Latest Update in the SMM Finished Steel Market

Overall, the main export entities' order-taking situation has been moderate. The export reductions to Vietnam and some countries during Ramadan have been offset by increases to Singapore, South Korea, Japan, and Malaysia. Therefore, China's steel exports in March may not see a significant MoM reduction. However, considering that many traders have recently reported that the main export varieties and order-taking situation are not optimistic, this data may emerge in late April. SMM predicts that steel exports in April may decline by 10%-15% MoM....

As of March 28, SMM data showed that the total inventory at 35 ports was 142.02 million mt, up 580,000 mt WoW and 1.84 million mt YoY. The daily average port pick-up volume of imported ore was 3.018 million mt, up 96,000 mt WoW and 240,000 mt YoY. Port arrivals increased significantly this week. According to SMM tracking, pig iron production at steel mill blast furnaces showed an upward trend this week, providing some support for iron ore concentrate demand. Port pick-up volume increased slightly, but considering the significant increase in port arrivals, port inventory showed an upward trend. Looking ahead to next week, port arrivals are expected to continue to increase, and port inventory may accumulate again.

The steel scrap procurement price adjustment for Anyang Steel in Henan was updated today. Please feel free to contact us if needed!

From March 21-27, 2025, the total inventory in the Wuxi and Foshan stainless steel markets decreased to 984,300 mt, a week-on-week drop of 0.98%. The 200-series inventory decreased in Wuxi but increased in Foshan. The 300-series inventory decreased in both regions, with a larger decline in Wuxi. The 400-series inventory decreased in Wuxi but increased in Foshan. Downstream rigid demand for cargo pick-up and traders controlling inventory led to slight destocking, with many merchants buying the dip. Inventory resistance remains high in the future, and downstream demand growth is the key to destocking.

Today, DCE Iron ore futures fluctuated upward throughout the day. The most-traded contract I2505 finally closed at 789, with a daily increase of 1.2%. Traders actively sold goods, steel mills purchased as needed, and the market transaction atmosphere was moderate. In Shandong, the mainstream transaction prices of PB fines were 785-788 yuan/mt, up 5-10 yuan/mt from yesterday.

【SMM Analysis: Slight Destocking in Stainless Steel Inventory, Future Demand Becomes Key】From March 21-27, 2025, the total inventory in the Wuxi and Foshan stainless steel markets decreased to 984,300 mt, a week-on-week reduction of 0.98%. The 200-series inventory decreased in Wuxi but increased in Foshan. The 300-series inventory decreased in both regions, with a larger decline in Wuxi. The 400-series inventory decreased in Wuxi but increased in Foshan. Downstream rigid demand for cargo pick-up and traders controlling inventory led to slight destocking, with many merchants buying the dip. The inventory resistance remains significant in the future, and the key to destocking lies in the increase in downstream demand.