Stainless Steel Scrap Prices Stabilize as Economic Disadvantages Gradually Improve [SMM Stainless Steel Scrap Market Weekly Review]

[SMM Stainless Steel Daily Review] SS Futures Move Sideways; Spot Quotes Stable, Cost Support Emerges Amid Weak Demand According to SMM on August 20, SS futures consolidated on a strong note. Although the night session was boosted by a weaker US dollar, it gradually pulled back after the morning open, with limited intraday fluctuations. At the close, the most-traded SS contract settled at 14,300 yuan/mt. Spot market side, following the sideways movement pace of SS futures, stainless steel spot quotes were largely stable, with transactions remaining sluggish. Although weak demand is hard to change, currently stainless steel mill profit margins are narrow, and cost side support for prices has strengthened, providing bottom support as well. The most-traded SS contract. At 10:15 a.m., SS2610 was reported at 14,345 yuan/mt, up 85 yuan/mt from the previous trading day. In Wuxi,304/2B spot premiums were in the range of 375-525 yuan/mt. In the spot market, average price of cold-rolled 201/2B coils in Wuxi was stable; cold-rolled 304/2B coils with mill edge, average price in Wuxi rose 25 yuan/mt, and in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coils in Wuxi were flat; hot-rolled 316L/NO.1 coils, Wuxi quotes were stable; cold-rolled 430/2B coils in both Wuxi and Foshan were unchanged. This week, stainless steel futures were continuously disturbed by macro sentiment, overall maintaining a weak pullback trend. During the week, Indonesia's RKAB nickel mine approval news repeatedly disturbed industry expectations, coupled with the US Fed's hawkish policy stance and the unresolved US-Iran geopolitical conflict, market macro uncertainty stayed high, multiple bearish factors...

[SMM Stainless Steel Daily Review] SS Futures Weaken, Spot Stainless Steel Transactions Mediocre, Awaiting Peak Season Validation SMM, August 19 – SS futures maintained a subdued consolidation trend. Dragged lower by the broad decline in nonferrous metals, SS prices pulled back in tandem. As of the close, the most-traded SS contract settled at 14,260 yuan/mt. In the spot market, although SS futures pulled back somewhat, the overall decline was relatively small. Stainless steel traders mostly held their offers steady, with only occasional small discounts. Overall transactions remained sluggish, showing no signs of recovery ahead of the “September-October peak season.” The Most-Traded SS Futures Contract. At 10:15 a.m., SS2610 was at 14,260 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 410-610 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was steady; for cold-rolled 304/2B coil with mill edge, Wuxi average price was flat, Foshan average price was flat; the price of Wuxi cold-rolled 316L/2B coil fell by 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotation was flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures were continuously disturbed by macro sentiment, maintaining an overall weak pullback trend. During the week, news on Indonesia’s RKAB nickel ore approval repeatedly disrupted industry expectations. Coupled with the hawkish tone of the US Fed’s policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty stayed high. Multiple bearish factors dragged SS futures down continuously throughout the week, with bearish sentiment dominating the market and futures movement...

[SMM Stainless Steel Daily Review] SS Futures Consolidate on a Strong Note and Move Higher; Stainless Steel Spot Offers Hold Steady, Transaction Recovery Hard to Sustain According to SMM on August 18, SS futures maintained a strong consolidation pattern, extending the previous day's stronger tone, with prices moving higher. At the close, the most-traded SS futures contract settled at 14,275 yuan/mt. In the spot market, SS futures rebounded and strengthened yesterday afternoon; with guidance prices at mainstream steel mills holding steady, inquiry and transaction activity in the spot market clearly recovered. Today, momentum for further gains was insufficient, transactions weakened somewhat, and trader offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2610 traded at 14,235 yuan/mt, up 15 yuan/mt from the previous trading day. Wuxi 304/2B spot premiums were in the 435-635 yuan/mt range. In the spot market, the average price for Wuxi cold-rolled 201/2B coil held steady; for cold-rolled raw-edge 304/2B coil, the Wuxi average rose 25 yuan/mt and the Foshan average rose 25 yuan/mt; Wuxi cold-rolled 316L/2B coil prices fell 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes were flat; cold-rolled 430/2B coil prices in Wuxi and Foshan were unchanged. This week, stainless steel futures were repeatedly disrupted by macro sentiment and overall remained on a weak pullback trend. During the week, news on Indonesian RKAB nickel mining approvals repeatedly disturbed industry expectations. Combined with the US Fed's hawkish policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty in the market stayed high. Multiple bearish factors combined to drag SS futures through a sustained pullback during the week, with overall bearish sentiment dominating the market...