[SMM Analysis] Market Sentiment Remained Mostly Cautious, Grain-Oriented Silicon Steel Prices May Continue to Hold Steady Next Week

Grain-Oriented Silicon Steel Price Updates

Shanghai, B23R085 grade: 11,500-11,500 yuan/mt

Wuhan, 23RK085 grade: 11,200-11,200 yuan/mt

This week, grain-oriented silicon steel quotations remained temporarily stable, while transaction activity recovered only to a limited extent. HRC futures strengthened earlier this week before moving in a volatile range, but Baowu kept its April base prices for grain-oriented silicon steel unchanged. Overall market sentiment remained cautious, and procurement demand was difficult to release.

Downstream power, transformer, and other core sectors resumed work and production, with rigid demand gradually being released. The implementation of new national standards for transformers drove upgrades in energy efficiency ratings, boosting demand for high-end grades. However, pre-holiday stockpiling has not yet been digested, and downstream manufacturers remained focused on digesting inventories, leaving little willingness to restock in the short term. In terms of supply, mainstream steel mills maintained stable production, and post-holiday ordered resources arrived one after another, increasing inventory pressure and constraining price gains.

Overall, Baowu's flat base-price policy guided market expectations. Meanwhile, silicon steel production remained relatively stable, and downstream demand recovered slowly. Grain-oriented silicon steel is expected to remain in the doldrums next week. In the longer term, energy-efficiency upgrades will continue to increase demand for high-end HiB, and the industry is still developing. Going forward, attention should be paid to downstream restocking, steel mill price policies, and incremental demand driven by new energy and power infrastructure.

Data source statement: Except for public information, all other data was processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

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