[SMM Stainless Steel Daily Review] SS Consolidates Amid Persistent Macro News Disturbances; Stainless Steel Spot Prices Remain Firm in Off-Season with Sluggish Trading According to SMM on July 3, SS futures presented an overall pattern of holding up well. US non-farm payrolls data came in below expectations and inflation expectations declined, prompting non-ferrous metals to strengthen overall. SS followed suit and rose in tandem. As of the midday close, the most-traded SS contract settled at 14,600 yuan/mt. In the spot market, the decline in SS futures paused temporarily, while current social inventory pressure on stainless steel was not significant. With steel mills holding prices firm, spot offers remained firm. Most-traded SS futures contract. At 10:15 AM, SS2608 was quoted at 14,655 yuan/mt, up 75 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 315-865 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained unchanged; cold-rolled 304/2B mill edge coils, average prices in Wuxi and Foshan both held flat; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil quotes in Wuxi were unchanged; cold-rolled 430/2B coils in Wuxi and Foshan fell 50 yuan/mt. This week, the tug-of-war between macro and industrial logic dominated the futures trend. US inflation data pulled back, market expectations for US Fed interest rate hikes further cooled, and the US dollar index weakened, overall boosting valuations of commodities and non-ferrous metals and providing macro support for the metals sector. However, sentiment on the industrial side remained bearish, the issue of Indonesia's nickel ore supplementary quotas remained unresolved, and the market held relatively...

[7.3 Morning Meeting Minutes] US June ADP employment increased by 98,000, the smallest gain since March and below market expectations of 118,000. The most-traded SHFE nickel 2609 contract moved sideways in morning trading, closing the session at 125,880 yuan/mt, down 0.41%. A stronger US dollar and a shift in market expectations toward a more "hawkish" US Fed policy stance kept the macro environment challenging. Markets turned their attention to this week's US ADP and non-farm payrolls data. In the short term, nickel prices are expected to trade in the doldrums within the range of 125,000-135,000 yuan/mt.

[SMM Stainless Steel Daily Review] SHFE Nickel Under Sustained Pressure, SS Futures Prices in the Doldrums; Spot Stainless Steel Falls, Off-Season Transactions Hard to Improve According to SMM on July 2, SS futures showed an overall pattern of volatile declines. Dragged by consecutive drops in SHFE nickel, SS futures prices remained in the doldrums, but support at the 14,500 yuan/mt level held firm. As of the midday close, the most-traded SS contract settled at 14,545 yuan/mt. On the spot market side, dragged by the weaker SS futures, sentiment in the spot stainless steel market softened further. Traders increasingly offered discounts to sell, and quotes were broadly lowered. However, amid the off-season for consumption and strong wait-and-see sentiment among market entities, overall transactions stayed persistently weak. The most-traded SS futures contract. At 10:15 a.m., SS2608 was quoted at 14,580 yuan/mt, up 30 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 390-940 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B coil (raw edge), the Wuxi average fell by 50 yuan/mt and the Foshan average fell by 50 yuan/mt; the price for cold-rolled 316L/2B coil in Wuxi rose by 50 yuan/mt; for hot-rolled 316L/NO.1 coil, the Wuxi quote was flat; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices consolidated in the doldrums. Ex-China macro headwinds, combined with industry sentiment disruptions, fueled rising market pessimism, and off-season fundamentals were fully exposed. Overall, the market exhibited macro pressure on futures, weakening off-season demand, and traders cutting prices to reduce inventories...

[SMM Stainless Steel Daily Review] SS Futures Prices Pull Back on Macro Headwinds, Stainless Steel Spot Transactions Weaken According to SMM on July 1, SS futures moved in a downward, consolidating trend. Pressured by rising expectations for US Fed interest rate hikes and the continued decline in SHFE nickel, SS futures fell in tandem. By the midday close, the most-traded SS contract had settled at 14,590 yuan/mt. In the spot market, the generally cautious market sentiment was driven by both the weakness in SS futures and the disturbance from Indonesian policies. Although traders showed a strong willingness to sell, the sluggish transaction scenario remained unchanged. The most-traded SS futures contract: At 10:15 AM, SS2608 was quoted at 14,550 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the range of 470-970 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; the average prices for cold-rolled unedged 304/2B coil were flat in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; quotations for hot-rolled 316L/NO.1 coil in Wuxi were also flat; and the average prices for cold-rolled 430/2B coil in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds outside China, coupled with industrial sentiment disturbance, intensified market pessimism, fully highlighting the off-season fundamentals. The overall picture showed that macro factors suppressed the futures, off-season demand weakened, traders cut prices to reduce inventory, supply contraction provided some support to inventory levels, and steel mill profits shrank. Futures were dragged lower by monetary policies and raw material rumors. Spots maintained resilience relying on steel mills holding prices firm, but terminal transactions were sluggish, and the overall market …

[SMM Stainless Steel Daily Review] SS Futures Hold Up Well, Low-Price Restocking of Stainless Steel Spot Cargoes Increases According to SMM on June 30, SS futures consolidated with an upward bias. Although the night session was weak, futures drifted higher after the daytime session opened. By the close, the most-traded SS futures contract settled at 14,740 yuan/mt. In the spot market, prices dipped in early trading due to weakness in the night session, but as SS futures continued to strengthen during the daytime session, transactions recovered somewhat, and low-price restocking demand increased. SS Futures: The most-traded contract. At 10:15 AM, SS2608 was at 14,540 yuan/mt, down 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the 480-980 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B coil with raw edges, the average price was flat in Wuxi and flat in Foshan; the price for cold-rolled 316L/2B coil in the Wuxi area was flat; for hot-rolled 316L/NO.1 coil, the quoted price in Wuxi was flat; cold-rolled 430/2B coil prices were flat in both Wuxi and Foshan. Stainless steel futures and spot markets were in the doldrums this week. Macro headwinds from outside China, coupled with sentiment disturbances in the industry, led to heightened market pessimism, fully highlighting off-season fundamentals. The overall pattern was one of macro pressures weighing on futures, weakening off-season demand, traders cutting prices to reduce inventory, supply tightening helping to support inventory levels, and shrinking steel mill profits. Futures were dragged lower by monetary policy and raw material rumors, while spot prices showed resilience, supported by steel mills holding prices firm; however, end-user transactions were sluggish, and the overall market sentiment was bearish. On the futures side, this week's price movements were driven by macro headwinds. The de-escalation of the US-Iran conflict...

[SMM Stainless Steel Daily Review] SS Futures Drift Higher, Spot Stainless Steel Transactions Remain Sluggish According to SMM on June 29, SS futures held up well. Base metals futures overall showed strength, and SS futures also rose in tandem. As of the close, the most-traded SS futures contract settled at 14,770 yuan/mt. In the spot market, although SS futures recovered somewhat, affected by recent market fluctuations, downstream wait-and-see sentiment was heavy. Coupled with already weak demand in the off-season, spot prices mostly held steady and transactions remained sluggish. SS futures most-traded contract. At 10:15 AM, SS2608 was at 14,715 yuan/mt, up 45 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 355-855 yuan/mt. In the spot market, average prices were unchanged for: Wuxi cold-rolled 201/2B coil; cold-rolled 304/2B raw edge coil in Wuxi and Foshan; Wuxi cold-rolled 316L/2B coil; Wuxi hot-rolled 316L/NO.1 coil; and cold-rolled 430/2B coil in both Wuxi and Foshan. This week, stainless steel futures and spot prices consolidated with a weaker bias. Ex-China macro headwinds, coupled with industry sentiment disruptions, heated up market pessimism, with off-season fundamentals fully evident. Overall, the pattern was one of macro pressures weighing on futures, weakening off-season demand, traders cutting prices to reduce inventory, supply contraction underpinning inventory levels, and shrinking steel mill profits. Futures were dragged lower by monetary policy and raw material rumors, while spot prices sustained resilience supported by steel mills holding prices firm. However, end-user transactions were sluggish, and the overall market was bearish. Futures…