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GO Silicon Steel Price Dynamics Shanghai B23R085 Grade: 11,500-11,500 yuan/mt Wuhan 23RK085 Grade: 11,200-11,200 yuan/mt This week, the cold-rolled grain-oriented silicon steel market stabilized overall, with a slower pace of market operations. Market feedback indicated that HRC futures first rose then fell this week. As a result, local GO silicon steel traders mostly maintained stable quotes, without significant price adjustments. End-users mainly restocked as needed, and the overall trading atmosphere was lukewarm, but core demand remained solid. Cost side, the procurement costs for GO silicon steel from major state-owned steel mills such as Baowu and Wuhan Iron and Steel remained firm. The impact of upstream raw material price fluctuations on production costs was limited. Additionally, due to the high complexity of the GO silicon steel production process and relatively stable capacity release, spot prices received some support. In terms of resource circulation, the market structure showed clear differentiation. High magnetic induction GO silicon steel (Hi-B series) benefited from accelerated ultra-high voltage power grid construction and expanded new energy installations, leading to a slight adjustment in spot prices followed by stability. However, influenced by weak purchasing sentiment in the terminal manufacturing sector, the trading pace was slow, and although there was no significant downward pressure, upward momentum was lacking, resulting in an overall stable trend. Overall, the current supply-demand pattern of GO silicon steel was relatively balanced, with cost support and demand differentiation creating a tug-of-war. It is expected that next week, the spot price of cold-rolled GO silicon steel will continue to fluctuate rangebound, and the specific trend will still need to closely monitor the release of downstream end-use demand.   Data Source Statement: Other data, except for public information, are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice. Note: This article is an original piece from this official account. For any requests regarding reprints, permissions, or collaborations, please contact us. Unauthorized reproduction, modification, use, sale, transfer, display, translation, compilation, or dissemination of the above content to third parties, or permitting third-party use, is prohibited. Otherwise, once discovered, SMM will take legal action to pursue infringement liability, including but not limited to contract breach, return of unjust enrichment, and compensation for direct and indirect economic losses.

GO Silicon Steel Price Dynamics Shanghai B23R085 Grade: 11,500-11,500 yuan/mt Wuhan 23RK085 Grade: 11,200-11,200 yuan/mt This week, cold-rolled grain-oriented silicon steel prices trended downward, with high-grade grades such as high magnetic induction (Hi-B) experiencing relatively significant declines, while prices for ordinary grades edged lower under pressure, and overall market transactions were weak. Market feedback indicated that the ferrous metals futures center shifted downward this week, leading to insufficient confidence in the GO silicon steel-related market. Most traders lowered their offers to accelerate shipments, and the room for negotiation expanded. Currently, the fundamentals of GO silicon steel show a pattern of strong supply and weak demand. Mainstream steel mills such as Baosteel and Shougang Group maintained relatively stable production pace, resulting in a slight accumulation of pressure on the supply side. Demand side, support remained weak as downstream transformer enterprises gradually digested previous orders. Coupled with copper prices fluctuating at highs, which pushed up production costs, the willingness to restock GO silicon steel remained persistently low, with purchases mainly being small, as-needed batches. Subsequently, as the Chinese New Year approaches, traders' need to recoup funds intensified, making price reductions to promote shipments the mainstream approach, and market selling pressure became apparent. Overall, it is expected that the downward trend in cold-rolled GO silicon steel prices in Shanghai will slow down next week, with the overall market operating in the doldrums.   Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, obtaining reprint permission, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or the above content disclosed to third parties or licensed for use by third parties in any other form. Otherwise, upon discovery, SMM will pursue legal action against the infringing party, including but not limited to claiming contractual breach of liability, demanding restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 12,000-12,000 yuan/mt Wuhan 23RK085 Grade: 11,500-11,500 yuan/mt This week, the domestic grain-oriented silicon steel market overall was in the doldrums, with limited regional divergence and persistently sluggish trading activity. Market feedback indicated that ferrous metals futures retreated after a rapid rise, with HRC futures showing initial strength followed by weakness, leading to a pullback in market sentiment. Coupled with relatively loose supply in the industry, as some manufacturers' newly commissioned production lines normally released output, spot prices faced slight pressure. Demand side, performance was weak. Downstream transformer and high-end motor enterprises mostly consumed existing inventory, with low new purchase willingness, maintaining only a restocking-as-needed pace. High magnetic induction grain-oriented silicon steel saw slightly better trading than common grades due to its specific application scenarios, but overall trading volume remained low. Traders adopted a cautious stance, squeezed by both costs and demand. Some merchants offered slight discounts to accelerate inventory turnover and recoup funds. Order costs from state-owned steel mills remained relatively firm but provided limited support to the spot market. Overall, the current supply-demand imbalance for grain-oriented silicon steel has not eased, with demand release falling short of expectations and supply pressure accumulating slightly. Although top-tier enterprises adjusted pricing policies for non-oriented silicon steel, the impact on grain-oriented silicon steel was limited. Next week, domestic grain-oriented silicon steel prices are expected to continue in the doldrums, with some grades having slight downside room, though overall fluctuations are expected to be controllable. Traders will likely focus on actively destocking and controlling inventory.   Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database models, for reference only and do not constitute decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, permission for republication, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to third parties in any other form, or licensed for use by third parties. Otherwise, upon discovery, SMM will pursue legal action for infringement, including but not limited to claiming contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Grain-Oriented Silicon Steel Price Dynamics Shanghai B23R085 grade: 11,900-12,100 yuan/mt Wuhan 23RK085 grade: 11,400-11,600 yuan/mt This week, the cold-rolled grain-oriented silicon steel market remained stable, with mediocre overall trading. The procurement pace of downstream end-users did not change, and there was no significant increase in transactions for mainstream varieties such as high magnetic permeability grain-oriented silicon steel. The ferrous metals futures fluctuated rangebound this week. Although the macro perspective was boosted by policies to expand effective investment in 2026, the stimulus effect on the confidence of the grain-oriented silicon steel market was very limited under the short-term supply-demand imbalance. Market feedback indicated that the current purchasing enthusiasm of end-users remained low, mainly driven by just-in-time procurement from downstream industries such as transformer manufacturing, with weak pre-holiday stockpiling intentions. In terms of prices, some state-owned steel mills, including Baosteel, have announced a 100 yuan/mt raise in the base price of grain-oriented silicon steel for January 2026. However, the new resources have not yet been officially delivered to the market, having a limited impact on the current spot price. Most traders are still focusing on active sales to recover funds. Currently, traders generally maintain low inventory operations. Some small and medium-sized traders, affected by weak demand and narrowing profits, have chosen to clear their inventories and leave the market, slightly tightening the overall circulation of resources, but the support from demand remains insufficient. In summary, the short-term supply-demand imbalance has not been alleviated. Coupled with a mediocre pre-holiday market trading atmosphere, it is expected that the spot price of cold-rolled grain-oriented silicon steel will maintain a narrow adjustment trend after the holiday. Close attention should be paid to the resumption progress of the downstream transformer industry and the arrival of new resources from steel mills.   Data Source Statement: Apart from publicly available information, other data is processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice. Note: This article is an original piece from this official account. For any requests regarding reprints, permissions, or collaborations, please contact us. Unauthorized reproduction, modification, use, sale, transfer, display, translation, compilation, or dissemination of the above content to third parties, or permitting third-party use, is strictly prohibited. Otherwise, upon discovery, Shanghai Metals Market (SMM) will take legal action to pursue infringement liability, including but not limited to contract breach, return of unjust enrichment, and compensation for direct and indirect economic losses.

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.

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 11,900-12,100 yuan/mt Wuhan 23RK085 Grade: 11,400-11,600 yuan/mt This week, the cold-rolled grain-oriented silicon steel market operated steadily overall, with prices fluctuating rangebound. Market sentiment was predominantly cautious and watchful, and participants across all segments maintained a conservative stance. In terms of market transactions and circulation, current market activity remained persistently low, with insufficient purchasing enthusiasm from downstream end-users. Influenced by factors such as weak end-user orders and significant cost control pressures, downstream enterprises lacked clear expectations for future price trends. To mitigate operational risks, they strictly controlled stockpiling scale, maintaining only rigid purchases for minimal production needs, which kept trading volume at low levels. The continued weakness in demand further hindered resource flow and transmission. Some producers began to see minor inventory accumulation, and the market maintained a fundamental pattern of strong supply and weak demand. Traders were particularly cautious. Under the dual pressures of high spot inventory and sluggish transactions, most merchants adopted "accelerating sales and realizing profits" as their core strategy, with limited confidence in a market recovery. On one hand, concerned that persistently weak demand could lead to inventory devaluation, they showed a strong willingness to sell, with some actively offering small price concessions to secure limited orders. On the other hand, nearing year-end, pressure for capital recovery became prominent. Most traders avoided winter stockpiling, wary of high capital occupancy costs and uncertainty about next year's market conditions. They opted only for minimal restocking as needed to maintain normal turnover, avoiding blind stockpiling. Overall, the current market lacks strong supportive factors such as demand recovery or favorable policies. The cautious sentiment among participants is difficult to reverse. Prices for cold-rolled grain-oriented silicon steel are expected to remain stable next week.   Data Source Statement: Data not from public information is processed by SMM based on public information, market communication, and SMM's internal database models, for reference only and not as decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, permission for republication, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, nor shall any third party be permitted to use it. Otherwise, upon discovery, SMM will pursue legal action for infringement, including but not limited to claims for breach of contract, return of unjust enrichment, and compensation for direct and indirect economic losses.

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).

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 11,900-12,100 yuan/mt Wuhan 23RK085 Grade: 11,400-11,600 yuan/mt This week, grain-oriented silicon steel prices fluctuated rangebound, with overall sluggish trading activity in the market. Market feedback indicated that the loose fundamentals in the spot market showed little improvement, coupled with persistently weak downstream demand, resulting in weak actual transactions. Spot inventory remained at a relatively high level, and traders, eager to accelerate turnover and recoup funds, maintained stable offers but increased negotiation room for actual deals. Downstream enterprises, such as transformer manufacturers, influenced by production pace and cost control, primarily purchased as needed, held cautious expectations for the future market, and rarely restocked, with most opting to maintain existing inventory levels. Overall, current market confidence remains weak, and the supply-demand imbalance has not been effectively alleviated. Spot prices for grain-oriented silicon steel are expected to remain in the doldrums next week.   Data Source Statement: Data not from public sources are processed by SMM based on public information, market communication, and SMM's internal database models, for reference only and not as decision-making advice. Note: This article is an original work of this official account. For requirements such as reprinting, obtaining reprint permission, or cooperation, please contact us. Unauthorized reproduction, modification, use, sale, transfer, display, translation, compilation, dissemination, or any other form of disclosure or licensing to third parties is prohibited. Otherwise, upon discovery, Shanghai Metals Market will pursue legal action for infringement, including but not limited to claims for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 11,900-12,100 yuan/mt Wuhan 23RK085 Grade: 11,400-11,600 yuan/mt This week, the grain-oriented silicon steel market was in the doldrums, with overall trading activity sluggish. Ferrous metals futures hovered at highs, providing limited support to the spot market. Demand side, procurement pace slowed in end-use sectors such as transformers and new energy power equipment. Coupled with previous stockpiling by some enterprises, a strong wait-and-see sentiment prevailed, with actual purchases mainly consisting of small-lot restocking, while large-volume transactions were rare. Trader side, the primary focus this week was destocking existing inventory. Some traders slightly lowered quotes for certain grades to accelerate capital turnover and promote transactions. Inventory side, after phased destocking, overall market inventory pressure eased somewhat. However, traders remained cautious about the outlook, expecting weak demand growth and showing reduced enthusiasm for purchasing from steel mills to restock. Overall, the grain-oriented silicon steel market exhibits a loose supply-demand pattern, with little prospect of substantial improvement in demand and traders maintaining a cautious stance. Spot prices for grain-oriented silicon steel are expected to remain in the doldrums next week, with difficulty stemming the decline.   Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, permission for reuse, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, or licensed for use by any third party. Otherwise, upon discovery, SMM will pursue legal action against infringement, including but not limited to claiming contractual breach liability, demanding restitution of unjust enrichment, and compensation for direct and indirect economic losses.

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.

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 12,000-12,200 yuan/mt Wuhan 23RK085 Grade: 11,800-12,000 yuan/mt This week, the grain-oriented silicon steel market in Shanghai was in the doldrums, with the trading atmosphere subsequently declining. Market feedback indicated that ferrous metals futures maintained a fluctuating trend, overall industry confidence remained relatively low, and coupled with Baowu's grain-oriented silicon steel price policy remaining stable without adjustment, market prices lacked upward support. Prices for both state-owned and private grain-oriented silicon steel resources dropped back slightly to varying degrees. Demand side, performance remained weak, purchase willingness from major end-use industries such as transformers was not strong, orders stayed at low levels, and overall market trading was sluggish. Currently, inventory levels for grain-oriented silicon steel in the Shanghai market remain relatively high. Under inventory pressure, traders showed a strong willingness to sell. To accelerate inventory reduction and facilitate deals, some traders actively lowered their offers to attract customers, leading to an expanded negotiation range in the market. Overall, a supply-demand imbalance persists in the current grain-oriented silicon steel market, and market confidence has not been effectively boosted. Traders generally maintained a cautious, wait-and-see attitude. It is expected that spot prices for grain-oriented silicon steel in the Shanghai market may maintain a weak and stable trend next week. Against the backdrop of no significant improvement in demand and continued inventory pressure, prices still face the possibility of a pullback.   Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, obtaining permission for republication, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, or licensed for use by any third party. Otherwise, upon discovery, SMM will pursue legal action against the infringing party, including but not limited to claiming compensation for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

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.

Price Dynamics of Grain-Oriented Silicon Steel Shanghai B23R085 Grade: 12,500-12,700 yuan/mt Wuhan 23RK085 Grade: 12,400-12,600 yuan/mt This week, grain-oriented silicon steel prices in the Shanghai market fluctuated rangebound, with overall mediocre market trading activity. Most traders reported no significant improvement in the transaction pace WoW. From the core market logic perspective, the futures' weak performance was the main driver of short-term price fluctuations, while the interplay between supply and demand imposed two-way constraints, keeping the overall market within a range-bound pattern. Price-wise, the market showed clear structural divergence. Resources from state-owned steel mills, benefiting from stable quality reputation and relatively controlled release pace, maintained firm prices with support, with mainstream grade quotations unchanged WoW; some tight specifications even saw slight firming intentions. In contrast, private resources had some room for negotiation to boost transaction activity, but limited by cost support, actual discounts were minimal, and overall quotes maintained a certain spread compared to state-owned resources. Supply-demand contradictions continued to stand out. On the supply side, overall market supply was relatively tight. Some state-owned mills, due to full order books earlier, faced significant production scheduling pressure, leading to extended delivery cycles and low market circulation volume. Private mills maintained normal production but adopted a cautious shipment pace to control inventory risks, further exacerbating shortages of certain specifications. Demand side performance remained weak, with major downstream industries such as motors and transformers still in the traditional off-season. Enterprise order releases fell short of expectations, procurement was mainly for rigid restocking, and bulk purchase orders were rare, providing insufficient boost to market prices. Trader sentiment was generally cautious, with most focusing on inventory digestion. Ordering plans emphasized small batches and high frequency to avoid capital pressure from blind stockpiling. Currently, market participants are widely watching futures trends and the pace of downstream demand recovery, showing little willingness for active price adjustments. Overall, next week's market prices are expected to continue a stable-to-weak trend. Substantial improvement in demand is unlikely in the short term, leaving prices lacking upward momentum. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice. Note: This article is an original work of this official account. For requirements regarding reprinting, permission for republication, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party or licensed for use by any third party in any other form. Otherwise, once discovered, SMM will pursue legal action for infringement, including but not limited to demanding liability for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

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.