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[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Strong Note, Stainless Steel Month-End Spot High Prices See Sluggish Transactions According to SMM on July 31, SS futures consolidated on a strong note overall. Driven by successive pullbacks in the US dollar index, nonferrous metals futures strengthened across the board, and SS rose in tandem. At the close, the most-traded SS contract settled at 14,635 yuan/mt. On the spot market, SS futures shot up at the morning open and then gradually pulled back in consolidation. Although the morning strength in futures drove spot prices higher, high-priced transactions were not smooth. Some traders offered concessions under month-end shipment pressure, and market transactions were dominated by just-in-time procurement. The most-traded SS futures contract. At 10:15 a.m., SS2609 was quoted at 14,710 yuan/mt, up 110 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 310-710 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose 100 yuan/mt; for cold-rolled edge 304/2B coil, the average price in Wuxi rose 50 yuan/mt and in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil, Wuxi quote flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, macro sentiment turned bearish and dominated metal price trends. Stainless steel futures were under pressure and consolidated on a subdued note. This week, the US Fed kept interest rates unchanged as expected at its meeting, but its overall tone was hawkish. Commodity valuations came under broad pressure, and the nonferrous metals sector weakened across the board. Dragged by the spillover of macro headwinds, SS futures...

USD 350 million investment between Steel Authority of India (SAIL) and Krakatau Steel to build stainless steel slab production facility. This facility is predicted to produced 500,000 tons and to begin operations within 3 to 4 years. SAIL will send the technical team to Indonesia next month to do the feasibility study.

[SMM Stainless Steel Daily Review] SS Futures Stopped Falling; Off-Season Sales Pressure Capped Upside in Spot Stainless Steel According to SMM’s July 29 report, SS futures generally stopped falling and regained some ground. Supported by a weaker US dollar index and broad gains in base metal futures, SS underwent a similar recovery. By market close, the most-traded SS contract settled at 14,515 yuan/mt. In the spot market, spot stainless steel quotes had already declined on the previous afternoon, dragged by weak futures. Today, although the recovery in SS futures boosted inquiry activity in the spot market, traders’ strong willingness to sell in the off-season limited the extent of the rebound in spot quotes. SS most-traded futures contract. At 10:15 a.m., SS2609 was at 14,540 yuan/mt, flat from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 380-830 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was unchanged; the average price for cold-rolled, mill-edge 304/2B coil fell 25 yuan/mt in Wuxi and 25 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was unchanged; the quoted price for hot-rolled 316L/NO.1 coil in Wuxi was unchanged; cold-rolled 430/2B coil prices in Wuxi and Foshan were both flat. This week, favorable macro and industry factors combined to support nickel and stainless steel futures in consolidating on a strong note. On the macro front, US inflation expectations pulled back, while continued geopolitical tensions between the US and Iran roiled market risk sentiment. On the industry front, expectations that the growth in Indonesia’s supplementary RKAB nickel ore quotas would be limited continued to ferment, effectively steadying the bottom for nickel prices and... .

[SMM Stainless Steel Daily Review] SS Futures Continue to Pull Back, Stainless Steel Spot Prices Drop According to SMM on July 28, SS futures moved further downward in a pullback. Dragged down by the overall decline in nonferrous metals futures, SS futures fell in tandem. By the close, the most-traded SS contract settled at 14,515 yuan/mt. In the spot market, impacted by the successive pullback in SS futures, market confidence continued to weaken. Moreover, stainless steel mills that had previously halted production resumed operations, increasing the supply of materials. The market, already with weak consumption, faced mounting absorption pressure, and stainless steel offers also pulled back. The most-traded SS futures contract, SS2609, at 10:15 am, was at 14,540 yuan/mt, down 170 yuan/mt from the previous trading day. Wuxi’s 304/2B spot premiums were in the range of 430-830 yuan/mt. In the spot market, cold-rolled 201/2B coil average price in Wuxi remained flat; cold-rolled unedged 304/2B coil average price in Wuxi (-50 yuan/mt) and Foshan (-50 yuan/mt); cold-rolled 316L/2B coil price in Wuxi (-75 yuan/mt); hot-rolled 316L/NO.1 coil in Wuxi remained flat; cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, macro and industry tailwinds converged, supporting nickel and stainless steel futures to maintain a consolidating on a strong note trend. On the macro front, US inflation expectations pulled back, alongside the ongoing US-Iran geopolitical conflict that continued to disrupt market risk sentiment. On the industrial front, earlier expectations of limited incremental growth in Indonesia's RKAB nickel mine supplementary quotas continued to simmer, effectively stabilizing the bottom of nickel prices and driving SHFE nickel to drift higher...

[SMM Analysis] Stainless Steel Products and Costs Edge Up in Tandem, Steel Mill Profits Stable This week, stainless steel product prices and production costs edged up in tandem, while steel mill smelting profits remained basically stable overall. Based on calculations for 304 cold-rolling, the profit margin this week was 2.15% when accounting for raw materials at current prices and 1.11% when accounting for inventory raw materials, indicating that stainless steel mills still maintain certain smelting profits. Nickel-based raw materials side, high-grade NPI prices were largely stable this week. Although SHFE nickel and SS futures held up well overall during the week, the current traditional consumption off-season for stainless steel meant steel mills' purchase demand for NPI remained persistently weak, with very few actual transactions concluded recently. Amid the tug-of-war between longs and shorts, NPI prices remained steady this week. As of this Friday, the delivered duty-paid price for China's 10-12% grade Indonesian high-grade NPI remained stable at 1,132.5 yuan per nickel unit. Stainless steel scrap prices edged up this week, lifted by stronger SS futures driving spot prices higher. However, the temporarily stable high-grade NPI prices narrowed scrap's economic advantage. The current traditional consumption off-season persists, downstream demand is sluggish, and steel mills are cautious in purchasing, mainly transacting on a need-to basis. Under the dual constraints of weak demand and diminishing substitution benefits, upward momentum for stainless steel scrap was insufficient. In the short term, it will maintain largely stable consolidation supported by futures resilience, with limited upside room. As of this Friday, mainstream 304 off-cuts prices in Shanghai rose by 200 yuan/mt, quoted at 10,450 yuan/mt. Chrome-based raw materials side, high-carbon ferrochrome prices operated stably this week. Although ferrochrome supply remains relatively ample currently, coupled with demand pulling back amid off-season production cuts for stainless steel, recent high-cost ferrochrome...

[SMM Stainless Steel Scrap Market Weekly Review] SS Futures Strength Drives Slight Uptick in Stainless Steel Scrap, Off-Season Demand Weakness Caps Price Gains This week, prices for 304 stainless steel scrap off-cuts in east China edged up, with quotations ranging between 10,400-10,500 yuan/mt. Prices in Foshan rose in tandem, with a price range of 10,300-10,600 yuan/mt. An analysis of raw material production costs shows that the cost of producing stainless steel entirely from stainless steel scrap is approximately 14,607.48 yuan/mt, while the cost using high-grade NPI reaches 14,962.08 yuan/mt, with a cost spread persisting between the two. Stainless steel scrap prices edged up this week. SS futures strengthened overall during the week, and the positive sentiment from the futures side was smoothly transmitted to the spot market, driving a slight concurrent rise in spot prices for finished stainless steel. However, stainless steel mills continued to push for lower prices for high-grade NPI, and amid the tug-of-war between upstream and downstream, high-grade NPI prices held steady for the time being. Overall momentum from the raw material side remained weak, but stainless steel scrap rose in tandem with the strengthening pace of finished product spot cargoes, holding up well overall. With high-grade NPI prices remaining stable this week, the economic advantage of stainless steel scrap narrowed notably, and the cost substitution benefit weakened. In summary, futures provided support for market prices, but off-season fundamentals continued to cap price upside. The market is currently in the traditional consumption off-season for stainless steel, downstream end-use demand remains sluggish, overall industry production pulled back, and the rigid demand for stainless steel scrap weakened accordingly. The purchasing sentiment among steel mills turned cautious, and raw material procurement overall this week...

[SMM Analysis] Futures Consolidate on a Strong Note, but Off-Season Demand Weakness and Concentrated Arrivals Lead to a Slight SS Inventory Buildup SMM, July 23: This week, stainless steel (SS) social inventory ended its earlier destocking trend, stopping its fall and rebounding overall with a slight buildup, as off-season inventory pressure re-emerged. Total inventory in the two core markets of Wuxi and Foshan edged up, rising from 921,300 mt on July 9, 2026, to 929,900 mt on July 23, up 0.93% WoW, shifting from a mild destocking phase to a period of accumulation. During the week, SS futures extended their previous consolidation on a strong note, helping to repair market trading sentiment to some extent. This drove a recovery in spot market inquiry activity early in the week, and periodic transactions saw a short-term rebound. However, support from off-season demand was insufficient, and the boost in sentiment from futures only generated a pulse-driven market. After the release of these periodic transactions, downstream procurement pace quickly slowed, and spot trades returned to a mediocre state, with a lack of sustained purchasing power from end-users. On the supply circulation front, the key factor behind this week's inventory buildup was the concentrated arrival and warehouse entry of shipments previously delayed by typhoon and rainstorm weather. This, combined with steel mills maintaining a normal distribution pace, led to a marked increase in the volume of spot cargo released, temporarily raising pressure on spot supply. Against a backdrop of weak off-season end-user purchases and slowing cargo consumption, the growth from concentrated arrivals could not be effectively absorbed by the market, ultimately driving the slight buildup in social inventory. Overall, the underlying bearish factors for inventory growth were weak off-season rigid demand from end-users and a lack of sustained transactions. The key drivers for this week's buildup were the concentrated arrivals after the typhoon, combined with normal distribution from mills and an increase in spot supply releases. This week's inventory...

[ SMM Stainless Steel Daily Review ] SS Futures Consolidate on a Strong Note; Stainless Steel Spot Prices Hold Steady, Shipment-Driven Trading Edges Up Slightly According to SMM on July 21, SS futures maintained a consolidation trend on a strong note overall. Aligning with the non-ferrous metals sector’s further surge, SS futures consolidated and strengthened simultaneously. The most-traded SS futures contract closed at 14,775 yuan/mt by the midday break. In the spot market, driven by the strength in SS futures, spot stainless steel quotations remained temporarily stable despite traders’ active selling pressure and weak demand during the traditional off-season, which led to low acceptance of high-priced cargoes downstream. Nevertheless, trading activity improved. SS Most-Traded Futures Contract. At 10:15 a.m., SS2609 was indicated at 14,740 yuan/mt, flat from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 230 to 630 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi remained flat; the average price for cold-rolled raw-edged 304/2B coils remained flat in Wuxi and flat in Foshan; cold-rolled 316L/2B coil prices in Wuxi remained flat; hot-rolled 316L/NO.1 coil quotations remained flat in Wuxi; cold-rolled 430/2B coil averages remained flat in both Wuxi and Foshan. This week, the macro backdrop featured easing US CPI data and cooling inflation expectations, while market risk appetite saw a modest recovery. Additionally, Indonesia’s Ministry of Energy and Mineral Resources (ESDM) clarified that nickel ore production quotas for the year would be supplemented only moderately and on a limited scale, implying constrained incremental growth and a continuation of the raw material supply shortage. These factors provided a solid floor for the spot market, spurred a rebound in SHFE nickel and SS futures. On the spot and inventory front, prices were held firm by steel mills, while shipments…

[SMM Analysis] Futures Recovery Lifts Finished Steel, Raw Materials Drift Lower, Expanding Steel Mill Profits This week, stainless steel finished product prices and production costs drifted higher in tandem, with finished steel gains outpacing the overall performance of raw materials, driving a WoW expansion in steel mill smelting profits. Based on 304 cold rolling calculations, the profit margin stood at 2.39% using current raw material costs and 1.07% using inventory costs this week, with spot profitability resilience having achieved a clear recovery. Nickel-based raw materials: High-grade NPI prices generally grinded lower and pulled back this week, as a futures rebound and spot purchases formed a pronounced tug-of-war. During the week, SHFE nickel and SS futures both consolidated higher in tandem. Upstream smelters and traders showed relatively ample willingness to hold prices firm, but downstream stainless steel mills held relatively cautious expectations for the off-season outlook, with weak sentiment in raw material procurement and the strategy of pushing for lower prices continuing to be implemented. No concentrated restocking demand was released in the market, and the NPI price center shifted lower amid the tug-of-war between longs and shorts. As of this Friday, the domestic arrival tax-inclusive price of Indonesian high-grade NPI with 10-12% Ni content fell 4.5 yuan per nickel unit to 1,132.5 yuan per nickel unit. Stainless steel scrap prices rose with relative strength this week, supported by the futures recovery, displaying characteristics of strong resilience but limited gains. Driven by stronger SS futures, market sentiment for scrap recovered somewhat. Moreover, stainless steel scrap still held a stable cost-competitive substitution advantage over the weaker NPI, providing bottom support for prices. However, the market is currently in the traditional consumption off-season, with weak end-user rigid demand curbing overall demand for finished steel. Coupled with tight availability of tax invoices for stainless steel scrap and steel mills continuously pushing for lower purchase prices, market trading activity was restrained, making it difficult for prices to open upside room...

[SMM Stainless Steel Scrap Weekly Review] Futures Strength Drives Scrap Uptick; Off-Season Demand Keeps Gains in Check This week, 304 stainless steel scrap off-cuts prices in east China rose, with a quotation range of 10,200-10,300 yuan/mt; in Foshan, 304 scrap off-cuts prices also moved up, in the range of 10,100-10,400 yuan/mt. From the raw material cost side, producing stainless steel entirely from stainless steel scrap currently costs about 14,351.25 yuan/mt, while using high-grade NPI would cost as much as 14,947.08 yuan/mt—the two still maintain a sizable cost spread. Stainless steel scrap prices edged up this week. During the week, SS futures strengthened overall, and bullish sentiment from futures flowed through to the spot market, nudging up spot prices for stainless steel finished products in tandem. Although steel mills still retained a desire to bargain down prices for raw material procurement, and the substitute raw material high-grade NPI prices continued to be in the doldrums, leaving overall raw material support moderate, stainless steel scrap followed the pace of the spot strength in finished products, moving up in sync and generally holding up well. This week high-grade NPI prices were in the doldrums, which narrowed the economic advantage of stainless steel scrap over it, but the scrap still maintained a significant edge, effectively supporting scrap prices and leaving little room for a steep decline. However, the market is currently in the traditional stainless steel consumption off-season, with downstream end-use demand staying weak. Coupled with the not-yet-resolved issue of tight tax invoices in the industry, these two bearish factors continue to suppress market trading activity. Overall demand growth for stainless steel scrap was limited, and the upside momentum in the market was capped. In summary, ...

[SMM Analysis] Futures Recovery Spurs Phased Transactions and Arrival Constraints, Stainless Steel Inventory Stops Rising and Pulls Back SMM, July 16 – This week, stainless steel social inventory ended its previous inventory buildup trend, stopped rising and pulled back overall, with marginal easing of inventory pressure. Total inventories in the two core markets of Wuxi and Foshan declined notably, from 943,700 mt on July 9, 2026 to 921,300 mt at the latest period, down 2.37% WoW. The off-season inventory accumulation trend saw a phased reversal. During the week, SS futures strengthened and rose again, effectively repairing previously weak market sentiment. Coupled with spot price increases that created reasonable room for traders to offer discounts, the market’s “rush to buy amid continuous price rise and hold back amid price downturn” mentality was released intensively. Downstream end-user phased restocking demand kicked in, market transactions recovered markedly from the previous sluggish pattern, and destocking efficiency improved significantly. At the same time, typhoon weather disrupted regional logistics this week, restricting the pace of arrivals. Insufficient replenishment of spot supply in the market further tightened circulating resources from the supply side. Driven by the phased recovery in transactions and reduced arrivals, this successfully offset the inventory buildup pressure from weak off-season rigid demand, pushing social inventory to steadily pull back this week. Overall, the stronger futures repairing market sentiment, traders’ discounts promoting shipments, and typhoon-restricted arrivals were the key drivers behind the halt in rise and pullback of stainless steel inventories this week. Although real rigid demand from end-users during the off-season has not yet recovered materially and sustained transaction momentum remains insufficient, short-term sentiment-driven demand and circulation contraction formed an effective offset, effectively easing the previous inventory buildup pressure. At this stage, stainless…

[SMM Stainless Steel Daily Review] SS Futures Stop Rising and Pull Back, Spot Prices Hold Steady while Transactions Cool According to SMM on July 17, the SS futures showed a subdued consolidation trend. Weighed down by the overall weakness in the nonferrous metals sector, SS futures moved lower simultaneously, with the most-traded SS contract closing at 14,645 yuan/mt. In the spot market, boosted by yesterday's SS futures gains, spot stainless steel prices were generally raised yesterday afternoon, with transactions gradually recovering. However, today's futures stopped rising and pulled back; although spot prices remained stable for the time being, transactions weakened. SS most-traded futures contract: At 10:15 a.m., SS2608 was reported at 14,795 yuan/mt, up 130 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 225-575 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled raw edge 304/2B coil, the average price rose 100 yuan/mt in Wuxi and 75 yuan/mt in Foshan; for cold-rolled 316L/2B coil in Wuxi, prices were flat; for hot-rolled 316L/NO.1 coil, prices in Wuxi were flat; cold-rolled 430/2B coil prices were flat in both Wuxi and Foshan. This week, macro-wise, the US CPI data pulled back, leading to cooling inflation expectations and a modest recovery in market risk appetite. Additionally, Indonesia's Ministry of Energy and Mineral Resources (ESDM) clarified that additional nickel ore production quotas for this year would be only moderate and limited, signaling limited growth potential and a sustained tight supply pattern for raw materials. This provided solid underlying support for the spot market, driving SHFE nickel and SS futures to stop falling and rebound. Regarding spot cargo and inventory, steel mills held prices firm to underpin the market...

[SMM Stainless Steel Daily Review] SHFE Nickel Drives SS Futures Higher; Spot Stainless Steel Follows Gains, Downstream Purchases Remain Cautious According to SMM on July 16, SS futures showed an overall rising and probing pattern. Driven by SHFE nickel strength, SS simultaneously climbed and probed higher. As of the close, the most-traded SS contract settled at 14,795 yuan/mt. In the spot market, although SS futures were relatively stable in the morning and spot offers held steady accordingly, they surged rapidly in the afternoon following SHFE nickel's sharp rise, and spot offers rose in tandem. Despite rapid price fluctuations, downstream end-users remained cautious in purchasing, but low-priced cargoes in the market were basically gone. SS most-traded contract: At 10:15 a.m., SS2608 was at 14,665 yuan/mt, down 5 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 255-605 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled mill edge 304/2B coils, the average price in Wuxi was unchanged and Foshan's average price held steady; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil quotes in Wuxi were unchanged; and cold-rolled 430/2B coils in both Wuxi and Foshan were flat. This week, macro fund disturbances intensified, and stainless steel futures followed an independent weak trajectory, with the futures movement clearly diverging from SHFE nickel and other nonferrous metals. During the week, fund sentiment switched repeatedly, driving wild swings in SS futures. The key support level of 14,500 yuan/mt was breached earlier, and the overall trend center continued to shift lower, with overall market trading sentiment leaning bearish. Spot and...

[SMM Stainless Steel Daily Review] SS short-term maintains a relatively stable consolidation pattern; stainless steel spot prices stable, end-users cautiously wait and see On July 15, SMM reported that SS futures showed a relatively stable consolidation pattern. SS futures pulled back in the night session, but after the morning open, the decline was partially recovered, then moved sideways until the close, with the most-traded SS contract settling at 14,595 yuan/mt. Spot market side, demand was in the off-season, and recent volatility intensifies in SS futures with no clear directional guidance, so downstream end-users held a strong wait-and-see sentiment, overall transactions were sluggish; spot prices were largely stable, with only some traders under shipment pressure occasionally releasing low-priced goods. SS futures most-traded contract. At 10:15 a.m., SS2608 reported at 14,660 yuan/mt, up 120 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi area were in the 260-610 yuan/mt range. In the spot market: Wuxi cold-rolled 201/2B coil average flat; cold-rolled raw edge 304/2B coil (Wuxi +25 yuan/mt, Foshan flat); Wuxi cold-rolled 316L/2B coil -100 yuan/mt; hot-rolled 316L/NO.1 coil, Wuxi flat; cold-rolled 430/2B coil, both flat. This week, macro liquidity disturbances intensified, stainless steel futures moved independently with a weak trend, and futures noticeably deviated from the pace of SHFE nickel and other nonferrous metals. During the week, capital sentiment switched frequently, driving SS futures into wild swings, earlier 14,500...