Latest Update in the SMM Steel Billet Market

Today, Dalian iron ore futures continued to hold up well, with the most-traded contract I2509 closing at 764, up 1.8% for the day, though the increase narrowed significantly. Traders followed the market trend.

[Downstream purchasing enthusiasm has increased and cost support is strong. Coke may see a price hike next week.] Looking ahead, there is an expectation of a round of coke price hikes, while coking coal prices also have room to rise, which may reduce the effectiveness of coke enterprises' profit repair. It is expected that coke enterprises may turn losses into profits next week and have a certain level of profit.

[SMM Rebar Daily Review: Strong Sentiment Drives Up Spot Price, Weak Industry Fundamentals Limit Upside Potential] This week, rebar prices fluctuated and rose, with the nationwide average price at 3,166 yuan/mt, up 47.5 yuan/mt MoM.

[Domestic Iron Ore Brief Commentary: Iron Ore Concentrates Prices in East Liaoning May Fluctuate] The domestic ore market in East Liaoning has remained generally stable. In the past two days, ore futures have risen, coupled with cost support, mines and beneficiation plants have shown a strong sentiment for higher prices and are reluctant to sell at prices below their psychological expectations. However, the procurement prices of leading local steel enterprises are relatively low. Due to difficulties in purchasing, many trade suppliers under these enterprises have stopped supplying. As for the procurement prices of other steel mills,

[SMM Steel Mill Guidance Price] Guidance prices for various series of domestic large stainless steel mills on July 11

[SMM Stainless Steel Daily Review: Stainless steel prices rise slightly but transactions remain weak; spot market significantly influenced by futures market] SMM reported on July 11 that the SS futures market ended its previous upward trend, weakened and pulled back, with intraday prices once falling below 12,700 yuan/mt. In the spot market, early morning quotes increased due to the previous day's futures market strength. However, due to continued weak transactions and today's weakening futures market, stainless steel quotes pulled back again. This week, the stainless steel spot market was significantly influenced by the futures market, with no fundamental changes in supply and demand fundamentals. Downstream terminals remained cautious with a wait-and-see sentiment, focusing on just-in-time procurement. Some stainless steel transactions were due to arbitrage operations by futures traders in the futures market, and the goods did not actually flow to the end-use consumption sector. This week, stainless steel social inventory climbed again, rising 1.31% WoW to 990,800 mt, with market inventory pressure remaining high. In the futures market, the most-traded contract 2508 declined. At 10:30 a.m., SS2508 was quoted at 12,755 yuan/mt, down 70 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 65 to 265 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,500 yuan/mt; cold-rolled trimmed 304/2B coils had an average price of 12,750 yuan/mt in Wuxi and 12,750 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 23,700 yuan/mt in Wuxi and 23,700 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,200 yuan/mt in both regions...