Latest Update in the SMM Iron Ore Price Market

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.

SMM Stainless Steel Spot Daily Review: Prices of Some Stainless Steel Products Rose, Downstream Enterprises Adopted a Wait-and-See Approach and Procured Cautiously. The SMM survey showed that on March 27, prices of some stainless steel products rose steadily. Market activity was moderate, and trading was flat. The most-traded SS2505 futures contract fluctuated rangebound, with a quote of 13,385 yuan/mt at 10:30 AM, up by 25 yuan/mt. The price fluctuated rangebound within the range of 13,390-13,440 yuan/mt throughout the day. The spot premiums/discounts for 304/2B in Wuxi ranged from 2,185 to 435 yuan/mt.

SMM Rebar Daily Review: Inventory Continued to Decline, Spot Prices Relatively Stable with Weak Trend. Rebar futures were volatile today, closing down at 3,208 points, a decline of 0.19%. On the spot side, affected by the volatile futures market, spot prices in some markets slightly softened, with weak trading throughout the day...

【SMM Steel Mill Guidance Price】On March 27, the guidance prices for various series of domestic large stainless steel mills were announced, with Zhangpu 316 increasing.

SMM Commentary: Concerns Over Tight Spot Supply Resurface, How Will Magnesium Prices Perform After a Single-Day Surge of 2.55%? Due to the deployment of inspections on bulk industrial solid waste storage sites in multiple regions and the approaching environmental protection maintenance in April, market concerns have been raised about the increased costs and disrupted production schedules caused by the need to treat magnesium slag before disposal. Concerns over tight spot supply have resurfaced, with magnesium producers showing a strong sentiment to stand firm on quotes and unwilling to sell at low prices. Magnesium prices have surged significantly, leading to panic inquiries from downstream traders. With generally low inventory levels among magnesium enterprises, many companies have had to restock at high prices to maintain orders.

This week, the social inventory of HRC was 2.6659 million mt, down 163,500 mt WoW, down 5.78% WoW, down 8.79% YoY, and down 3.48% on a lunar YoY basis. The in-plant inventory of HRC was 1.1187 million mt, down 9,800 mt WoW, down 0.87% WoW, down 1.11% YoY, and down 0.05% on a lunar YoY basis. The total inventory of HRC was 3.7846 million mt, down 173,400 mt WoW, down 4.38% WoW, down 6.64% YoY, and down 2.50% on a lunar YoY basis.