[SMM Stainless Steel Daily Review] SS Futures Edge Lower and Pull Back, Stainless Steel Spot Transactions Weaken and Quotes Hold Steady On July 24, SMM reported that SS futures showed an overall pattern of declining and pulling back. Nonferrous metals futures broadly pulled back, with SHFE nickel and SS futures weakening and pulling back in tandem. As of the close, the most-traded SS futures contract settled at 14,770 yuan/mt. In the spot market, affected by the weakening of SS futures and the concentrated release of earlier demand, market inquiries became less active, overall transactions weakened, and purchases were mainly need-based. However, with steel mill guidance prices remaining stable and spot prices having not previously followed the uptrend in futures, spot quotes continued to hold steady. Most-Traded SS Futures Contract. At 10:15 a.m., SS2609 traded at 14,690 yuan/mt, down 155 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in a range of 330-730 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled mill-edge 304/2B coil, average prices in Wuxi and Foshan were both flat; the price of cold-rolled 316L/2B coil in Wuxi fell by 75 yuan/mt; for hot-rolled 316L/NO.1 coil, quotations in Wuxi fell by 50 yuan/mt; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, a confluence of favorable macro and industry factors supported nickel and stainless steel futures, which consolidated on a strong note. On the macro front, US inflation expectations pulled back, while the US-Iran geopolitical conflict continued to unsettle market risk sentiment. On the industry front, the earlier limited growth in Indonesia’s RKAB nickel ore supplementary quotas...

[SMM Stainless Steel Daily Review] SS Futures Move Sideways Under Pressure Amid Off-Season Demand Weakness; Spot Prices Hold Steady but Sentiment Stays Pessimistic According to SMM on July 13, SS futures showed a consolidation pattern. The non-ferrous metals futures overall consolidated on a subdued note, with SS extending its earlier weak performance within a limited range. By the midday close, the most-traded SS contract settled at 14,315 yuan/mt. In the spot market, dragged down by low-level SS futures and the traditional off-season, end-use demand remained persistently sluggish. Stainless steel mills kept their guidance prices flat, and most traders held their quotes steady for the time being, though market sentiment leaned toward a pessimistic and subdued tone. SS futures, the most-traded contract. At 10:15 a.m., SS2608 was reported at 14,330 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the 540–940 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi dropped 50; cold-rolled unedged 304/2B coil average prices remained flat in Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi rose 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes held flat; and cold-rolled 430/2B coil prices stayed unchanged in both Wuxi and Foshan. This week, heightened macro liquidity disturbances led SS futures to move in an independently weak trend, with the futures markedly decoupling from SHFE nickel and other non-ferrous metals in their movement pace. During the week, repeated shifts in fund sentiment triggered wild swings in SS futures. The key support level at 14,500 yuan/mt was breached earlier, and the overall trend center continued to shift lower. The broader market…

[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…

[SMM Stainless Steel Daily Review] SS Futures Extended Decline, Stainless Steel Spot Followed Lower with Sluggish Trading According to SMM on June 25, SS futures extended their decline and weakened. Non-ferrous metals futures continued their downtrend, and combined with the impact of yesterday’s Indonesian nickel ore quota news, SS futures fell further. As of the midday close, the most-traded SS contract settled at 14,640 yuan/mt. In the spot market, pressured by the ongoing decline in futures and the arrival of the traditional consumption off-season, the sluggish trading situation was hard to reverse, and traders showed a strong willingness to sell. Although a mainstream stainless steel mill kept its guidance price unchanged in the morning, spot quotes still fell along with futures, and trading remained sluggish. The most-traded SS futures contract. At 10:15 AM, SS2608 was reported at 14,600 yuan/mt, down 140 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 370-970 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil remained flat; cold-rolled 304/2B coil with mill edge saw its average price fall by 50 yuan/mt in Wuxi and 50 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi dropped by 100 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi fell by 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot swung wildly. Macro expectations outside China repeatedly disrupted the futures, intensifying the tug-of-war between longs and shorts in the market. Overall, the pattern was one of macros driving futures trends, trading fluctuating with sentiment, supply tightening supporting spot, inventory remaining stable, and profits seeing a minor recovery...

[SMM Stainless Steel Daily Report] SS Futures Decline Consecutively; Spot Stainless Steel Traders Sell Actively at a Discount to Boost Shipments According to SMM on June 24, SS futures continued to trend lower and weaken. Nonferrous metals futures extended their decline, with SS moving down in tandem. Near the close, news emerged that Indonesia might raise its RKAB nickel ore quota, causing SHFE nickel and SS to pull back further. As of the close, the most-traded SS futures contract settled at 14,720 yuan/mt. In the spot market, affected by the consecutive decline in SS futures, market sentiment was generally weak. To reduce their own inventories, spot traders had a strong willingness to sell, and selling at a discount became more frequent. Stainless steel spot quotes declined accordingly, but the sluggish trading remained hard to change. For the most-traded SS futures contract, at 10:15 a.m., SS2608 was quoted at 14,740 yuan/mt, down 190 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 330-830 yuan/mt. In the spot market, cold-rolled 201/2B coil average price in Wuxi remained unchanged; for cold-rolled 304/2B coil with rough edges, the average price in Wuxi fell by 50 yuan/mt and in Foshan by 25 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi dropped by 100 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan fell by 50 yuan/mt. This week, stainless steel futures and spot prices experienced wild swings, as macro expectations outside China repeatedly disturbed the futures, intensifying the tug-of-war between longs and shorts in the market. Overall, the futures trend was dominated by macro factors, trading fluctuated with sentiment, and supply...

[SMM Stainless Steel Daily Review] Base Metals Slump Drags SS Lower; Spot Stainless Steel Holds Price Floor with Limited Losses as Downstream Stays Sidelined According to SMM on June 23, SS futures fluctuated lower and gradually pulled back. Base metals futures fell across the board today, dragging SS futures lower in tandem. As of the close, the most-traded SS contract settled at 14,885 yuan/mt. In the spot market, while SS futures pulled back sharply, cautious wait-and-see sentiment among downstream enterprises intensified, and spot transactions remained sluggish with no significant improvement. However, spot traders continued to hold their price quotes firm, limiting the overall extent of price declines. Regarding the most-traded SS futures contract, at 10:15 AM, SS2608 was reported at 14,930 yuan/mt, down 155 yuan/mt from the previous trading day. Spot premiums for 304/2B products in the Wuxi area ranged 240-640 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled, un-edged 304/2B coil, the average price in Wuxi fell by 50 yuan/mt while the average price in Foshan remained flat; prices for cold-rolled 316L/2B coil in the Wuxi area were flat; and for hot-rolled 316L/NO.1 coil, quoted prices in Wuxi fell by 25 yuan/mt. Prices for cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot experienced wild swings, as offshore macro expectations repeatedly disrupted futures and the market saw an intensified tug-of-war between longs and shorts. The overall landscape was one where macro forces dominated futures, transactions fluctuated with sentiment, tightening supply supported spot prices, inventories remained steady, and profits saw minor repairs. Early in the week, macro tailwinds lifted the market, and the futures rebound spurred a recovery in spot transactions; by mid-week...