[SMM Stainless Steel Daily Review] SS Futures Fluctuated, Rising First and Then Falling, While Spot Quotes Edged Lower and Transactions Recovered SMM News, March 17: SS futures moved sideways. During the day, SS futures rose first and then fell, overall maintaining a sideways movement pattern, and closed at 14,155 yuan/mt by the midday break. In the spot market, although SS futures were relatively strong in the morning, affected by the previous cuts in guidance prices by major stainless steel mills, trader quotes still edged slightly lower than yesterday. However, market sentiment had stabilized somewhat, and amid the price pullback, both inquiries and transactions increased to some extent. The most-traded SS futures contract fluctuated. As of 10:15 a.m., SS2605 was quoted at 14,220 yuan/mt, up 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 200-400 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. As the traditional peak consumption season of "Golden March and Silver April" began, the stainless steel market entered a window for demand recovery, with downstream end-users gradually recovering. Recently, activity in inquiries and purchases increased markedly, but stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement was still mainly driven by rigid demand, and the full bustle of the peak season had yet to emerge, ...

[SMM Stainless Steel Daily Review] SS Futures Struggled to Break Out of Rangebound Trading, Spot Market Held Prices Steady While Actively Shipping SMM News, March 13: SS futures remained in the doldrums. However, after opening higher in the night session, SS fluctuated downward, with the pace of pullback accelerating further in the afternoon, and closed at 14,190 yuan/mt. In the spot market, affected by fluctuations in futures, quotations were largely stable, with limited changes during the week. Although the recovery in downstream demand and cargo pick-up of previous orders provided support, and stainless steel social inventory stopped rising and pulled back this week, market expectations remained mediocre, with merchants mainly holding prices steady while actively making shipments. The most-traded SS futures contract fluctuated stronger. As of 10:15 a.m., SS2605 stood at 14,275 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 245-445 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi were all basically stable; for cold-rolled trimmed 304/2B coils, the average prices in both Wuxi and Foshan were basically stable; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; and cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. Entering the traditional peak consumption season of “Golden March and Silver April,” the stainless steel market ushered in a window for demand recovery, with downstream end-users gradually recovering and inquiry and purchase activity having picked up notably recently. However, stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement mainly followed rigid demand, and a full-scale peak-season boom had yet to emerge, while wait-and-see sentiment still lingered in the market. On the futures side, affected by Yi...

1. Tender Conditions For this tender project, Reduced Iron Powder (Second Tender) for February 2026 of the Metallurgical Materials Company (PGPYNSHGZHD260303270894), the bid inviter is the Refractories Division of Pangang Metallurgical Materials Co., Ltd. The funds for the tender project are self-raised. The project has met the tender conditions and is now open for public tendering. 2. Project Overview and Scope of Tender 2.1 Project Name: Reduced Iron Powder (Second Tender) for February 2026 of the Metallurgical Materials Company 2.2 If the tender fails, it will be converted to other procurement methods: converted to negotiated procurement, converted to direct procurement 2.3 The tender content, scope, and scale of this project are detailed in the attachment “Material List Attachment.pdf”. 3. Bidder Qualification Requirements 3.1 Consortium bidding is not permitted for this tender. 3.2 This tender requires that bidders possess the following qualification requirements: (1) Manufacturing business license (2) Distribution business license 3.3 This tender requires that bidders meet the following registered capital requirements: Manufacturing registered capital: 2 million yuan and above Distribution registered capital: 1 million yuan and above 3.4 This tender requires that bidders have the following performance requirements: A scanned copy of at least one issued main business contract or VAT invoice must be provided. 3.5 This tender requires that bidders have the following capability requirements, financial requirements, and other requirements: Financial requirements: see the attachment (if needed) Capability requirements: see the attachment (if needed) Other requirements: see the attachment (if needed) 3.6 For projects that are legally required to be tendered, bids submitted by dishonest persons subject to enforcement shall be invalid. 4. Acquisition of Tender Documents 4.1 Any party intending to participate in the bidding shall, from 09:00 on March 04, 2026 to 09:00 on March 24, 2026 (Beijing time, the same hereinafter), log in to the Ansteel Intelligent Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents. Click to view tender details:

1. Tender Conditions This tender project for the March 2026 reduced iron powder of the Metallurgical Materials Company (PGPYNSHGZHD260206268171) has Pangang Metallurgical Materials Co., Ltd. Refractory Business Division as the bid inviter. The funds for the tender project are from self-raised sources. The project has met the tender conditions and is now proceeding with open tender. 2. Project Overview and Tender Scope 2.1 Project Name: March 2026 Reduced Iron Powder of the Metallurgical Materials Company 2.2 Transition from Failed Tender to Other Procurement Method: Transition to Negotiated Procurement 2.3 The specific content, scope, and scale of the tender for this project are detailed in the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this tender. 3.2 This tender requires the bidder to possess the following qualification requirements: (1) Production-type business license (2) Distribution-type business license 3.3 This tender requires the bidder to meet the following registered capital requirements: Production-type registered capital: 2 million yuan and above Distribution-type registered capital: 1 million yuan and above 3.4 This tender requires the bidder to possess the following performance requirements: Must provide scanned copies of at least one main business contract or VAT invoice issued. 3.5 This tender requires the bidder to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: See the attachment for details (if required) Capability requirements: See the attachment for details (if required) Other requirements: See the attachment for details (if required) 3.6 For projects that must be tendered according to law, bids from discredited persons subject to enforcement will be invalid. 4. Obtaining Tender Documents 4.1 Interested bidders, please log in to the Ansteel Smart Tender Platform at http://bid.ansteel.cn from 18:00 on February 09, 2026, to 08:45 on March 03, 2026 (Beijing Time, the same hereinafter) to download the electronic tender documents. Click to view tender details:

SMM December 11 - SS futures were in the doldrums. Although the US Fed cut interest rates by 25 basis points as scheduled, which aligned with earlier expectations and had already been priced in by the market, it did not cause significant fluctuations. During the day, prices once surged to near 12,700 yuan/mt before pulling back. In the spot market, SS futures were basically stable, with the spot market returning to fundamentals. Downstream restocking was largely completed earlier, transactions remained sluggish, and some traders offered slight discounts to move cargo. Social inventory accumulated this week, up 0.07% WoW to 947,600 mt. The most-traded SS contract was weak. At 10:30 a.m., SS2602 was quoted at 12,675 yuan/mt, up 110 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 195-395 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,000 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price was 12,800 yuan/mt in both Wuxi and Foshan; for cold-rolled 316L/2B coil, the price was 23,775 yuan/mt in Wuxi and Foshan; for hot-rolled 316L/NO.1 coil, the price in Wuxi was 23,000 yuan/mt; for cold-rolled 430/2B coil, the price was 7,600 yuan/mt in both Wuxi and Foshan. This week, the US Fed's rate cut landed as expected, but as the positive news had already been digested by the market, the boost to macro sentiment was limited. Although SS futures surged at one point, with the clear year-end policy stabilization tone, further stimulus expectations faded, and upward momentum in futures was noticeably insufficient, resulting in a weak rebound pattern of retreating after a rapid rise. The spot market performed even weaker. Only low-priced resources saw a slight increase in transactions at the beginning of the week, with downstream players generally adopting a wait-and-see attitude and restocking willingness remaining low. Traders reported persistently insufficient orders, and the year-end demand contraction trend has become a foregone conclusion. The supply-demand imbalance further intensified, with social inventory increasing slightly by 0.07% WoW to 947,600 mt, making destocking pressure increasingly evident. Although mainstream steel mills frequently announced planned production cuts for December, the actual reduction in the production schedule may only be 4.15%, far below expectations. Amid the pattern of strong supply and weak demand, actual transaction prices frequently saw hidden declines. Meanwhile, prices for nickel pig iron and ferrochrome continued to fall, further weakening cost support. Overall, the stainless steel market currently faces triple pressures: a vacuum in macro drivers, a fundamental supply-demand imbalance, and collapsing cost support. Although futures were briefly lifted by external factors, they lack intrinsic momentum. Short-term upward momentum is expected to remain insufficient, with certain downside risks still present.

SMM data shows that the most-traded SS contract declined this week. As of 10:30 on June 13, the SS2508 contract was quoted at 12,540 yuan/mt, down 160 yuan/mt WoW. Macro front, on June 11, China and the US held the second round of economic and trade consultations in London, reaching a framework agreement in principle and broadening the scope for future cooperation. This alleviated market concerns about escalating trade frictions and injected positive sentiment into the stainless steel futures market in the short term. The US CPI rose 2.4% YoY in May, below the expected 2.5%, raising expectations for US Fed interest rate cuts within the year. The US dollar index came under pressure, providing support for nickel, stainless steel, and other commodity prices. During the week, the National Development and Reform Commission (NDRC) proposed establishing new-type policy-based financial instruments to facilitate the implementation of major engineering projects in people's livelihoods, which is expected to drive effective investment exceeding 6 trillion yuan and stimulate demand and application for stainless steel in infrastructure and other sectors. However, on June 12, the US Department of Commerce announced new tariffs on common household appliances made of steel components, such as washing machines and dishwashers, limiting the export consumption of downstream stainless steel products and exerting a negative impact on the market. Fundamentally, under the influence of the traditional consumption off-season, the stainless steel market has gradually shown signs of weak demand, with upstream stainless steel mills, agents, and traders generally facing increased pressure to ship goods. Driven by losses, stainless steel mills implemented price-capping strategies for downstream selling prices. Despite successive price reductions in the early stage, transaction volumes failed to improve. During the week, due to high finished product inventories, steel mills temporarily canceled the price-capping policy, leading to a rapid decline in stainless steel prices. Although the price-capping policy was subsequently reinstated, stainless steel quotes remained at low levels. Overall, the mismatch between weak stainless steel market consumption and relatively high steel production has intensified. Although the SS futures market hit a new five-year low during the week, the lack of upward rebound momentum amid market pessimism means that the SS futures market will continue to fluctuate at lows.

SMM data shows that the most-traded SS contract continued to fluctuate at lows this week. As of 10:30 on June 6, the SS2507 contract was quoted at 12,700 yuan/mt, unchanged WoW. From a macro perspective, domestic policies have continued to exert influence, injecting liquidity into the market. In May, the People's Bank of China (PBOC) announced a 0.5 percentage point cut in the reserve requirement ratio (RRR), releasing 1 trillion yuan in long-term funds, and supplemented short-term liquidity through reverse repo operations totaling 700 billion yuan. On June 5, the PBOC conducted an unprecedented 1 trillion yuan in outright reverse repo operations, further stabilizing market expectations. Internationally, US trade policies and economic data have disrupted the market. Starting from June 4, the US increased tariffs on steel and aluminum imports from 25% to 50%, mainly affecting major exporters to the US such as Mexico and Canada. Given the limited direct exports of Chinese stainless steel to the US, the impact is expected to be relatively small. Additionally, a surge in initial jobless claims in the US in early May has heightened market concerns about an economic downturn, significantly increasing expectations for US Fed interest rate cuts this year. Returning to the fundamentals, the stainless steel market has entered the traditional consumption off-season, with sluggish transactions and downstream buyers only making just-in-time procurement. Currently, stainless steel enterprises are generally facing losses due to cost inversion. Despite news of production cuts from multiple steel mills, the supply scale remains at historically high levels for the same period due to the high production base in the early stage, and the supply-demand imbalance in the market persists. Against this backdrop, social inventory of stainless steel remains high, and traders face significant pressure to sell, making price cuts and sales promotions commonplace. Overall, although SS futures prices have reached historical lows and cost support provides a certain floor for prices, the fundamentals are unlikely to support a price rebound amid limited production cuts by steel mills and persistently weak demand. It is expected that in the short term, the SS futures market will continue to fluctuate at lows.

SMM data shows that the most-traded SS contract weakened this week. As of 10:30 a.m. on May 30, the SS2507 contract was quoted at 12,700 yuan/mt, down 195 yuan/mt WoW. From a macro perspective, Moody's downgraded the US sovereign credit rating from AAA to AA1, breaking the top rating it had held since 1917. The main reasons were the US's high fiscal deficit and ballooning debt. Meanwhile, Trump's "reciprocal tariff" policy triggered a chain reaction. It is estimated that the implementation of these tariffs will cause the US effective tariff rate to soar, potentially pushing up core PCE inflation by 1.9 percentage points in April. This has disrupted the US Fed's monetary policy rhythm, with interest rate cut expectations being postponed from July to September. It is expected that there will only be 50-75 basis points of interest rate cuts for the entire year. Faced with the dilemma of "rising inflation and unemployment," Powell insisted on policy independence and rejected Trump's demand for interest rate cuts. However, the impact of recent macro news on the stainless steel futures market has weakened, and the market is gradually returning to being dominated by supply and demand fundamentals. From a fundamental perspective, the stainless steel market is approaching the traditional consumption off-season. Even before the Dragon Boat Festival, the expected procurement and stockpiling market did not materialize, and overall transactions remained sluggish. Despite the current relatively low stainless steel prices, which have led to an inversion between smelting costs and selling prices, and the continuous news of production cuts and maintenance at stainless steel mills, market participants' confidence has generally been undermined under the dual pressures of high inventory backlogs and persistently weak downstream demand, with expectations for the future market trending towards pessimism.

SMM data shows that the most-traded SS contract surged and strengthened this week. As of 10:30 a.m. on May 16, the SS2507 contract was quoted at 12,995 yuan/mt, up 285 yuan/mt WoW. After the US and China reached a 90-day tariff buffer period in the Geneva negotiations, the stainless steel market was significantly less affected by macro factors, gradually returning to the logic dominated by fundamentals. However, this week, a series of economic events in the US once again triggered market volatility. Moody's downgraded the US sovereign credit rating to Aa1, explicitly pointing out the risks of fiscal deficit expansion and a heavier debt interest burden, directly sparking market concerns about the sustainability of US debt. Meanwhile, the auction of 20-year US Treasury bonds was cold, with a winning bid rate of 5.047% and a bid-to-cover ratio of only 2.46, the lowest since February, pushing the yield on 30-year US Treasury bonds above 5%. In addition, the Trump tax cut bill was passed in the House of Representatives, expected to increase the fiscal deficit by $3.3 trillion over the next decade, further exacerbating the selling pressure on US debt and causing the three major US stock indices to fall more than 1.4% in a single day. Affected by the weakening US dollar, the futures market for gold and non-ferrous metals strengthened. Against this backdrop, the stainless steel futures market also ended its downward trend and rebounded. From a fundamental perspective, as the macro-positive factors that previously supported the stainless steel market gradually faded, the weakness in downstream end-use consumption became increasingly apparent. The market has gradually entered the traditional consumption off-season. The frequent arbitrage operations between futures and spot markets conducted by traders previously have led to an abundant supply of low-priced warrant goods in the market, meeting some demand on a temporary basis. At the same time, stainless steel producers have limited production cuts, with production remaining at a high level, leading to a continued loose supply in the market. Under the dual pressures of weak demand and supply surplus, market participants' confidence is significantly lacking, and a wait-and-see sentiment prevails. Considering the market performance this week, as the influence of macro factors gradually diminishes, the stainless steel market is accelerating its transition into the traditional consumption off-season. The current market is characterized by a prominent supply-demand imbalance, with the supply side maintaining a loose pattern and production remaining high on the one hand, and the demand side remaining weak on the other hand. The temporary satisfaction of market demand by previously low-priced goods is difficult to sustain. Although stainless steel futures prices are at a relatively low level and the price of high-grade NPI is approaching the cost line of smelters, in the absence of effective demand improvement, the market lacks strong drivers for an upside. It is expected that in the short term, stainless steel futures will mainly move in a volatile pattern, with limited upside room.

According to SMM data, the most-traded SS contract surged and strengthened this week. As of 10:30 a.m. on May 16, the SS2507 contract was quoted at 12,995 yuan/mt, up 285 yuan/mt WoW. From a macro perspective, on May 12, significant breakthroughs were achieved in the economic and trade talks between China and the US held in Geneva: both sides reached an agreement to substantially reduce the originally planned 125% "reciprocal tariff" to 10% and suspend the imposition of a 24% tariff for 90 days. This move significantly alleviated the negative impact of trade frictions on stainless steel exports and effectively boosted market confidence. Meanwhile, the US CPI data released also caused a stir in the market. The data showed that the US CPI YoY growth rate was far below market expectations, hitting a new low since 2021. This outcome strengthened expectations for US Fed interest rate cuts, injecting a shot in the arm for the commodity market. Amidst the combined impact of these two positive factors, stainless steel futures prices rebounded rapidly in the short term, and market sentiment significantly warmed up. At the fundamental level, driven by strong favourable macro factors, the stainless steel spot market saw a significant price strengthening this week. The cautious wait-and-see sentiment that had pervaded the market earlier was effectively alleviated, and industry confidence gradually recovered, leading to a noticeable rebound in trading activity within the week. Meanwhile, stainless steel social inventory also showed a downward trend. However, as the impact of the macro-positive factors gradually faded by Friday and the phased procurement demand was met, market transactions weakened again, and prices showed signs of loosening. Overall, despite the macro-policy tailwinds driving increased trading activity and price hikes in the stainless steel market this week, there has been no substantive turnaround in the industry's fundamentals. On the supply side, stainless steel enterprises maintained a high-production trend, with market supply remaining loose. On the cost side, prices of high-grade NPI and high-carbon ferrochrome continued to decline, weakening cost support. On the demand side, as the traditional peak consumption season draws to a close, downstream phased demand, after being concentratedly released, lacks subsequent growth momentum, and demand sustainability faces challenges. Coupled with the gradual fading of the macro-positive effects, constrained by multiple factors, stainless steel prices lack strong support for upward movement, with upward momentum significantly insufficient in the short term.