[SMM Stainless Steel Daily Review] SS Consolidates Amid Persistent Macro News Disturbances; Stainless Steel Spot Prices Remain Firm in Off-Season with Sluggish Trading According to SMM on July 3, SS futures presented an overall pattern of holding up well. US non-farm payrolls data came in below expectations and inflation expectations declined, prompting non-ferrous metals to strengthen overall. SS followed suit and rose in tandem. As of the midday close, the most-traded SS contract settled at 14,600 yuan/mt. In the spot market, the decline in SS futures paused temporarily, while current social inventory pressure on stainless steel was not significant. With steel mills holding prices firm, spot offers remained firm. Most-traded SS futures contract. At 10:15 AM, SS2608 was quoted at 14,655 yuan/mt, up 75 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 315-865 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained unchanged; cold-rolled 304/2B mill edge coils, average prices in Wuxi and Foshan both held flat; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil quotes in Wuxi were unchanged; cold-rolled 430/2B coils in Wuxi and Foshan fell 50 yuan/mt. This week, the tug-of-war between macro and industrial logic dominated the futures trend. US inflation data pulled back, market expectations for US Fed interest rate hikes further cooled, and the US dollar index weakened, overall boosting valuations of commodities and non-ferrous metals and providing macro support for the metals sector. However, sentiment on the industrial side remained bearish, the issue of Indonesia's nickel ore supplementary quotas remained unresolved, and the market held relatively...

[7.3 Morning Meeting Minutes] US June ADP employment increased by 98,000, the smallest gain since March and below market expectations of 118,000. The most-traded SHFE nickel 2609 contract moved sideways in morning trading, closing the session at 125,880 yuan/mt, down 0.41%. A stronger US dollar and a shift in market expectations toward a more "hawkish" US Fed policy stance kept the macro environment challenging. Markets turned their attention to this week's US ADP and non-farm payrolls data. In the short term, nickel prices are expected to trade in the doldrums within the range of 125,000-135,000 yuan/mt.

[SMM Stainless Steel Daily Review] SHFE Nickel Under Sustained Pressure, SS Futures Prices in the Doldrums; Spot Stainless Steel Falls, Off-Season Transactions Hard to Improve According to SMM on July 2, SS futures showed an overall pattern of volatile declines. Dragged by consecutive drops in SHFE nickel, SS futures prices remained in the doldrums, but support at the 14,500 yuan/mt level held firm. As of the midday close, the most-traded SS contract settled at 14,545 yuan/mt. On the spot market side, dragged by the weaker SS futures, sentiment in the spot stainless steel market softened further. Traders increasingly offered discounts to sell, and quotes were broadly lowered. However, amid the off-season for consumption and strong wait-and-see sentiment among market entities, overall transactions stayed persistently weak. The most-traded SS futures contract. At 10:15 a.m., SS2608 was quoted at 14,580 yuan/mt, up 30 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 390-940 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B coil (raw edge), the Wuxi average fell by 50 yuan/mt and the Foshan average fell by 50 yuan/mt; the price for cold-rolled 316L/2B coil in Wuxi rose by 50 yuan/mt; for hot-rolled 316L/NO.1 coil, the Wuxi quote was flat; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices consolidated in the doldrums. Ex-China macro headwinds, combined with industry sentiment disruptions, fueled rising market pessimism, and off-season fundamentals were fully exposed. Overall, the market exhibited macro pressure on futures, weakening off-season demand, and traders cutting prices to reduce inventories...

[SMM Stainless Steel Daily Review] SS Futures Prices Pull Back on Macro Headwinds, Stainless Steel Spot Transactions Weaken According to SMM on July 1, SS futures moved in a downward, consolidating trend. Pressured by rising expectations for US Fed interest rate hikes and the continued decline in SHFE nickel, SS futures fell in tandem. By the midday close, the most-traded SS contract had settled at 14,590 yuan/mt. In the spot market, the generally cautious market sentiment was driven by both the weakness in SS futures and the disturbance from Indonesian policies. Although traders showed a strong willingness to sell, the sluggish transaction scenario remained unchanged. The most-traded SS futures contract: At 10:15 AM, SS2608 was quoted at 14,550 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the range of 470-970 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; the average prices for cold-rolled unedged 304/2B coil were flat in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; quotations for hot-rolled 316L/NO.1 coil in Wuxi were also flat; and the average prices for cold-rolled 430/2B coil in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds outside China, coupled with industrial sentiment disturbance, intensified market pessimism, fully highlighting the off-season fundamentals. The overall picture showed that macro factors suppressed the futures, off-season demand weakened, traders cut prices to reduce inventory, supply contraction provided some support to inventory levels, and steel mill profits shrank. Futures were dragged lower by monetary policies and raw material rumors. Spots maintained resilience relying on steel mills holding prices firm, but terminal transactions were sluggish, and the overall market …

[SMM Stainless Steel Daily Review] SS Futures Hold Up Well, Low-Price Restocking of Stainless Steel Spot Cargoes Increases According to SMM on June 30, SS futures consolidated with an upward bias. Although the night session was weak, futures drifted higher after the daytime session opened. By the close, the most-traded SS futures contract settled at 14,740 yuan/mt. In the spot market, prices dipped in early trading due to weakness in the night session, but as SS futures continued to strengthen during the daytime session, transactions recovered somewhat, and low-price restocking demand increased. SS Futures: The most-traded contract. At 10:15 AM, SS2608 was at 14,540 yuan/mt, down 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the 480-980 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B coil with raw edges, the average price was flat in Wuxi and flat in Foshan; the price for cold-rolled 316L/2B coil in the Wuxi area was flat; for hot-rolled 316L/NO.1 coil, the quoted price in Wuxi was flat; cold-rolled 430/2B coil prices were flat in both Wuxi and Foshan. Stainless steel futures and spot markets were in the doldrums this week. Macro headwinds from outside China, coupled with sentiment disturbances in the industry, led to heightened market pessimism, fully highlighting off-season fundamentals. The overall pattern was one of macro pressures weighing on futures, weakening off-season demand, traders cutting prices to reduce inventory, supply tightening helping to support inventory levels, and shrinking steel mill profits. Futures were dragged lower by monetary policy and raw material rumors, while spot prices showed resilience, supported by steel mills holding prices firm; however, end-user transactions were sluggish, and the overall market sentiment was bearish. On the futures side, this week's price movements were driven by macro headwinds. The de-escalation of the US-Iran conflict...

[SMM Stainless Steel Daily Review] SS Futures Drift Higher, Spot Stainless Steel Transactions Remain Sluggish According to SMM on June 29, SS futures held up well. Base metals futures overall showed strength, and SS futures also rose in tandem. As of the close, the most-traded SS futures contract settled at 14,770 yuan/mt. In the spot market, although SS futures recovered somewhat, affected by recent market fluctuations, downstream wait-and-see sentiment was heavy. Coupled with already weak demand in the off-season, spot prices mostly held steady and transactions remained sluggish. SS futures most-traded contract. At 10:15 AM, SS2608 was at 14,715 yuan/mt, up 45 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 355-855 yuan/mt. In the spot market, average prices were unchanged for: Wuxi cold-rolled 201/2B coil; cold-rolled 304/2B raw edge coil in Wuxi and Foshan; Wuxi cold-rolled 316L/2B coil; Wuxi hot-rolled 316L/NO.1 coil; and cold-rolled 430/2B coil in both Wuxi and Foshan. This week, stainless steel futures and spot prices consolidated with a weaker bias. Ex-China macro headwinds, coupled with industry sentiment disruptions, heated up market pessimism, with off-season fundamentals fully evident. Overall, the pattern was one of macro pressures weighing on futures, weakening off-season demand, traders cutting prices to reduce inventory, supply contraction underpinning inventory levels, and shrinking steel mill profits. Futures were dragged lower by monetary policy and raw material rumors, while spot prices sustained resilience supported by steel mills holding prices firm. However, end-user transactions were sluggish, and the overall market was bearish. Futures…

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums Amid News-Driven Fluctuations, Stainless Steel Trading Weak During Off-Season Demand According to SMM on June 26, SS futures climbed before pulling back. Driven by the Indonesian government's clarification of rumors regarding RKAB quotas, SS futures strengthened during the night session, but in the morning, dragged by a decline in SHFE nickel, they continued the previous downtrend, drifting lower. As of the midday close, the most-traded SS futures contract settled at 14,585 yuan/mt. In the spot market, inquiries and trading activity picked up early in the session, supported by SS futures’ overnight strength, and offer prices rose accordingly. However, as futures weakened again, wait-and-see sentiment quickly intensified, and trading activity once more turned sluggish. SS futures, the most-traded contract. At 10:15 AM, SS2608 was at 14,670 yuan/mt, up 70 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 400-900 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi stayed flat; the average price of cold-rolled 304/2B (raw edge) coil dropped 50 yuan/mt in Wuxi, while Foshan remained flat; cold-rolled 316L/2B coil prices in Wuxi fell 50 yuan/mt; hot-rolled 316L/NO.1 coil offers in Wuxi were flat; and cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds from outside China, combined with industry sentiment disruptions, fueled market pessimism, with off-season fundamentals fully coming to the fore. The overall picture showed macro factors pressuring futures, weakening off-season demand, traders cutting prices to reduce inventories, supply contraction supporting inventory levels, and steel mills…

[SMM Stainless Steel Daily Review] Base Metals Slump Drags SS Lower; Spot Stainless Steel Holds Price Floor with Limited Losses as Downstream Stays Sidelined According to SMM on June 23, SS futures fluctuated lower and gradually pulled back. Base metals futures fell across the board today, dragging SS futures lower in tandem. As of the close, the most-traded SS contract settled at 14,885 yuan/mt. In the spot market, while SS futures pulled back sharply, cautious wait-and-see sentiment among downstream enterprises intensified, and spot transactions remained sluggish with no significant improvement. However, spot traders continued to hold their price quotes firm, limiting the overall extent of price declines. Regarding the most-traded SS futures contract, at 10:15 AM, SS2608 was reported at 14,930 yuan/mt, down 155 yuan/mt from the previous trading day. Spot premiums for 304/2B products in the Wuxi area ranged 240-640 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled, un-edged 304/2B coil, the average price in Wuxi fell by 50 yuan/mt while the average price in Foshan remained flat; prices for cold-rolled 316L/2B coil in the Wuxi area were flat; and for hot-rolled 316L/NO.1 coil, quoted prices in Wuxi fell by 25 yuan/mt. Prices for cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot experienced wild swings, as offshore macro expectations repeatedly disrupted futures and the market saw an intensified tug-of-war between longs and shorts. The overall landscape was one where macro forces dominated futures, transactions fluctuated with sentiment, tightening supply supported spot prices, inventories remained steady, and profits saw minor repairs. Early in the week, macro tailwinds lifted the market, and the futures rebound spurred a recovery in spot transactions; by mid-week...

[SMM Analysis] Slight Stainless Steel Inventory Destocking Amid Weak Off-Season Demand and Proactive Clearing by Traders SMM, June 11 – This week, stainless steel social inventories extended the previous destocking trend, with total inventory pulling back slightly again. Total inventory in the two core markets of Wuxi and Foshan declined from 940,400 mt on June 4, 2026, to 932,900 mt on June 11, down 0.8% WoW. Under the off-season conditions, inventories continued to show a slight destocking trend. This week, macro headwinds outside China continued to intensify, and SS futures declined in successive sessions, dragging stainless steel spot prices down in tandem. Overall market pessimism deepened. On top of this, the industry formally entered the traditional consumption off-season. Wait-and-see sentiment among downstream end-users stayed high, actual just-in-time procurement was relatively weak, and overall transactions in the spot market remained sluggish. The demand side would have created inventory buildup pressure. However, the supply side and the circulation sector provided a strong offset, effectively neutralizing the inventory accumulation risk caused by weak off-season demand. On one hand, multiple stainless steel mills gradually implemented production cuts and maintenance during the month, leading to downward adjustments in production schedules. On the other hand, the persistent decline in futures heightened industry concerns about the near-term outlook. Traders widely held pessimistic expectations, and the market mainly operated with an approach of proactive selling and reducing their own inventories. Price concessions to clear inventory were common, accelerating the turnover of spot goods in the market. Amid the opposing tug-of-war between supply and demand, stainless steel social inventories pulled back slightly further this week. On the whole, weak just-in-time demand during the off-season and persistently sluggish transactions were potential bearish factors for inventory buildup, while the marginal supply contraction from steel mill maintenance and traders' concentrated proactive inventory clearing were the factors behind this week's ...

[SMM Stainless Steel Daily Review] Futures Weaken, SS Futures Pull Back; Spot Prices Steady with End-User Just-in-Time Procurement SMM reported on June 9 that SS futures showed a downward trend. Dragged by the overall weakness in non-ferrous metal futures, SS futures pulled back simultaneously. As of midday close, the most-traded SS contract was quoted at 14,420 yuan/mt. In the spot market, although futures fell back, spot stainless steel quotations remained firm, with mainstream quotations showing limited decline, but some lower-priced resources were also reported. Downstream end-users were cautious in purchasing, mostly making just-in-time procurement at low prices. The most-traded SS futures contract fell back. At 10:15 AM, SS2607 was quoted at 14,470 yuan/mt, down 255 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 550-1,200 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil fell 50 yuan/mt; cold-rolled raw edge 304/2B coil, the average price fell 25 yuan/mt in Wuxi and 25 yuan/mt in Foshan; Wuxi cold-rolled 316L/2B coil price was flat; hot-rolled 316L/NO.1 coil, quotations in Wuxi held steady; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. Stainless steel futures and spots experienced heightened volatility, futures rose first and then fell back, disturbed by overseas macro news, and off-season characteristics fully emerged. Industry expectations for the future were vague, wait-and-see sentiment was strong, transactions recovered in pulses but lacked sustainability, traders faced rising shipment pressure, and mostly boosted deals by cutting profits. Overall, macro news disturbed futures, off-season...