SMM

[SMM Stainless Steel Daily Review: Frequent News of Production Cuts at Stainless Steel Mills, Further Price Declines May Be Hindered] SMM reported on May 29 that today, the SS futures market exhibited a volatile pattern, with the intraday low touching the 12,600 yuan/mt mark before gradually rebounding amidst fluctuations. However, the overall market remained at low levels. The spot market continued to show weakness, with sluggish transactions due to persistently weak end-use demand from downstream sectors, lacking upward momentum in prices. Notably, several stainless steel mills have recently announced maintenance and production cut plans. As these measures are gradually implemented, the market's supply surplus situation is expected to ease. Meanwhile, the current stainless steel prices have fallen to historical lows, resulting in an inversion between smelting costs and selling prices, with the cost side providing significant support to prices. Against this backdrop, the scope for further significant price declines in stainless steel is relatively limited. In the futures market, the most-traded contract 2507 fluctuated. At 10:30 a.m., SS2507 was quoted at 12,710 yuan/mt, down 40 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 460-660 yuan/mt. In the spot market, cold-rolled 201/2B coils were quoted at 7,950 yuan/mt in both Wuxi and Foshan; cold-rolled trimmed 304/2B coils averaged 13,100 yuan/mt in Wuxi and 13,100 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 24,050 yuan/mt in Wuxi and 24,050 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,350 yuan/mt in both regions; in Wuxi and Foshan...