Latest Update in the SMM Finished Steel Market

[SMM Stainless Steel Spot Daily Review: Stainless Steel Market Prices Steady to Rising, Downstream Purchases Remain Cautious] According to an SMM survey, stainless steel market prices continued to rise on March 13. The most-traded SS2505 futures contract fluctuated at high levels, with a quote of 13,575 yuan/mt at 10:30 a.m., up 25 yuan. Spot prices increased, generally rising by 50 yuan/mt. The market showed polarization, with stainless steel mills and traders being bullish, while downstream enterprises restocked only for immediate needs. The spot performance varied between Wuxi and Foshan. The Wuxi market was active, with rising prices for 304 coils and strong inquiry levels, reflecting bullish sentiment. In contrast, the Foshan market was sluggish, with prices steady to slightly higher and weak transactions, as downstream buyers remained cautious.

[SMM Steel Mill Guiding Prices] Guiding Prices for Various Categories of Large Domestic Steel Mills on March 13 Remain Stable.

Today, DCE iron ore fluctuated repeatedly. The most-traded I2505 contract finally closed at 780 yuan/mt, up 0.45% for the day. Traders sold goods based on market trends, while steel mills purchased as needed, with slightly increased inquiries.

[SMM Daily Rebar Review: News Drives Futures Market Upward, Spot Prices Follow the Rise] Rebar futures rose significantly today, closing at 3,256 points, up by 1.21%. Spot market prices increased to varying degrees across regions, with moderate transactions at lower levels...

[Domestic Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Fluctuate Stably with a Weak Trend] After the conclusion of an important meeting, some steel mills in the Tangshan region that had undergone maintenance gradually resumed production. Coupled with low raw material inventory levels, this provided a positive boost to local prices. A few steel mills increased their procurement prices, leading to a slight rise in local iron ore concentrate prices.

[SMM HRC Weekly Balance & Social Inventory Analysis] Weak Supply and Strong Demand, Social Inventory Continues to Decline Environmental protection combined with new maintenance plans at some steel mills led to a significant reduction in HRC supply. During this period, HRC futures first dipped and then rebounded. The price increase stimulated purchasing enthusiasm in the market, resulting in weak supply and strong demand, with an expanded decline in social inventory. Looking ahead, additional maintenance plans are still expected at some steel mills, keeping supply pressure relatively small in the short term. End-use demand remains resilient, and nationwide social inventory is expected to continue declining in the short term...

This week, the social inventory of HRC was 2.8415 million mt (down 54,400 mt WoW, down 1.88% WoW, down 9.79% YoY, down 2.78% YoY based on the lunar calendar). This week, the in-plant inventory of HRC was 1.1436 million mt (down 37,900 mt WoW, down 3.21% WoW, down 2.57% YoY, up 1.09% YoY based on the lunar calendar). This week, the total inventory of HRC was 3.9851 million mt (down 92,400 mt WoW, down 2.27% WoW, down 7.83% YoY, up 1.31% YoY based on the lunar calendar).

This week, SMM statistics showed that the social inventory of HRC in 86 warehouses nationwide (large sample) was 4.4704 million mt, down 85,500 mt (-1.88% MoM) and up 1.23% YoY on a lunar calendar basis. This week, the national social inventory continued to decline, with the decrease expanding. By region, the south China and east China markets saw significant declines, while the central, north, and north-east China markets fluctuated rangebound. [SMM Steel]