributor to the cumulative YoY increase, with exports rising by 1.5523 million mt, a growth of 30.09%.Specifically, among all steel product categories exported to the Philippines in November, coated and plated products surpassed steel billet to take the top spot, accounting for 35% of the total. This differs from October's data, where both categories each accounted for nearly 30% of the total.

Gear steel is a general term for steel that can be used in the manufacturing of gears. After heat treatment according to usage requirements, this type of steel generally possesses good strength, hardness, and toughness, or exhibits surface wear resistance with a tough and impact-resistant core.

According to the SMM survey, on December 24, the blast furnace operating rate of the 242 steel mills surveyed by SMM stood at 84.83%, up 0.19 percentage points WoW.

For China, the Middle East is demonstrating multiple advantages as a future core engine for exports and industrial cooperation. On the demand side, it benefits from long-term, certainty-driven growth fueled by national-level strategies, transitioning from basic infrastructure to high-end manufacturing. Geopolitically and in trade, the Middle East, with its superior location, advanced logistics, and open policies, is gradually replacing Turkey and emerging as a new trade and logistics hub connecting Asia, Africa, and Europe. Crucially, downstream processing and manufacturing clusters—represented by steel pipes, metal structures, and automotive components—are rapidly forming in the Middle East. Leveraging local low-cost energy and incentive policies, a significant agglomeration effect is taking shape. This five-dimensional combination of "stable demand, hub status, open environment, manufacturing base, and cost advantage" positions the Middle East not only as a crucial export destination for Chinese products but also as a strategic springboard for Chinese enterprises to engage in capacity cooperation, establish regional manufacturing centers, and radiate into broader global markets.

Today,DCE iron ore futures initially weakened but later strengthened, with the main contract I2605 closing at 779.5, a slight increase of 0.26% compared to the previous trading day.

[SMM Stainless Steel Daily Review] SS Futures Break Through 13,100 Yuan/mt, Spot Stainless Steel Prices Follow Upward Trend SMM, December 24: SS futures showed further strength and continued to test higher levels. SHFE nickel and SS futures extended gains, breaking through 13,000 yuan/mt and hitting highs not seen since September, with the intraday high reaching 13,105 yuan/mt. In the spot market, driven by the strength in SS futures, bullish sentiment remained strong, and spot traders raised their offers. However, against the backdrop of the year-end off-season, downstream end-users showed limited acceptance of high-priced material, resulting in sluggish trading for high-priced cargoes, while low-priced material became increasingly scarce. The most-traded SS futures contract strengthened and tested higher. At 10:30 a.m., the SS2602 contract was quoted at 13,100 yuan/mt, up 180 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged from -30 to 270 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi was 13,050 yuan/mt, while in Foshan it was 13,025 yuan/mt; in Wuxi, cold-rolled 316L/2B coil was priced at 24,000 yuan/mt, and in Foshan at 24,000 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi offered 23,100 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was priced at 7,600 yuan/mt. Recently, as the transition of the US Fed Chairman approaches, coupled with data gaps caused by the earlier US government shutdown, uncertainty over macro policy...