[Nine Departments Release Activity Plan: Increase in Consumer Goods Trade-In Subsidies During Chinese New Year]

[SMM Hot-Rolled Coil Daily Trading] On February 2, the total daily trading volume of hot-rolled coils from SMM's four-city (Shanghai, Lecong, Tianjin, Ningbo) sample enterprises was 10,360 mt, down 1,920 mt (or 15.6%) day-on-day, down 8.56% YoY on a Gregorian calendar basis, and down 31.80% YoY on a lunar calendar basis.

[SMM Stainless Steel Daily Review] Macro Sentiment Drives SS Futures to Limit Down, Spot Market Trading Sluggish Ahead of Holiday: SMM, February 2: SS futures showed a significant pullback. Affected by news of the US Fed Chairman transition, metal futures generally declined, with SS metal futures opening sharply lower and hitting the daily limit down by the close. In the spot market, dragged down by the sharp decline in futures, intraday spot quotations were chaotic. Although prices for some specifications saw significant cuts, with the Chinese New Year holiday approaching, traders faced low inventory pressure, and the decline in mainstream quotations was less pronounced than in futures. The most-traded SS futures contract fell sharply. At 10:30 a.m., SS2603 was quoted at 13,860 yuan/mt, down 435 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 460–760 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 14,300 yuan/mt and in Foshan 14,200 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coil in Wuxi, 25,800 yuan/mt; for cold-rolled 430/2B coil in both Wuxi and Foshan, 7,800 yuan/mt…

Today, HRC futures fell significantly, with the most-traded contract closing at 3,261 yuan/mt, down 1.24% during the daytime session. Spot market prices remained relatively stable, showing no clear follow-on decline and only fluctuating rangebound with a slight drop of 10-20 yuan/mt. Supply side, the impact from maintenance on HRC has returned to a stable phase, with no significant change in HRC production before the holiday. Demand side, manufacturing end-users gradually entered holiday mode this week, leading to a slowdown in purchasing enthusiasm. Today, futures saw a notable decline, prompting spot selling activity, while end-users purchased as needed, resulting in an overall sluggish market atmosphere. Raw material side, hot metal output is expected to rebound MoM, but restocking ....