[SMM Stainless Steel Daily Review] SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Quotations Rose in Tandem SMM News, March 20: SS futures stopped falling and rebounded. Base metals futures generally recovered, with SS futures showing particularly strong performance and basically recouping this week’s losses, closing at 14,160 yuan/mt by the midday close. In the spot market, driven by the strong rebound in SS futures and coupled with stainless steel mill agents’ efforts to hold prices firm, stainless steel retail quotations also moved higher accordingly; supported by improving market sentiment, both inquiry activity and trading picked up. High-grade NPI prices remained in the doldrums, and the steel mill tender price for high-carbon ferrochrome was announced below market expectations, leaving weak cost support for stainless steel. The most-traded SS futures contract stopped falling and recovered. At 10:15 a.m., SS2605 was quoted at 14,150 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 220-420 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose by 50 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi rose by 100 yuan/mt, and the average price in Foshan rose by 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil quotations in Wuxi were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. Entering the traditional September-October peak season, although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and procurement only...

[SMM Stainless Steel Daily Review] Post-Holiday SS Futures Continue to Rise, Stainless Steel Spot Market Activity Increases SMM February 25 – SS futures maintained a sharp upward trend. Nonferrous metals futures generally rose, pulling SS futures higher, with prices approaching 14,300 yuan/mt before the midday close. In the spot market, the strength in SS futures pushed traders to raise their offers, boosting confidence in the stainless steel spot market. Additionally, as industry participants returned to work after the holiday, inquiry and transaction activity improved during the day. The most-traded SS futures contract strengthened and climbed. At 10:30 a.m., the SS2604 contract was quoted at 14,235 yuan/mt, up 110 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B ranged between 135-335 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,500 yuan/mt; the average price for cold-rolled trimmed 304/2B coil was 14,300 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was priced at 26,950 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 26,100 yuan/mt in Wuxi; cold-rolled 430/2B coil was priced at 7,800 yuan/mt in both Wuxi and Foshan. During the Chinese New Year holiday, the domestic stainless steel market entered a seasonal lull, with the SHFE also closed. Spot trading halted, and prices showed no significant fluctuations. Overall, the pre-holiday market was characterized by strong futures, stagnant spot trading, weak supply and demand, and significant inventory buildup. Post-holiday, the market is expected to gradually restart, with an overall upward trend...

[SMM Stainless Steel Daily Review] SS Futures Weakened on Last Trading Day Before Holiday, Stainless Steel Spot Prices Remain Stable Awaiting Post-Holiday Resumption SMM, February 13: SS futures continued to decline and probe lower. On the last trading day before the Chinese New Year holiday, nonferrous metals futures collectively came under pressure and fell, with SS futures also weakening in sync, ultimately closing at 13,860 yuan/mt. In the spot market, despite the volatility in SS futures and rising high-grade NPI prices ahead of the holiday, most spot traders had already entered the holiday period, logistics and transportation were suspended, transactions were sparse, and prices maintained a stable trend, with the market quietly awaiting the post-holiday resumption. The most-traded SS futures contract pulled back. At 10:30 a.m., the SS2604 contract was quoted at 13,765 yuan/mt, down 315 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 405-605 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 14,100 yuan/mt, while in Foshan it was 14,050 yuan/mt; in Wuxi, the price for cold-rolled 316L/2B coil was 26,600 yuan/mt, and in Foshan it was also 26,600 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in Wuxi was reported at 25,750 yuan/mt; in both Wuxi and Foshan, the price for cold-rolled 430/2B coil was 7,800 yuan/mt. On the futures side, driven by weakening macro influences and narrowing fluctuations in nonferrous metals futures, the market showed a relatively stable and fluctuating trend at the beginning of the week, with trading activity experiencing a pullback. As the Chinese New Year holiday approached, market participants considered avoiding holiday risks, coupled with earlier...

[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound Ahead of Chinese New Year Holiday, Most Stainless Steel Traders on Holiday SMM, February 9: SS futures showed a relatively strong and rangebound fluctuation pattern. The phased impact from the macro perspective gradually faded, and with the approaching Chinese New Year holiday in China, market activity declined. SS futures operated on a relatively stable tone, finally closing at 13,735 yuan/mt. In the spot market, most traders have entered the holiday period, and those not yet on holiday are mostly in the closing stage. A small number of transactions mainly focused on post-holiday futures orders, with prices overall basically stable. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,770 yuan/mt, up 15 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 400-600 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi was 26,600 yuan/mt, and in Foshan 26,600 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,750 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment combined with a significant pullback in precious metal prices dragged down the overall nonferrous metals futures, and stainless steel futures also showed wild swings in sync. At the beginning of the week, they once hit the limit down, then gradually staged a restorative rebound, …

[SMM Stainless Steel Daily Review] SS Futures Largely Stable, Spot Stainless Steel Pre-Holiday Trading Slows Down SMM, Feb 5: SS futures were in the doldrums. Although the most-traded SHFE nickel and other nonferrous metals futures fell overall today, SS futures remained largely stable, with the high reaching 13,900 yuan/mt. In the spot market, affected by the renewed weakness in SS futures and the approaching Chinese New Year holiday, inquiries and trading activity for stainless steel further slowed down. However, most spot traders have entered the holiday preparation stage, maintaining an optimistic sentiment, with offers largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., the SS2603 contract was quoted at 13,760 yuan/mt, down 100 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 410-610 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 26,600 yuan/mt in Wuxi and 26,600 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was 25,750 yuan/mt in Wuxi; the price of cold-rolled 430/2B coil was 7,800 yuan/mt in both Wuxi and Foshan. With the Chinese New Year holiday approaching and risk aversion sentiment intensifying, bulls concentrated on profit-taking, leading to a lack of upward momentum in stainless steel futures, which overall showed a weak and fluctuating pattern. Signs of capital withdrawal were evident, further suppressing the rise in futures...