[SMM Stainless Steel Flash] EU New Steel Trade Regime Effective 1 July; Country Quota Allocations Still Pending

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

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

[SMM Stainless Steel Daily Review] SS Futures Bottom Out, Stainless Steel Market Inquiry Activity Picks Up According to SMM on July 6, SS futures overall bottomed out during the session. The SS futures dropped sharply in the Friday night session but quickly recovered after the Monday daytime session opened. As of the close, the most-traded SS contract settled at 14,740 yuan/mt. In the spot market, morning stainless steel quotes were subdued by the Friday night decline, with overall offers on the low side. As futures surged, spot quotes were also restored in tandem. Market inquiry activity picked up notably, though transactions were mostly concentrated on low-priced cargoes. SS futures most-traded contract. At 10:15 a.m., SS2608 was at 14,725 yuan/mt, up 70 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 245-795 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; cold-rolled trimmed edge 304/2B coil average prices were flat in Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; the quote for hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil was flat in both Wuxi and Foshan. This week, the tug-of-war between macro factors and industry fundamentals dominated futures movements. US inflation data pulled back, and market expectations for US Fed interest rate hikes further cooled, the US dollar...