[SMM Morning Meeting Summary: LME Zinc Center Shifts Downward Under Expectations for US Fed Interest Rate Hikes] Overnight, LME zinc recorded a large bearish candlestick, the lower Bollinger Bands provided support. Expectations for US Fed interest rate hikes increased, non-ferrous metals and global stock markets fell, the US dollar remained firm...

[SMM Daily Commentary: Bullish and Bearish Views Polarize, Nickel Iron Bid-Ask Spread Widens Significantly] Jun 22 news, SMM high-grade NPI upstream sentiment index stood at 2.72, down 0.07 MoM, while high-grade NPI downstream sentiment index was 1.9, down 0.03 MoM.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stop Rising and Pull Back, Spot Trading Weakens but Prices Hold Steady According to SMM on June 17, SS futures showed a stop-rise and pullback trend. Although the overall nonferrous metals futures market strengthened today, SHFE nickel remained in the doldrums. Additionally, after a rapid successive run-up earlier, stainless steel lacked sufficient momentum for further gains, leading to a slight pullback in futures today. As of the midday close, the most-traded SS contract settled at 15,190 yuan/mt. In the spot market, SS futures continued to climb during the week, lifting spot offers in tandem and strengthening them, while purchasing demand was largely released early in the week. After SS futures declined today, inquiries and transactions weakened somewhat, but spot offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,210 yuan/mt, up 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 10-410 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled 304/2B coils with mill edge, average prices were flat in Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil offers in Wuxi increased 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, stainless steel futures and spot markets both came under pressure and declined, with ex-China macro headwinds dominating the market and bearish sentiment spreading rapidly in the off-season. Industry expectations for the outlook weakened, end-users turned cautious, rigid demand remained sluggish, and traders concentrated on offering discounts to sell and destock. On the futures side, this week ex-China macro became...

[SMM Stainless Steel Daily Review] SS Futures Extend Gains, Off-Season Stainless Steel Market Sentiment Warms Up According to SMM on June 16, SS futures showed a further strong upward momentum. Although SHFE nickel trended somewhat weaker, SS continued to hold up well. As of the midday close, the most-traded SS contract settled at 15,180 yuan/mt. In the spot market, driven by the sustained gains in SS futures, trading and inquiry activity for stainless steel picked up. At the same time, coupled with the news of delayed production resumptions at steel mills, although the off-season has already set in and macro uncertainties remain high, market quotes edged up to some extent on improved sentiment. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,095 yuan/mt, up 240 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 125-525 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; for cold-rolled mill edge 304/2B coil, the average price in Wuxi rose 75 yuan/mt, and in Foshan rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi rose 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both came under pressure and weakened, as macro headwinds from outside China dominated trading and pessimistic sentiment spread rapidly during the off-season. Industry expectations for the near-term outlook turned weaker, end-users remained heavily on the sidelines, rigid demand stayed sluggish, and traders concentrated on cutting prices to sell and destock...

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…