[Market Activity Remains Low, Post-Holiday GO Silicon Steel Prices Expected to Remain in the Doldrums] Futures side, HRC futures fluctuated downward this week, exerting some downward pressure on the cost side of silicon steel, with some traders adopting a cautious wait-and-see approach. Demand side, affected by the approaching Chinese New Year holiday, downstream enterprises gradually suspended operations for the holiday, leading to a significant contraction in procurement demand. Market transactions were largely stagnant in the latter part of the week, with only minimal just-in-time procurement sustaining market activity.

The HRC price edged up intraday, with the most-traded contract closing at 3,228, up 0.06%. In the spot market, national mainstream city HRC offers were mostly stable with some increases, cold-rolled and coated sheets prices held steady, and export prices remained stable. Data-wise, hanghai HRC inventory was 347,100 mt this week, up 14,300 mt WoW (a 4.30% increase); the Gregorian calendar YoY decline was 10.95%, while the lunar calendar YoY increase was 17.94%. Mainstream city inventories began to accumulate gradually. Short-term, market transactions gradually stalled, and HRC prices were expected to stabilize in the latter half of the week; post-holiday inventory buildup will be monitored.

[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

During the day, HRC prices trended weaker, with the most-traded contract closing at 3,220 at the end of the session, down 0.65%. In the spot market, national mainstream city HRC offers fell 10 yuan/mt, while cold-rolled and galvanized prices held steady, and export prices remained stable. In the short term, as this week is the last working week before the Chinese New Year, market trading activity continues to cool. Traders and downstream users started taking holidays gradually from today, with many traders suspending quotes. HRC and cold-rolled prices are expected to stabilize during the latter half of this week.

HRC prices trended weakly intraday, with the most-traded contract closing at 3,239, down 0.55%. In the spot market, most HRC spot offers held steady or fell by 10 yuan, while spot cold-rolled coil offers remained in the doldrums. Trading performance was weak, with sluggish inquiry activity in the market. In the short term, as this week is the last working week before the Chinese New Year, trading across regions is gradually halting. Coupled with strong risk-averse sentiment ahead of the holiday, sheets & plates prices are expected to fluctuate within a narrow range before the holiday, with support for the most-traded HRC contract watched at 3,215.

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound Ahead of Chinese New Year Holiday, Most Stainless Steel Traders on Holiday SMM, February 9: SS futures showed a relatively strong and rangebound fluctuation pattern. The phased impact from the macro perspective gradually faded, and with the approaching Chinese New Year holiday in China, market activity declined. SS futures operated on a relatively stable tone, finally closing at 13,735 yuan/mt. In the spot market, most traders have entered the holiday period, and those not yet on holiday are mostly in the closing stage. A small number of transactions mainly focused on post-holiday futures orders, with prices overall basically stable. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,770 yuan/mt, up 15 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 400-600 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi was 26,600 yuan/mt, and in Foshan 26,600 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,750 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment combined with a significant pullback in precious metal prices dragged down the overall nonferrous metals futures, and stainless steel futures also showed wild swings in sync. At the beginning of the week, they once hit the limit down, then gradually staged a restorative rebound, …

This week, stainless steel spot production costs pulled back in sync, narrowing steel mills' profit margins. Taking 304 cold-rolled products as an example, based on raw material prices on the day, the full cost profit margin fell to -0.51% this week; if calculated using raw material inventory costs, it reached 3.16%. On the nickel-based raw material cost side, SHFE nickel futures pulled back this week. Driven by arbitrage operations between futures and spot, low-priced spot cargoes were sold off intensively, causing high-grade NPI spot prices to pull back quickly at the start of the week. Subsequently, SHFE nickel stopped falling and rebounded, and high-grade NPI prices recovered accordingly. However, as the Chinese New Year holiday approached, actual market transactions remained sluggish. As of Friday this week, high-grade NPI with 10-12% grade fell 14 yuan per mtu, closing at 1,040 yuan/mtu. In the stainless steel scrap market, stainless steel scrap prices weakened with the market this week. Approaching the Spring Festival, traders gradually began holidays, and pre-holiday stockpiling was largely completed; futures fluctuations transmitted to the spot market, with stainless steel finished products and high-grade NPI prices pulling back, driving down stainless steel scrap prices. Wait-and-see sentiment was strong, and transactions were sluggish. Looking ahead, the decline in stainless steel production schedules in February will suppress demand, but scrap steel's economic efficiency still provides support. Additionally, with the post-holiday "Golden March, Silver April" peak consumption season approaching, the market maintains bullish expectations for the future. As of Friday this week, Shanghai 304 off-cuts prices fell 100, with the latest offer around 9,650 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices continued to hold steady this week. Most stainless steel mills had completed pre-holiday stockpiling, and transactions in the high-carbon ferrochrome market were relatively sluggish. Stainless steel production fell significantly in February, leading to a pullback in demand for high-carbon ferrochrome; however, supported by high steel tender prices and chrome ore prices holding up well, ferrochrome prices remained stable for the time being. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia held steady WoW, closing at 8,550 yuan/mt (50% metal content).

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums, Stainless Steel Traders Gradually on Holiday with Sluggish Trading SMM, February 6 – SS futures showed a weak and fluctuating pattern. During the day, nonferrous futures pulled back overall, and SS futures followed the decline, closing at 13,670 yuan/mt. In the spot market, although futures retreated, traders were gradually going on holiday, mostly in the winding-down stage, resulting in sluggish trading during the day, with quotations largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,755 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 415-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi was 14,100 yuan/mt, and in Foshan, 14,050 yuan/mt; for cold-rolled 316L/2B coils in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coils in Wuxi, 25,750 yuan/mt; for cold-rolled 430/2B coils in both Wuxi and Foshan, 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment, coupled with a sharp pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also experiencing wild swings. At the beginning of the week, prices once hit the limit down, and although a corrective rebound gradually unfolded later, the overall weak trend did not fundamentally reverse. The spot market, dragged down by futures fluctuations, moved lower in sync, with market sentiment following the futures...

[Unclear Price Trend, GO Silicon Steel Prices Likely to Remain in the Doldrums Next Week] This week, the cold-rolled grain-oriented silicon steel market generally remained in the doldrums, with a steady market pace and no wild price swings. Overall, it exhibited a trend of "slight softening amid stability and mediocre trading." According to market feedback, HRC futures fluctuated downward this week, rising first before falling. Affected by this, some traders adopted a cautious stance and slightly lowered their quotes to stimulate shipments, though the adjustments were limited. Currently, the overall trading atmosphere in the market is tepid, with end-user procurement pace slowing down. Most downstream buyers replenished stocks based on immediate needs, while speculative demand remained sluggish. Overall trading volume showed no significant improvement compared to last week.

[SMM Stainless Steel Daily Review] SS Futures Largely Stable, Spot Stainless Steel Pre-Holiday Trading Slows Down SMM, Feb 5: SS futures were in the doldrums. Although the most-traded SHFE nickel and other nonferrous metals futures fell overall today, SS futures remained largely stable, with the high reaching 13,900 yuan/mt. In the spot market, affected by the renewed weakness in SS futures and the approaching Chinese New Year holiday, inquiries and trading activity for stainless steel further slowed down. However, most spot traders have entered the holiday preparation stage, maintaining an optimistic sentiment, with offers largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., the SS2603 contract was quoted at 13,760 yuan/mt, down 100 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 410-610 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 26,600 yuan/mt in Wuxi and 26,600 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was 25,750 yuan/mt in Wuxi; the price of cold-rolled 430/2B coil was 7,800 yuan/mt in both Wuxi and Foshan. With the Chinese New Year holiday approaching and risk aversion sentiment intensifying, bulls concentrated on profit-taking, leading to a lack of upward momentum in stainless steel futures, which overall showed a weak and fluctuating pattern. Signs of capital withdrawal were evident, further suppressing the rise in futures...