National Mainstream City HRC Offer Drops by 10 Yuan/MT, Export Prices Stable

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 10 Feb , 2026

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound, Stainless Steel Spot Market Halts with Prices Holding Steady SMM, February 10: SS futures showed a relatively stable and rangebound fluctuation pattern. Recently, the overall fluctuations in nonferrous futures have narrowed, and SS futures have similarly maintained a stable trend. During the night session, prices briefly rose to 13,910 yuan/mt, pulled back after the morning opening, and then returned to a relatively stable trajectory, closing at 13,825 yuan/mt. In the spot market, influenced by both the narrowing fluctuations in futures and the approaching Chinese New Year holiday, most traders have already left the market, resulting in extremely thin trading activity, with prices temporarily holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., the SS2603 contract was quoted at 13,850 yuan/mt, up 80 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 400-600 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; the average prices of cold-rolled mill-edge 304/2B coils were 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 26,600 yuan/mt in both Wuxi and Foshan; hot-rolled 316L/NO.1 coils were quoted at 25,750 yuan/mt in Wuxi; cold-rolled 430/2B coils were priced at 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also following suit...

This report highlights Southeast Asia’s strategic steel shift. It covers the paradox of regional expansion amid global oversupply, the shift to Chinese-backed blast furnaces, and key policies and trade flows. The launch of SMM’s localized price data provides a critical tool to navigate this volatile market.