[SMM Analysis] Off-season Stainless Steel Prices and Costs Fluctuate Limitedly, Steel Mill Profits Basically Stable This week, stainless steel finished product prices remained stable, while production costs edged up slightly but with limited gains, resulting in basically stable overall smelting profits at steel mills. Based on 304 cold-rolling calculations, this week’s profit margins stood at 2.01% when using current raw materials and 2.15% when using inventory raw materials, indicating that stainless steel mills still retained certain smelting profits. On the nickel raw material side, high-grade NPI prices rose and strengthened this week. Shipment disruptions of Indonesian high-grade NPI, combined with month-end restocking purchases by some stainless steel mills and relatively optimistic market expectations for forward NPI prices, drove the price increase. Although mainstream stainless steel mills currently hold sufficient nickel pig iron raw material inventories and spot purchases remained weak, forward order transactions recovered significantly, pushing prices higher. As of this Friday, the delivered duty-paid price of Indonesia-origin high-grade NPI with 10-12% nickel content in China rose by 4 yuan/nickel unit to 1,136.5 yuan/nickel unit. Stainless steel scrap prices remained stable this week, with limited impact from futures consolidation and a slight recovery in NPI. Compared to nickel pig iron, the economic advantage of stainless steel scrap became more apparent, providing solid bottom support for prices; expectations of steel mill production resumptions in August also lent positive support. However, narrow profit margins at steel mills and weak end-use demand made cost pass-through difficult, significantly capping the upside room for prices. Overall, in the short term, stainless steel scrap will maintain a consolidating pattern supported by cost advantages and production resumption expectations, with limited overall upside room. As of this Friday, mainstream 304 off-cuts in the Shanghai area rose by 200 yuan/mt to 10,450 yuan/mt. Chromium-based raw materials…

[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Strong Note, Stainless Steel Month-End Spot High Prices See Sluggish Transactions According to SMM on July 31, SS futures consolidated on a strong note overall. Driven by successive pullbacks in the US dollar index, nonferrous metals futures strengthened across the board, and SS rose in tandem. At the close, the most-traded SS contract settled at 14,635 yuan/mt. On the spot market, SS futures shot up at the morning open and then gradually pulled back in consolidation. Although the morning strength in futures drove spot prices higher, high-priced transactions were not smooth. Some traders offered concessions under month-end shipment pressure, and market transactions were dominated by just-in-time procurement. The most-traded SS futures contract. At 10:15 a.m., SS2609 was quoted at 14,710 yuan/mt, up 110 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 310-710 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose 100 yuan/mt; for cold-rolled edge 304/2B coil, the average price in Wuxi rose 50 yuan/mt and in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil, Wuxi quote flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, macro sentiment turned bearish and dominated metal price trends. Stainless steel futures were under pressure and consolidated on a subdued note. This week, the US Fed kept interest rates unchanged as expected at its meeting, but its overall tone was hawkish. Commodity valuations came under broad pressure, and the nonferrous metals sector weakened across the board. Dragged by the spillover of macro headwinds, SS futures...

Tata Steel's June-quarter results showed stronger realised prices and a richer product mix helped offset lower steel volumes, highlighting the growing role of value-added products and downstream integration in supporting margins beyond benchmark HRC prices.

[Brazil] Brazilian imported flat steel prices remained largely stable this week, as surging freight rates effectively offset falling FOB offers from major origins. Hot-rolled coil (HRC) and cold-rolled coil (CRC) import prices held steady at 590 USD/tonne CFR and 700 USD/tonne CFR, respectively. Escalating geopolitical tensions in the Middle East have driven up shipping fuel costs, counteracting the FOB price cuts made by Vietnamese mills amid sluggish Asian demand and falling raw material costs. In the domestic market, pressured by weak downstream demand, tight credit, and accumulating inventories, Brazilian ex-works HRC prices held flat this week, with no price hikes planned for August. Additionally, Brazilian slab export sales slowed this week, as major exporters finalized internal transfers to their own mills in Europe and the Americas at 575–585 USD/tonne FOB.

Price Dynamics of Non-Oriented Silicon Steel Shanghai B50A800 Grade: 4,380-4,380 yuan/mt Guangzhou B50A800 Grade: 4,200-4,200 yuan/mt Wuhan 50WW800 Grade: 4,280-4,250 yuan/mt Shanghai Market: This week, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market were in the doldrums, with some grades falling by 50-100 yuan/mt, and overall transaction performance was sluggish. Market feedback indicated that ferrous metals futures weakened this week, providing insufficient cost support for silicon steel. Additionally, downstream motor enterprises maintained a slow procurement pace, leading to a lack of improvement on the demand side. Traders generally reported sluggish transactions and mostly chose to offer small discounts when selling. However, firm ordering costs from state-owned steel mills provided some support to spot prices. Overall, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market are expected to remain in the doldrums next week. Guangzhou Market: This week, the cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums, with relatively sluggish transaction performance. Market feedback indicated that HRC futures continued to decline this week, dampening market confidence. Downstream procurement enthusiasm was low, and traders focused on actively selling and recovering funds. The overall trading atmosphere was sluggish, but inventory levels were not high, and sales pressure was moderate. Overall, spot prices of cold-rolled non-oriented silicon steel in the Guangzhou market are expected to remain in the doldrums next week. Wuhan Market: This week, cold-rolled non-oriented silicon steel prices in the Wuhan market were in the doldrums, with most grades falling by 30-50 yuan/mt and transaction performance being sluggish. Market feedback indicated that traders slightly lowered their spot quotations, but downstream purchasing enthusiasm was mediocre, dominated by just-in-time procurement. The overall trading atmosphere was relatively sluggish. Overall, spot prices of cold-rolled non-oriented silicon steel in the Wuhan market are expected to remain in the doldrums next week. Data Source Statement: (In addition to publicly available information, the data in this report are derived from public sources (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, NBS data, customs import and export data, and various data published by major associations and institutions), market communication, and SMM’s internal database models. They have been obtained through comprehensive analysis and reasonable inference by the research team. They are for reference only and do not constitute decision-making advice. SMM reserves the right of final interpretation of this statement and the right to adjust and modify the statement content according to actual circumstances.

Local steel prices in Vietnam have increased after Hoa Phat, Kyoei Vietnam, Viet Italia Steel (VIS), Vinausteel, and Southern Steel (VNSteel) raised construction steel prices by VND100,000 per ton (excluding VAT). The price adjustments were announced between July 28 and August 1, 2026, with companies citing higher steel billet, raw material, fuel, exchange rate, and financing costs.