[Daily steel market report] [2025-9-9]

**Today's steel market price briefing**
**Sep 9, 2025**

According to market information on September 9, 2025, the steel market on that day showed a generally fluctuating yet slightly strong trend, but its foundation was not solid. Opinions on the subsequent market direction were divided, with the core debate focusing on the interplay between supply-demand relationships and cost support.

To understand the current market contradictions, you need to pay attention to the following key factors:

- Supply-demand contradictions are the main pressure: The primary pressure in the current market comes from the 'double-weakness' situation in both supply and demand, with inventory continuously increasing.

- Supply side: Although profits are marginal, steel mill production remains active when internal inventory is low. Additionally, as previously restricted production enterprises gradually resume, supply pressure may further increase.

- Demand side: Despite entering the traditional 'Golden September' peak season, the momentum for demand recovery is not solid. Heavy rains and high temperatures have affected end-user construction, and overall transactions remain mainly for essential purchases. Meanwhile, foreign demand has also declined.

- Divergence in cost support: Raw material price trends vary, leading to complex cost support.

- Iron ore: Prices are relatively strong due to supply-side news and high molten iron output.

- Coke: The first round of price cuts has been implemented, and prices may continue to decline. Coking coal prices have also weakened accordingly.

- Overall: The decline in coke prices may lead to a temporary drop in raw material costs for steel, potentially weakening steel cost support.

- Macro and market sentiment: There are some potential positive macro factors, but market reactions tend to be rational.

- The upcoming Federal Reserve meeting, along with rate cut expectations, helps improve macro sentiment.

- Futures and spot linkages: On that day, iron ore futures led gains in the black sector, briefly boosting market sentiment and steel prices, but rebar futures rose then fell, reflecting insufficient market confidence and a tendency for funds to take profits.

Summary and Outlook

Overall, the steel market on September 9, 2025, is in a key period of contention. The strength of demand during the 'Golden September' peak season is crucial in determining future market trends; if demand cannot continue to be effectively released, prices will face downward pressure.

Suggestions for different market participants are as follows:

* For traders: Focus on risk prevention and cautious operations, prioritizing inventory reduction to free up capital.

* For end-users: Consider adopting a strategy of buying on dips and managing inventory well.

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