SMM Weekly Stainless Steel Futures Review — week of June 15–18, 2026. A mid-week hawkish Fed turn capped an early rally, but supply tightening and firm mill pricing lifted the SHFE board RMB 355/mt on the week of June 15–19.

News Release, June 18, 2026: The chrome market maintained a downward trend this week, with ample supply and sluggish demand across the board. Market confidence remains weak, and most participants hold bearish expectations.

[SMM Stainless Steel Daily Review] Macro Headwinds Drove SS Futures to Swing Wildly, Spot Stainless Steel Transactions Weakened but Prices Remained Firm According to SMM on June 18, SS futures were in the doldrums. Despite a pullback, the decline was limited, and the contract moved sideways during the day. As of market close, the most-traded SS futures contract settled at 15,150 yuan/mt. In the spot market, influenced by the sideways movement of futures and the approaching Dragon Boat Festival holiday, trading activity was mediocre under the combined effect of cautious wait-and-see sentiment and the holiday mood. Quotations remained firm, supported by steel mill guidance prices. SS futures, the most-traded contract: At 10:15 AM, SS2607 was reported at 15,060 yuan/mt, down 150 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the 160-560 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 in Wuxi was flat, and the average price in Foshan was flat. The price of cold-rolled 316L/2B coil in the Wuxi area was flat. For hot-rolled 316L/NO.1 coil, the quotation in Wuxi increased by 70 yuan/mt. Cold-rolled 430/2B coil prices in both Wuxi and Foshan held steady. This week, stainless steel futures and spot cargo experienced wild swings. Outside China, fluctuating macro expectations repeatedly disturbed the futures market, intensifying the tug-of-war between longs and shorts. The overall pattern was one of macro factors dominating futures trends, transactions fluctuating with sentiment, tightening supply supporting spot cargo, stable inventory, and slightly recovering margins. At the start of the week, macro tailwinds lifted market sentiment, and a futures rebound drove a recovery in spot transactions. Mid-week, hawkish expectations for the US Fed intensified, futures weakened again, and end-user …

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stop Rising and Pull Back, Spot Trading Weakens but Prices Hold Steady According to SMM on June 17, SS futures showed a stop-rise and pullback trend. Although the overall nonferrous metals futures market strengthened today, SHFE nickel remained in the doldrums. Additionally, after a rapid successive run-up earlier, stainless steel lacked sufficient momentum for further gains, leading to a slight pullback in futures today. As of the midday close, the most-traded SS contract settled at 15,190 yuan/mt. In the spot market, SS futures continued to climb during the week, lifting spot offers in tandem and strengthening them, while purchasing demand was largely released early in the week. After SS futures declined today, inquiries and transactions weakened somewhat, but spot offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,210 yuan/mt, up 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 10-410 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled 304/2B coils with mill edge, average prices were flat in Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil offers in Wuxi increased 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, stainless steel futures and spot markets both came under pressure and declined, with ex-China macro headwinds dominating the market and bearish sentiment spreading rapidly in the off-season. Industry expectations for the outlook weakened, end-users turned cautious, rigid demand remained sluggish, and traders concentrated on offering discounts to sell and destock. On the futures side, this week ex-China macro became...

[SMM Stainless Steel Daily Review] SS Futures Extend Gains, Off-Season Stainless Steel Market Sentiment Warms Up According to SMM on June 16, SS futures showed a further strong upward momentum. Although SHFE nickel trended somewhat weaker, SS continued to hold up well. As of the midday close, the most-traded SS contract settled at 15,180 yuan/mt. In the spot market, driven by the sustained gains in SS futures, trading and inquiry activity for stainless steel picked up. At the same time, coupled with the news of delayed production resumptions at steel mills, although the off-season has already set in and macro uncertainties remain high, market quotes edged up to some extent on improved sentiment. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,095 yuan/mt, up 240 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 125-525 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; for cold-rolled mill edge 304/2B coil, the average price in Wuxi rose 75 yuan/mt, and in Foshan rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi rose 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both came under pressure and weakened, as macro headwinds from outside China dominated trading and pessimistic sentiment spread rapidly during the off-season. Industry expectations for the near-term outlook turned weaker, end-users remained heavily on the sidelines, rigid demand stayed sluggish, and traders concentrated on cutting prices to sell and destock...

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…

[SMM Analysis] Stainless Steel Off-Season Demand Combined with Macro Turbulence: Prices and Costs Pulled Back in Tandem, Narrowing Steel Mill Profits This week, stainless steel prices and production costs pulled back in tandem, slightly narrowing steel mill profit margins. Using 304 cold-rolled coil as the calculation benchmark, the profit margin based on current raw material costs was 2.23%, while the profit margin based on inventory raw material costs was 1.31%. On the nickel-based raw material cost side, high-grade NPI prices continued to pull back this week. Dragged down by the decline in SHFE nickel prices during the week, coupled with the heightened cost advantage of stainless steel scrap, expected production schedules at stainless steel mills dropped, reinforcing a strong desire to bargain down prices. High-priced transactions encountered resistance, keeping high-grade NPI prices in the doldrums. As of this Friday, mainstream 10%-12% grade high-grade NPI rose by 0.5 yuan per nickel unit, closing at 1,144 yuan per nickel unit. In the stainless steel scrap market, prices remained largely stable this week. The pullback in high-grade NPI prices caused the raw material side to weaken, making it difficult to drive prices upward. However, a rebound in stainless steel futures and limited declines in finished product spot prices provided a counterbalancing force that supported prices. The industry has now entered the off-season for consumption, with steel mill production schedules and profits both sliding. Combined with rising uncertainty in the macro environment, bearish risks are gradually accumulating, and prices are expected to face downward pressure going forward. As of this Friday, mainstream 304 off-cuts in the Shanghai region gained 100 yuan/mt, with the latest quotation at approximately 10,450 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices edged down this week. Chrome ore port inventories remained at historically high levels, and prices gradually pulled back, weakening the cost support for high-carbon ferrochrome. Additionally, ferrochrome producers still had profit margins at present, and production declines……

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…

[SMM Stainless Steel Daily Review] Futures’ Stop-Falling Fails to Shift Cautious Sentiment, Stainless Steel Spot Quotes Remain Steady SMM, June 11 - SS futures showed a trend of stopping falling and stabilizing. Supported by the stabilizing SHFE nickel futures, SS stabilized in tandem. As of the midday close, the most-traded SS contract was quoted at 14,380 yuan/mt. In the spot market, although supported by the stabilizing SS futures, overall stainless steel spot quotes remained stable, but spot traders lacked confidence and showed strong willingness to sell, leaving some room for bargaining and resulting in the emergence of some low-priced cargoes. The most-traded SS futures contract saw a pullback after earlier losses. At 10:15 am, SS2607 was at 14,405 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 565-1,215 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; the average price of cold-rolled rough-edge 304/2B coil was flat in Wuxi and flat in Foshan; the price of Wuxi cold-rolled 316L/2B coil fell by 175 yuan/mt; the price of hot-rolled 316L/NO.1 coil in Wuxi fell by 150 yuan/mt; cold-rolled 430/2B coil prices in both Wuxi and Foshan were stable. Stainless steel futures and spot markets experienced heightened volatility, with futures disturbed by macro news from outside China, rising first then falling, and the off-season characteristics of the market fully emerged. The industry has vague expectations for the future market, with a thick wait-and-see sentiment. Transactions saw sporadic recoveries but lacked sustainability, and traders faced rising pressure to sell, mostly boosting transactions by offering discounts. Overall, the market presents a game pattern where macro news disturbs futures, off-season demand weakens, supply marginally adjusts, and inventory stops falling and starts to build up...

[SMM Stainless Steel Daily Review] Stainless Steel Futures Extend Pullback, Spot Market Confidence Weakens SMM, June 10. SS futures are trending lower and probing downside. Dragged further by the overall weakness in nonferrous metals futures, SS futures extended their pullback. As of the midday close, the most-traded SS contract was quoted at 14,410 yuan/mt. In the spot market, affected by the successive declines in SS futures, the support level that the market had originally pinned hopes on at 14,500 yuan/mt was broken, after which market confidence weakened significantly. Traders’ willingness to sell and destock increased notably, low-priced cargoes frequently emerged in the market, buying interest was clearly insufficient, and overall transactions remained mediocre during the day. The most-traded SS futures contract declined and pulled back. At 10:15 am, SS2607 was reported at 14,395 yuan/mt, down 75 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 575-1,225 yuan/mt. 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 in Wuxi fell 50 yuan/mt and in Foshan fell 25 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi was unchanged; for hot-rolled 316L/NO.1 coil, the quotation in Wuxi fell 100 yuan/mt; cold-rolled 430/2B coil prices in both Wuxi and Foshan held steady. Stainless steel futures and spot experienced heightened volatility. The futures were first boosted then weighed down by macro news from outside China, and the off-season characteristics fully emerged. The industry holds vague expectations for the future market, with a strong wait-and-see sentiment. Transactions showed sporadic recoveries lacking sustainability, and selling pressure on traders mounted...