Search results for stainless steel price

SMM December 26 - SS futures were in the doldrums. The upward momentum for SHFE nickel weakened, and the rally in SS futures loosened, with prices fluctuating considerably during the day, hitting a low of 12,895 yuan/mt. In the spot market, news that Indonesian nickel ore approvals might tighten impacted sentiment this week. SS futures surged significantly, pulling the spot market higher. Additionally, cost-side support for stainless steel strengthened as high-grade NPI prices also firmed. However, downstream acceptance of high stainless steel prices was poor during the year-end off-season, with transactions mainly relying on traders offering discounts. After Thursday, the impact of the news faded, and stainless steel prices saw a slowdown in their rally as focus returned to fundamentals. Social inventory dropped 3.7% WoW to 892,400 mt. The most-traded SS futures contract was in the doldrums. At 10:30 am, the SS2602 contract was quoted at 12,925 yuan/mt, down 10 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 195-445 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,200 yuan/mt; the average price for cold-rolled mill edge 304/2B coil was 13,075 yuan/mt in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil was 24,150 yuan/mt in both Wuxi and Foshan; the price for hot-rolled 316L/NO.1 coil was 23,250 yuan/mt in Wuxi; the price for cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. This week, the main theme of stainless steel trading quickly shifted from "weak reality" to "expectations trading." Rumors of tighter Indonesian nickel ore approvals first ignited bullish sentiment among financial funds, leading to a joint rally in SS and SHFE nickel, which had been hovering at low levels. Futures discounts narrowed rapidly, forcing spot stainless steel prices to follow higher. Although year-end demand was seasonally low, stainless steel social inventory destocking accelerated, down 3.7% WoW to 892,400 mt, driven by expectations of supply-demand contraction due to news of production cuts at steel mills, recent price surges stimulating a "rush to buy amid continuous price rise and hold back amid price downturn" mentality, and increased export demand to capitalize on the window period following adjustments to China's export policies (re-inclusion of stainless steel products within the export licensing management scope). On the cost side, influenced by nickel ore news and recent replenishment by some traders and small-to-medium steel mills, high-grade NPI prices stopped falling and strengthened; the decline in high-carbon ferrochrome prices was limited, providing stronger cost support for stainless steel. Overall, however, the recent strength in the stainless steel market relied heavily on strong news-driven support, with the impact of the year-end off-season still present. Although prices saw some short-term rises driven by news stimuli, cost support, and expectations for mill production cuts, there remains a risk of a pullback.

This week, stainless steel spot prices rose slightly, while production costs pulled back, helping stainless steel mills reduce losses. Taking 304 cold-rolled products as an example, cash costs based on current raw material prices fell by about 49.9 yuan/mt, with a loss ratio of 3.55%; when calculated using raw material inventory costs, cash costs dropped by about 105.38 yuan/mt, and the loss ratio remained at 2.9%. On the nickel-based raw material cost side, high-grade NPI prices ended last week's upward trend and resumed a decline. Although most domestic smelters were already selling at a loss, market supply remained ample. Combined with weak year-end demand in the stainless steel off-season and poor acceptance of high-priced raw materials, recent transactions for high-grade NPI were scarce, weighing on prices. However, news of tightened nickel ore approval procedures in Indonesia has raised expectations of raw material supply tightness, which could support high-grade NPI prices. As of Friday, high-grade NPI with 10–12% grade fell by 4.5 yuan/mtu to 884 yuan/mtu. In the stainless steel scrap market, stainless steel futures fell significantly during the week, spot prices remained weak, and high-grade NPI prices weakened again, leading to a further decline in stainless steel scrap prices. Although stainless steel scrap maintained a better economic advantage over high-grade NPI. As of Friday, 304 off-cuts prices in east China were largely stable, with the latest offer around 9,100 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices stopped falling and strengthened this week. During the week, TISCO announced tender prices for high-carbon ferrochrome for December 2025 and January 2026, reducing them by 100 yuan/mt (50% metal content) and 200 yuan/mt (50% metal content), respectively. The declines were relatively small, weakening market pessimism. In addition, recent partial production cuts and shutdowns among ferrochrome producers in south China alleviated the oversupply of ferrochrome. As of Friday, high-carbon ferrochrome prices in Inner Mongolia rose by 75 yuan/mt (50% metal content) to 8,150 yuan/mt (50% metal content).

This week, stainless steel spot prices and production costs both strengthened and rose, with steel mills still maintaining a slight inverted spread. Taking 304 cold-rolled products as an example, based on the raw material prices of the day, the cash cost increased by approximately 56.68 yuan/mt this week, resulting in a loss ratio of 4.52%; when calculated using the raw material inventory cost, the cash cost decreased by about 63.65 yuan/mt, yet the loss rate remained at 4.13%. On the nickel-based raw material cost side, high-grade NPI prices stopped falling and rebounded this week, ending the consecutive declines since August. NPI prices had previously fallen to low levels, leading to gradually strengthened firm price holding intentions among upstream players, and market inquiry activity recently increased. Although downstream steel mills, expecting production cuts, still had limited acceptance for high-priced raw materials, stainless steel prices rebounded during the week, and NPI prices stopped falling and turned upward. As of Friday, high-grade NPI with 10-12% grade rose by 7.5 yuan/mtu, settling at 888.5 yuan/mtu. In the stainless steel scrap market, stronger stainless steel futures drove spot prices higher. Combined with high-grade NPI ending its previous downtrend and rebounding, stainless steel scrap also strengthened accordingly. Although stainless steel scrap maintained an economic advantage over high-grade NPI, the advantage narrowed further. Expectations suggest certain resistance to further price increases ahead. As of Friday, 304 off-cuts prices in east China increased by 100 yuan/mt, with the latest quotations around 9,150 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome operated basically stable this week. Although there were news of production cuts by stainless steel mills, actual implementation remained unclear. Despite pessimistic expectations in the ferrochrome market and subdued transactions during the week, retail quotations showed no significant adjustments yet, supported by high December tender prices. However, ferrochrome supply is already relatively loose, and producers still have good profits, with some acceptance for price reductions, indicating considerable downside risk for high-carbon ferrochrome prices in the future. As of Friday, high-carbon ferrochrome prices in Inner Mongolia increased by 50 yuan/mt (50% metal content), settling at 8,075 yuan/mt (50% metal content).

SMM November 20: This week (November 14-20, 2025), the total stainless steel inventory in the Wuxi and Foshan markets showed a slight destocking trend, decreasing from 952,200 mt on November 13, 2025 to 940,000 mt on November 13, representing a 1.28% drop WoW. This week, social inventory of stainless steel shifted from an increase to a decrease, showing a destocking trend. Despite the current market being in the traditional year-end consumption off-season, with SS futures continuing to decline and repeatedly hitting new lows since 2020, stainless steel spot prices also fell. Influenced by cautious wait-and-see sentiment among downstream end-users, most purchases were only for just-in-time procurement. Under pressure to sell, traders continued to offer discounts, leading to a poor experience for market participants. However, after successive price cuts by steel mills, current stainless steel prices are at relatively low levels, leaving limited further downside room. Additionally, traders actively sold their stocks, and news emerged about production cuts at stainless steel mills; downstream just-in-time procurement and restocking volumes remained at a certain level. Notably, the 200-series stainless steel, which saw significant production cuts, experienced the most pronounced decline in social inventory. During the week, a major mainstream stainless steel mill announced procurement prices for high-carbon ferrochrome and high-grade NPI, with the pressure to drive down prices easing somewhat; further production cuts are expected to narrow. Given the year-end off-season, a significant reduction in stainless steel inventory faces certain challenges.

SMM, November 14 - SS futures showed a further weakening and downward trend. Due to hawkish remarks from the US Fed, nonferrous metals generally fell today, and SS futures followed suit, with the intraday low dropping to 12,355 yuan/mt. In the spot market, trading was already sluggish due to the continuous bottom-grinding of SS futures and year-end off-season expectations. Additionally, raw material prices weakened simultaneously this week, loosening cost support for stainless steel, which further intensified the market's cautious and bearish sentiment. This week's transaction situation struggled to change the weak pattern; although steel mill agents successively offered discounts and lowered prices, the price reductions did not positively impact transactions, and the market's weak conditions persisted. Social inventory increased slightly this week, up 0.71% WoW to 952,200 mt. The most-traded SS futures contract weakened and declined. At 10:30 am, SS2601 was quoted at 12,415 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 355-655 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 12,750 yuan/mt in Wuxi and 12,800 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil was 24,300 yuan/mt in Wuxi and 24,350 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 23,800 yuan/mt in Wuxi; the price for cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Stainless steel entered the consumption off-season at year-end, with significantly weak downstream demand and a relatively pessimistic market sentiment. In the short term, the impact of macro policy benefits has recently gradually faded. Against the backdrop of declining SHFE nickel and ferrous metals prices and weak fundamentals, SS futures continued to grind at the bottom, currently at relatively low levels for the year, but the market's bearish sentiment has not dissipated. Supply side, although multiple stainless steel mills announced production cut plans at year-end, the actual implementation of cuts in November was limited, and the reductions were mainly concentrated in the 200-series stainless steel, which had seen significant production increases earlier; production of 300-series and 400-series stainless steel remained basically stable, resulting in a limited overall supply decrease. Cost side, losses for stainless steel mills persisted, and their acceptance of high-priced raw materials was low. Coupled with the influence of pessimistic market expectations, mills pressed down on raw material purchase prices. Prices for high-carbon ferrochrome, high-grade NPI, and stainless steel scrap all trended weaker, leading to a downward shift in the cost center for stainless steel and weakening price support. Current stainless steel prices are already at low levels, facing resistance to further declines. However, given the current weak demand, limited production cuts by stainless steel mills, and weakened cost support, stainless steel prices are expected to maintain a weak trend.

SMM November 4 news, SS futures trended downward. Today, ferrous metals and SHFE nickel futures weakened overall, and SS futures followed with further declines, approaching 12,500 yuan/mt during the session, remaining in the doldrums. In the spot market, the consecutive declines in SS futures further intensified cautious wait-and-see sentiment in the stainless steel end-use market. Although stainless steel mills lifted price restrictions yesterday, leading to further declines in stainless steel offers, this failed to boost actual transactions, with market inquiries and deals remaining weak. The most-traded SS2512 futures contract fell. At 10:30 a.m., SS2512 was quoted at 12,560 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 360-660 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; for cold-rolled edged 304/2B coil, the average price in Wuxi was 12,900 yuan/mt, and in Foshan 12,900 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,150 yuan/mt, and in Foshan 25,200 yuan/mt; for hot-rolled 316L/NO.1 coil in Wuxi, 24,550 yuan/mt; for cold-rolled 430/2B coil in both Wuxi and Foshan, 7,600 yuan/mt. Although SS futures had been rising previously, their impact on the stainless steel spot market was limited. The traditional peak consumption season for stainless steel, the September-October peak season, ended early, with downstream end-users dominated by cautious wait-and-see sentiment, mostly maintaining purchasing as needed, and demand remained weak. In October, stainless steel production remained at high levels, and market digestion pressure was still significant. Social inventory of stainless steel ended the previous destocking trend and recently showed inventory buildup. Cost side, although the November steel tender price for high-carbon ferrochrome was announced steadily this week, retail prices remained in the doldrums. High-grade NPI saw slight declines due to steel mills driving down prices, leading to a downward shift in the cost center for stainless steel. Recently, several stainless steel mills announced production cuts for 200-series stainless steel, but production for 300-series and 400-series remained mostly stable, with the overall actual production decline expected to be limited. China-US trade friction eased significantly, with previously imposed tariffs suspended, and macro policies were relatively favorable. However, the current weak fundamentals remain difficult to improve, and further attention is needed on the implementation of production cuts by stainless steel mills.

SMM October 31 – SS futures trended downward. Today, SS and SHFE nickel futures weakened in tandem, with prices approaching 12,600 yuan/mt during the session. In the spot market, the continued weakness in SS futures further dampened market confidence. Coupled with already sluggish transactions, traders lowered their offers further. Stainless steel spot prices remained in the doldrums throughout the week. As bullish macro factors were fully priced in, the rally in SS futures paused, with the market refocusing on fundamentals, where weak downstream demand dominated. Although there were reports of production cuts at stainless steel mills, the actual implementation remains to be seen. Social inventory increased slightly WoW, up 0.04% to 946,800 mt. The most-traded SS2512 futures contract declined. At 10:30 a.m., SS2512 was quoted at 12,710 yuan/mt, down 60 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 260-610 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 12,950 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,300 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,800 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although SS futures had been rising steadily earlier, their positive impact on the stainless steel spot market was limited. The traditional peak consumption season for stainless steel, the September-October peak season, ended earlier than expected. Downstream end-users were predominantly cautious and adopted a wait-and-see stance, mostly purchasing as needed, resulting in weak demand. In October, stainless steel production remained at relatively high levels, keeping market digestion pressure elevated. Social inventory of stainless steel ended its previous destocking trend and recently showed signs of inventory buildup. Cost side, although the November steel tender price for high-carbon ferrochrome was announced steady this week, retail prices remained in the doldrums. High-grade NPI saw a slight decline due to steel mills' efforts to drive down prices, leading to a downward shift in the cost center for stainless steel. Recently, several stainless steel mills announced production cuts for the 200-series stainless steel, but output for the 300-series and 400-series remained largely stable. The overall reduction in actual production is expected to be limited. China-US trade friction eased significantly, with previously imposed tariffs suspended, creating a favorable macro policy environment. However, the current weak fundamentals remain difficult to improve, and further attention is needed on the implementation of production cuts by stainless steel mills.

This week, stainless steel spot prices declined in tandem with production costs, narrowing the losses incurred by stainless steel mills. Taking 304 cold-rolled products as an example, based on the raw material prices of the day, the cash cost decreased by approximately 127.4 yuan/mt, with the loss ratio reaching 5.55%; when calculated using the raw material inventory cost, the cash cost dropped by about 27.2 yuan/mt, and the loss rate remained at 6.43%. On the nickel-based raw material cost side, high-grade NPI prices continued to trend lower this week, though the pace of decline moderated. Currently, high-grade NPI producers are facing losses, and their willingness to further reduce prices is limited. However, due to weak stainless steel consumer markets and production cuts implemented by stainless steel mills, the downtrend in high-grade NPI prices is unlikely to reverse. As of Friday, prices for high-grade NPI with 10-12% grade fell by 6.5 yuan/mtu, settling at 924 yuan/mtu. In the stainless steel scrap market, prices remained in the doldrums amid weak stainless steel finished product prices and simultaneous declines in high-grade NPI and high-carbon ferrochrome prices. Additionally, the tight supply of tax invoices persisted. Although stainless steel scrap maintains a clear economic advantage over high-grade NPI, the overall weak market sentiment makes it difficult for scrap prices to recover. As of Friday, prices for 304 off-cuts in east China dropped by 200 yuan/mt, with the latest offer around 9,350 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices fell this week. During the week, Tsingshan announced its November tender price for high-carbon ferrochrome procurement, which held flat MoM at 8,495 yuan/mt (50% metal content). Despite the stable tender price, the spot market for ferrochrome weakened. In October, with ferrochrome producers still maintaining some profits, production willingness was strong, and operating rates remained high, leading to relatively loose market supply. However, downstream stainless steel mills are operating at a loss, and as the stainless steel off-season approaches, several mills have recently announced production cuts, indicating that demand is expected to weaken further, making it difficult for ferrochrome prices to sustain at high levels. As of Friday, prices for high-carbon ferrochrome in Inner Mongolia fell by 125 yuan/mt (50% metal content), settling at 8,275 yuan/mt (50% metal content).

SMM October 13, SS futures showed a clear downward trend, pulling back. Affected by the potential escalation of Sino-US trade friction and renewed discussions on US tariff policies, metal futures fell sharply starting from Friday's night session and continued to weaken today. The intraday price of SS once dropped, approaching the 12,600 yuan/mt mark. In the spot market, influenced by the sharp decline in futures and the pullback in Tsingshan's listed prices, market confidence was dampened, with inquiries and transactions both sluggish during the day. Although some traders offered discounts, it was still difficult to reverse downstream wait-and-see sentiment, and the overall market remained in the doldrums. Futures side, the most-traded contract 2511 strengthened and moved higher. At 10:30 am, SS2511 was quoted at 12,640 yuan/mt, down 195 yuan/mt from the previous trading day. Spot premiums/discounts for 304/2B in Wuxi were in the range of 480-780 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,150 yuan/mt, and in Foshan 13,100 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, the price was 25,300 yuan/mt, and in Foshan 25,300 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in both locations was 24,750 yuan/mt; for cold-rolled 430/2B coil, the price in both Wuxi and Foshan was 7,600 yuan/mt. During the National Day and Mid-Autumn Festival holidays, the domestic stainless steel market was generally on holiday, with shipments and warehouse movements restricted, and spot transactions suspended. However, starting from the middle of the holiday period, LME nickel futures prices rose continuously, driving up nickel and stainless steel futures prices, which somewhat boosted market confidence. Currently, there is a significant divergence between the fundamentals of the stainless steel market and macro expectations. From a macro perspective, the US government shutdown during the holiday period spurred safe-haven demand for funds, pushing up commodity futures prices overall. Coupled with expectations for two more US Fed interest rate cuts within the year, the overall environment was favorable for commodity prices. However, the fundamentals of stainless steel appeared somewhat weak. Although it is still the traditional September-October peak season for consumption, downstream demand recovery has been limited, market transactions have been sluggish, and social inventory has shown signs of stopping its decline and rebounding. Furthermore, prices of raw materials high-grade NPI and high-carbon ferrochrome have softened, leading to a weakening of cost support for stainless steel. Going forward, attention should still be paid to the materialization of macro news and changes in downstream demand.

This week, stainless steel spot prices pulled back, but production costs increased slightly, widening the losses for stainless steel mills. Taking 304 cold-rolled products as an example, based on the raw material prices of the day, the cash cost rose by about 30.68 yuan/mt this week, with the loss ratio reaching 6.37%. When calculated using the raw material inventory cost, the cash cost increased by about 159.74 yuan/mt, and the loss rate remained at 4.06%. On the nickel-based raw material cost side, high-grade NPI prices ended their continuous rise since late July and dropped back slightly. Although the decline this week was relatively small, a downward trend has emerged. Despite being in the traditional September-October peak season for stainless steel consumption, downstream end-user recovery fell short of expectations, and spot transactions were sluggish. Coupled with the fading of macro tailwinds and weak market confidence, prices pulled back, increasing cost pressure on stainless steel mills. Furthermore, as mills had completed stockpiling of NPI raw materials for October, their willingness to purchase high-priced NPI weakened, leading high-grade NPI prices to retreat from highs. As of Friday, prices for 10-12% grade high-grade NPI were largely stable, finally settling at 954.5 yuan/mtu. In the stainless steel scrap market, the peak season performance was weak. Both stainless steel finished product prices and high-grade NPI prices declined, and stainless steel scrap prices also trended in the doldrums. Although the economic advantage of stainless steel scrap compared to high-grade NPI became more pronounced, it still failed to change the cautious purchasing mentality downstream. As of Friday, the price of 304 off-cuts in east China dropped slightly by 50 yuan/mt, with the latest offer around 9,700 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices edged up slightly this week, but the momentum for further increases appeared insufficient. During the week, Tsingshan announced its October tender price for high-carbon ferrochrome, which was raised by 200 yuan/mt (50% metal content) MoM to 8,495 yuan/mt (50% metal content), largely in line with prior market expectations. Currently, spot retail prices and mill tender prices have converged to similar levels. Recently, despite the stainless steel peak season, market demand has been weak and transactions sluggish, leading to losses for stainless steel mills. Meanwhile, the tight supply situation in the high-carbon ferrochrome market has eased somewhat. Nevertheless, ferrochrome mills maintained relatively high smelting profits. Market sentiment for future price increases has weakened, and ferrochrome prices are expected to remain stable in the short term. As of Friday, high-carbon ferrochrome prices in Inner Mongolia increased slightly by 50 yuan/mt (50% metal content), finally settling at 8,550 yuan/mt (50% metal content).

SMM September 19 news,          On September 19, the SMM average price of 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), flat from the previous working day. The market sentiment factor for high-grade NPI was 2.40, down 0.02 MoM. Supply side, auxiliary material prices rebounded, cost support strengthened again, smelters held back cargoes, and offers remained firm. Demand side, downstream stainless steel enterprises found it difficult to raise selling prices, and had no optimistic expectations for October consumption, with current procurement demand weak. Overall, price increases faced resistance, but cost support strengthened again, providing a floor for high-grade NPI prices.

SMM September 19, SS futures were in the doldrums. The US Fed interest rate cut was in line with market expectations, and the short-term positive effects were largely released. SS futures returned to fundamentals, remaining in the doldrums below 12,900 yuan/mt throughout the day, once approaching 12,800 yuan/mt intraday. Spot market, early this week, spot offers once rose driven by stronger SS futures and higher stainless steel mill list prices, but downstream end-users had low acceptance of high-priced stainless steel, and transactions were not ideal. Subsequently, traders offered discounts under sales pressure, and spot prices gradually pulled back. In addition, short-term macro tailwinds were largely exhausted, and the cost side lacked upward momentum, making it difficult for stainless steel spot prices to sustain gains. However, as month-end approaches, pre-holiday stockpiling demand is expected to gradually emerge. Moreover, social inventory of stainless steel fell for the 11th consecutive week, down 1.79% WoW to 897,200 mt. Although market participants felt demand was weak, downstream demand was gradually recovering during the peak season, and steel mills were still in losses, making a significant decline in stainless steel prices unlikely in the short term. Futures, the most-traded contract 2511 was in the doldrums. At 10:30 am, SS2511 was quoted at 12,870 yuan/mt, down 90 yuan/mt from the previous trading day. Wuxi spot premiums/discounts for 304/2B were in the range of 350-650 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coil averaged 8,100 yuan/mt; cold-rolled mill-edge 304/2B coil averaged 13,200 yuan/mt in Wuxi and 13,200 yuan/mt in Foshan; cold-rolled 316L/2B coil was 25,750 yuan/mt in Wuxi and 25,750 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was 25,150 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although it is the traditional September-October peak season, and downstream end-use demand for stainless steel has indeed recovered compared to earlier periods, stainless steel market has not shown a significant strengthening trend due to simultaneous increase in steel mill production this month. Market participants generally felt the overall atmosphere was sluggish, and the market did not show the vibrant trading scene expected during the peak season. Although inventory gradually declined, stainless steel spot prices struggled to rise. This week, the US Fed officially cut interest rates by 25 basis points, in line with previous market expectations. SS futures had already struggled to break through the previous bottleneck of 13,000 yuan/mt, and after short-term macro tailwinds were realized, futures turned downward. Downstream spot market had low acceptance of high prices, and the decline in futures prices further intensified wait-and-see sentiment. In addition, further increases in raw material costs for nickel and chromium also faced resistance. Although stainless steel prices are unlikely to decline significantly in the short term due to the traditional peak season, low social inventory, and pre-holiday stockpiling demand ahead of the National Day holiday, the momentum for further price increases has clearly weakened.

SMM September 12, SS futures showed a strengthening and upward trend. Overnight, US Labor Department data showed that initial jobless claims this week hit a new high since 2021, and weakness in the job market further fueled expectations for a US Fed interest rate cut in September. Against this macro tailwinds backdrop, SS futures strengthened, but limited by weak spot market transactions, they still failed to break through the 13,000 yuan/mt level . On the spot market side, SS futures encountered resistance at the 13,000 yuan/mt level and struggled to rise, stainless steel spot prices remained largely stable this week . Downstream market caution and wait-and-see sentiment intensified again, inquiries weakened, with just-in-time procurement dominating, and traders reported relatively sluggish transactions this week . However, with the arrival of the peak consumption season, downstream demand gradually recovered, just-in-time stockpiling increased, and stainless steel social inventory further declined , especially with tight supply of 304 HRC coils. Expectations for a US Fed interest rate cut are approaching, and the stainless steel cost side remains strong, providing bullish confidence for the stainless steel market. But macro policies have not yet been implemented, and the downstream recovery process is slow, these factors together constrain the stainless steel market's strengthening trend during the peak season . Futures side, the most-traded contract 2511 held up well. At 10:30 am, SS2510 was quoted at 12,960 yuan/mt, up 65 yuan/mt from the previous trading day. Wuxi 304/2B spot premiums/discounts were in the range of 260-560 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils averaged 8,100 yuan/mt; cold-rolled mill-edge 304/2B coils averaged 13,200 yuan/mt in Wuxi and 13,200 yuan/mt in Foshan; cold-rolled 316L/2B coils were 25,825 yuan/mt in Wuxi and 25,825 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were quoted at 25,250 yuan/mt in both locations; cold-rolled 430/2B coils were 7,600 yuan/mt in both Wuxi and Foshan. Although the market has entered the traditional September-October peak consumption season, and expectations for a US Fed interest rate cut are gradually approaching, providing room for domestic moderately accommodative monetary policy, market expectations for stainless steel prices this month are generally strong . Currently, stainless steel social inventory has declined for the ninth consecutive week, with inventory levels near 900,000 mt, pulling back to early-year levels, and market destocking pressure has eased somewhat . Stainless steel furnace charge nickel and chromium raw material prices remain strong, stainless steel cost support remains solid . However, macro tailwinds have not yet materialized, uncertainty risks still exist, and the market maintains a heavy cautious wait-and-see sentiment . Recently, SS futures also showed insufficient upward momentum , and the previous 13,000 yuan/mt resistance level for stainless steel futures remained unbroken . Downstream end-users showed low acceptance of high-priced spot cargo, making it difficult for stainless steel spot prices to rise . The subsequent trend will depend on the pace of demand recovery and the actual realization of macro tailwinds.

SMM September 9 - SS futures held up well. Despite a weaker night session, SS prices climbed in sync with the strong ferrous metals series during the daytime session, approaching the key 13,000 yuan/mt level. Spot market-wise, buoyed by positive SS futures and strengthening cost side, spot traders generally maintained an optimistic outlook, raising offers. While cold-rolled product transactions remained sluggish, tight hot-rolled supply supported active inquiries and deals during the session. Futures side, the most-traded contract 2510 pulled back. At 10:30 am, SS2510 traded at 12,860 yuan/mt, up 105 yuan/mt from the previous session. Wuxi's 304/2B spot premiums/discounts ranged between 255-555 yuan/mt. Spot market details: Wuxi's cold-rolled 201/2B coils averaged 8,100 yuan/mt; 304/2B cold-rolled edges averaged 13,200 yuan/mt in both Wuxi and Foshan; 316L/2B cold-rolled coils were quoted at 25,825 yuan/mt in both regions; 316L/NO.1 hot-rolled coils traded at 25,300 yuan/mt in both locations; 430/2B cold-rolled coils were uniformly priced at 7,550 yuan/mt across Wuxi and Foshan. The market entered the September-October peak season. The stainless steel industry widely expects upward price trends this month. Although current transactions remain significantly constrained by futures volatility, overall demand has notably strengthened compared to earlier periods . Social inventory declined for the ninth consecutive week, with levels pulling back to February's readings . Additionally, persistent price increases for high-carbon ferrochrome and high-grade NPI further elevated stainless steel production costs . However, driven by optimistic projections, September's production schedule is expected to expand further, pressuring end-users' absorption capacity . Meanwhile, macro policies and futures continue exerting substantial influence, maintaining elevated market uncertainty . Subsequent trends will depend on demand recovery pace and actual materialization of macro tailwinds.

SMM September 8 - SS futures showed rangebound strength, fluctuating sideways between 12,850-12,950 yuan/mt and closing at 12,925 yuan/mt. Spot market-wise, while SS futures edged up slightly , stainless steel spot traders exhibited modest upward intentions, yet actual transactions remained mediocre due to weak downstream acceptance, with prices largely stable . Futures-wise, the most-traded 2510 contract pulled back. At 10:30 am, SS2510 traded at 12,860 yuan/mt, up 120 yuan/mt from the previous session. Wuxi’s 304/2B spot premiums/discounts ranged between 310-610 yuan/mt. In spot markets, Wuxi’s 201/2B cold-rolled coil averaged 8,100 yuan/mt; 304/2B cold-rolled mill-edge coil averaged 13,150 yuan/mt in both Wuxi and Foshan; Wuxi’s 316L/2B cold-rolled coil traded at 25,825 yuan/mt, matching Foshan’s price; 316L/NO.1 hot-rolled coil was quoted at 25,300 yuan/mt in both regions; 430/2B cold-rolled coil stood at 7,550 yuan/mt in Wuxi and Foshan. The market entered the traditional September-October peak season. The stainless steel sector widely anticipates monthly price uptrends. Although current transactions remain notably constrained by futures volatility, overall demand has strengthened significantly compared to earlier periods . Social inventory declined for the ninth consecutive week, retreating to February levels . Additionally, cost-side high-carbon ferrochrome and high-grade NPI prices continued rising, further elevating stainless steel production costs . However, buoyed by optimistic expectations, September’s planned production is projected to increase further, posing substantial pressure on end-user absorption capacity . Meanwhile, macro policies and futures still heavily influence the market, sustaining significant uncertainty . Subsequent trends will depend on demand recovery pace and the materialization of macro tailwinds.