Data from the National Bureau of Statistics (NBS) showed that in July 2026, China's crude steel production was 76.93 million mt, down 3.6% YoY; production from January to July totaled 577.04 million mt, down 3.1% YoY. By province and city, in January-July 2026, Hebei led with 122.7939 million mt, Jiangsu ranked second with 70.8115 million mt, and Shandong ranked third with 40.4891 million mt.

[SMM Stainless Steel Daily Review] SS Futures Weaken, Spot Stainless Steel Transactions Mediocre, Awaiting Peak Season Validation SMM, August 19 – SS futures maintained a subdued consolidation trend. Dragged lower by the broad decline in nonferrous metals, SS prices pulled back in tandem. As of the close, the most-traded SS contract settled at 14,260 yuan/mt. In the spot market, although SS futures pulled back somewhat, the overall decline was relatively small. Stainless steel traders mostly held their offers steady, with only occasional small discounts. Overall transactions remained sluggish, showing no signs of recovery ahead of the “September-October peak season.” The Most-Traded SS Futures Contract. At 10:15 a.m., SS2610 was at 14,260 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 410-610 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was steady; for cold-rolled 304/2B coil with mill edge, Wuxi average price was flat, Foshan average price was flat; the price of Wuxi cold-rolled 316L/2B coil fell by 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotation was flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures were continuously disturbed by macro sentiment, maintaining an overall weak pullback trend. During the week, news on Indonesia’s RKAB nickel ore approval repeatedly disrupted industry expectations. Coupled with the hawkish tone of the US Fed’s policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty stayed high. Multiple bearish factors dragged SS futures down continuously throughout the week, with bearish sentiment dominating the market and futures movement...

Outokumpu has inaugurated a biocoke agglomeration plant in Tornio, Finland, substituting fossil coke with biomass-based alternatives in ferrochrome manufacturing to support its low-carbon stainless steel production targets. The EUR 30 million facility processes biochar into biocoke, reducing direct CO2 emissions by up to 82,000 tonnes per year — equivalent to the carbon footprint of 8,000 Finnish residents. Head of Outokumpu EvoCarbon Juha Erkkilä confirmed that production has commenced for both internal use and external customers. The project advances Outokumpu's strategy to lower value chain CO2 emissions by 42% by 2030 versus 2016 levels, with the company's ferrochrome production already carrying a carbon footprint 67% below the global industry average.

[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Strong Note and Move Higher; Stainless Steel Spot Offers Hold Steady, Transaction Recovery Hard to Sustain According to SMM on August 18, SS futures maintained a strong consolidation pattern, extending the previous day's stronger tone, with prices moving higher. At the close, the most-traded SS futures contract settled at 14,275 yuan/mt. In the spot market, SS futures rebounded and strengthened yesterday afternoon; with guidance prices at mainstream steel mills holding steady, inquiry and transaction activity in the spot market clearly recovered. Today, momentum for further gains was insufficient, transactions weakened somewhat, and trader offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2610 traded at 14,235 yuan/mt, up 15 yuan/mt from the previous trading day. Wuxi 304/2B spot premiums were in the 435-635 yuan/mt range. In the spot market, the average price for Wuxi cold-rolled 201/2B coil held steady; for cold-rolled raw-edge 304/2B coil, the Wuxi average rose 25 yuan/mt and the Foshan average rose 25 yuan/mt; Wuxi cold-rolled 316L/2B coil prices fell 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes were flat; cold-rolled 430/2B coil prices in Wuxi and Foshan were unchanged. This week, stainless steel futures were repeatedly disrupted by macro sentiment and overall remained on a weak pullback trend. During the week, news on Indonesian RKAB nickel mining approvals repeatedly disturbed industry expectations. Combined with the US Fed's hawkish policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty in the market stayed high. Multiple bearish factors combined to drag SS futures through a sustained pullback during the week, with overall bearish sentiment dominating the market...

[SMM Survey: Weekly Survey of Rolling Lines in Central China: Poor Profitability for Rebar and Wire Rod, Performance Diverged Next Week] During the survey period (August 11–August 17), the operating rate of rebar rolling lines in the region remained flat, while the capacity utilization rate edged up.

[8.19 Morning Meeting Minutes] The National Bureau of Statistics: In July, the value-added of industrial enterprises above designated size grew 4.5% YoY in real terms; sales prices of new commercial residential buildings in first-tier cities turned flat MoM after a 0.1% increase in the previous month. The most-traded SHFE nickel 2609 contract moved sideways in the morning session, ending at 128,410 yuan/mt, up 0.19%. Driven by factors including the mild cooling of the US July PPI and further easing of interest rate hike expectations, nonferrous metals broadly rose, and nickel prices rebounded from last week's lows. While Indonesia’s nickel ore RKAB quota is expected to be loose, sulfur prices remain elevated above $1,000/mt, providing ongoing cost support. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 125,000-130,000 yuan/mt.