[ SMM Stainless Steel Daily Review ] SS Futures Consolidate on a Strong Note; Stainless Steel Spot Prices Hold Steady, Shipment-Driven Trading Edges Up Slightly According to SMM on July 21, SS futures maintained a consolidation trend on a strong note overall. Aligning with the non-ferrous metals sector’s further surge, SS futures consolidated and strengthened simultaneously. The most-traded SS futures contract closed at 14,775 yuan/mt by the midday break. In the spot market, driven by the strength in SS futures, spot stainless steel quotations remained temporarily stable despite traders’ active selling pressure and weak demand during the traditional off-season, which led to low acceptance of high-priced cargoes downstream. Nevertheless, trading activity improved. SS Most-Traded Futures Contract. At 10:15 a.m., SS2609 was indicated at 14,740 yuan/mt, flat from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 230 to 630 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi remained flat; the average price for cold-rolled raw-edged 304/2B coils remained flat in Wuxi and flat in Foshan; cold-rolled 316L/2B coil prices in Wuxi remained flat; hot-rolled 316L/NO.1 coil quotations remained flat in Wuxi; cold-rolled 430/2B coil averages remained flat in both Wuxi and Foshan. This week, the macro backdrop featured easing US CPI data and cooling inflation expectations, while market risk appetite saw a modest recovery. Additionally, Indonesia’s Ministry of Energy and Mineral Resources (ESDM) clarified that nickel ore production quotas for the year would be supplemented only moderately and on a limited scale, implying constrained incremental growth and a continuation of the raw material supply shortage. These factors provided a solid floor for the spot market, spurred a rebound in SHFE nickel and SS futures. On the spot and inventory front, prices were held firm by steel mills, while shipments…

[SMM Stainless Steel Daily Review] SS Futures Stop Rising and Pull Back, Spot Prices Hold Steady while Transactions Cool According to SMM on July 17, the SS futures showed a subdued consolidation trend. Weighed down by the overall weakness in the nonferrous metals sector, SS futures moved lower simultaneously, with the most-traded SS contract closing at 14,645 yuan/mt. In the spot market, boosted by yesterday's SS futures gains, spot stainless steel prices were generally raised yesterday afternoon, with transactions gradually recovering. However, today's futures stopped rising and pulled back; although spot prices remained stable for the time being, transactions weakened. SS most-traded futures contract: At 10:15 a.m., SS2608 was reported at 14,795 yuan/mt, up 130 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 225-575 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled raw edge 304/2B coil, the average price rose 100 yuan/mt in Wuxi and 75 yuan/mt in Foshan; for cold-rolled 316L/2B coil in Wuxi, prices were flat; for hot-rolled 316L/NO.1 coil, prices in Wuxi were flat; cold-rolled 430/2B coil prices were flat in both Wuxi and Foshan. This week, macro-wise, the US CPI data pulled back, leading to cooling inflation expectations and a modest recovery in market risk appetite. Additionally, Indonesia's Ministry of Energy and Mineral Resources (ESDM) clarified that additional nickel ore production quotas for this year would be only moderate and limited, signaling limited growth potential and a sustained tight supply pattern for raw materials. This provided solid underlying support for the spot market, driving SHFE nickel and SS futures to stop falling and rebound. Regarding spot cargo and inventory, steel mills held prices firm to underpin the market...

[SMM Stainless Steel Daily Review] SS short-term maintains a relatively stable consolidation pattern; stainless steel spot prices stable, end-users cautiously wait and see On July 15, SMM reported that SS futures showed a relatively stable consolidation pattern. SS futures pulled back in the night session, but after the morning open, the decline was partially recovered, then moved sideways until the close, with the most-traded SS contract settling at 14,595 yuan/mt. Spot market side, demand was in the off-season, and recent volatility intensifies in SS futures with no clear directional guidance, so downstream end-users held a strong wait-and-see sentiment, overall transactions were sluggish; spot prices were largely stable, with only some traders under shipment pressure occasionally releasing low-priced goods. SS futures most-traded contract. At 10:15 a.m., SS2608 reported at 14,660 yuan/mt, up 120 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi area were in the 260-610 yuan/mt range. In the spot market: Wuxi cold-rolled 201/2B coil average flat; cold-rolled raw edge 304/2B coil (Wuxi +25 yuan/mt, Foshan flat); Wuxi cold-rolled 316L/2B coil -100 yuan/mt; hot-rolled 316L/NO.1 coil, Wuxi flat; cold-rolled 430/2B coil, both flat. This week, macro liquidity disturbances intensified, stainless steel futures moved independently with a weak trend, and futures noticeably deviated from the pace of SHFE nickel and other nonferrous metals. During the week, capital sentiment switched frequently, driving SS futures into wild swings, earlier 14,500...

[7.13 Morning Meeting Summary] The Ukrainian military destroyed 12 Russian oil tankers and one oil terminal. It is reported that Putin rejected calls for peace talks, and the situation may escalate in the coming months. The most-traded SHFE nickel 2609 contract consolidated at highs in the morning session, closing at 128,370 yuan/mt by the end of the morning session, up 1.10%. Macro sentiment has improved, and nickel prices have rebounded recently. The price range for nickel is expected to remain at 125,000-135,000 yuan/mt in the near future.

[SMM Stainless Steel Daily Review] SHFE Nickel Stops Falling but Fails to Change SS Weakness, Guidance Price Cut Drags Down Stainless Steel Spot Prices According to SMM on July 9, SS futures further pulled back and declined. Although SHFE nickel strengthened and rose, SS remained under pressure from capital flows and continued to decline. As of the close, the most-traded SS contract settled at 14,355 yuan/mt. In the spot market, driven by the consecutive decline in SS futures, a mainstream stainless steel mill cut its guidance price, leading spot quotes to follow suit and decline. Against a backdrop of persistently weak overall market sentiment, transactions remained sluggish. SS Futures Most-Traded Contract: At 10:15 AM, SS2608 was at 14,375 yuan/mt, down 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 545 to 1,095 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained stable; for cold-rolled raw edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan fell by 50 yuan/mt; the price of cold-rolled 316L/2B coils in Wuxi remained flat; for hot-rolled 316L/NO.1 coils, quotes in Wuxi were flat; cold-rolled 430/2B coils in both Wuxi and Foshan remained unchanged. This week, the tug-of-war between macro and industrial logic dominated the market trend. US inflation data pulled back, expectations for US Fed interest rate hikes further cooled, and the US dollar index weakened, collectively lifting the valuations of commodities and nonferrous metals and providing macro support for the metal sector. However, industrial sentiment remained persistently bearish. The issue of Indonesia's nickel ore supplementary quotas remained unresolved, and the market held strong expectations for ample nickel supply in the future...

[SMM Stainless Steel Daily Review] SS Futures Return to Downtrend, Spot Stainless Steel Prices Weak with Sluggish Transactions According to SMM on July 8, SS futures overall fell and pulled back. Affected by capital operations, SS futures ended the previous rally and returned to a weakening trend. At the close, the most-traded SS contract settled at 14,450 yuan/mt. In the spot market, dragged by the pullback in SS futures, spot stainless steel quotes fell in tandem. The "rush to buy amid continuous price rise and hold back amid price downturn" mentality, combined with the ongoing consumption off-season, made it hard to reverse the sluggish trading pattern. For the most-traded SS futures contract, at 10:15 AM, SS2608 was quoted at 14,490 yuan/mt, down 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 530-980 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil rose 50 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi fell 25 yuan/mt, while in Foshan it rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi remained flat; hot-rolled 316L/NO.1 coil in Wuxi was quoted unchanged; cold-rolled 430/2B coil prices in both Wuxi and Foshan stayed flat. This week, the game between macro and industry logic dominated the futures trend. US inflation data pulled back, expectations for US Fed interest rate hikes cooled further, and the US dollar index weakened, which overall boosted valuations of commodities and nonferrous metals and provided macro support for the metals sector. However, sentiment on the industry side remained bearish. The issue of Indonesia's nickel ore supplementary quota remained unresolved, and the market had strong concerns about an easing supply of nickel resources going forward, ...

[SMM Stainless Steel Daily Review] Funds Drive SS Futures Higher, Spot Market Trade Sluggish According to SMM news on July 7, SS futures maintained a pattern of consolidating on a strong note overall. Fundamentals did not change significantly. Driven by fund-side operations, SS extended its strengthening trend from the previous trading day. As of the close, the most-traded SS contract settled at 14,775 yuan/mt. In the spot market, although SS futures continued to run strong, spot fundamentals did not improve noticeably: while spot offers were raised following the rally, after low-priced cargoes saw concentrated deals yesterday, market trading weakened again today, with confidence in the outlook remaining insufficient. The most-traded SS futures contract. At 10:15 am, SS2608 was at 14,790 yuan/mt, up 65 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 280-680 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; for cold-rolled slit-edge 304/2B coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan it rose 50 yuan/mt; Wuxi cold-rolled 316L/2B coil price was flat; for hot-rolled 316L/NO.1 coil, Wuxi offers were flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, the tug-of-war between macro and industry logic dominated futures moves. US inflation data pulled back, expectations for US Fed interest rate hikes cooled further, and the US dollar index weakened, overall boosting commodity and nonferrous metals valuations and providing macro support for the metals sector. However, sentiment on the industry side remained persistently bearish, …

[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...