[Market Participants Became More Rational in Sentiment, and Grain-Oriented Silicon Steel Prices May Fluctuate Rangebound Next Week] In terms of transactions, the procurement pace of end-use industries such as downstream transformers and power equipment slowed down, and purchase willingness remained cautious, with procurement mainly consisting of small-volume, as-needed restocking orders, while large-volume purchasing activity was scarce, resulting in relatively low actual market trading activity. In addition, resources from steel mills’ earlier directed orders arrived successively, and traders’ circulating inventory accumulated steadily. Some merchants offered slight price concessions to accelerate turnover and boost shipments, but the overall room for concessions remained limited and failed to effectively lift transactions.

[Market Sentiment Remained Primarily Cautious, Grain-Oriented Silicon Steel Prices Might Continue to Hold Steady Next Week] This week, grain-oriented silicon steel quotations were temporarily stable, with only limited recovery in transactions. HRC futures strengthened and then fluctuated this week, but Baowu's base prices for grain-oriented silicon steel in April remained stable, overall market sentiment stayed cautious, and procurement demand was unlikely to be released.

[Prices Lack Upward Momentum; Grain-Oriented Silicon Steel Prices May Temporarily Hold Steady Next Week] Steel mill production remained stable, with no significant production cuts or expansion. After the holiday, supplies gradually arrived in the market, and market supply was ample, with no pressure from resource shortages for the time being. Meanwhile, grain-oriented silicon steel has relatively high barriers in production processes, making supply-side rigidity relatively strong; coupled with the benchmark pricing role of leading steel mills, downside room for prices is limited.

Outlook: Prices of cold-rolled non-oriented silicon steel in Shanghai are expected to operate steadily with a slight upward bias next week.

[Supply and Demand Sides Fail to Achieve Effective Docking, GO Silicon Steel Prices May Remain Stable Next Week] Market-wise, the silicon steel market was largely closed during the Chinese New Year. In the first week after the holiday, traders gradually resumed work, but there were no substantial transactions in the market, with the main focus being on sorting out and executing pre-holiday orders. Grain-oriented silicon steel resources shipped by steel mills during the Chinese New Year continued to arrive at ports, coupled with the fact that demand had not yet picked up in the first week after the holiday, leading to a slight accumulation of inventory in the trade sector, with both Hi-B resources and ordinary CGO grain-oriented silicon steel arriving in varying amounts.

[Market Activity Remains Low, Post-Holiday GO Silicon Steel Prices Expected to Remain in the Doldrums] Futures side, HRC futures fluctuated downward this week, exerting some downward pressure on the cost side of silicon steel, with some traders adopting a cautious wait-and-see approach. Demand side, affected by the approaching Chinese New Year holiday, downstream enterprises gradually suspended operations for the holiday, leading to a significant contraction in procurement demand. Market transactions were largely stagnant in the latter part of the week, with only minimal just-in-time procurement sustaining market activity.