SMM Weekly Maintenance Summary on May 11

[SMM Stainless Steel Daily Review] SS Futures Continue to Consolidate on a Subdued Note; Spot Stainless Steel Follows Decline, Trading Sluggish SMM reported on August 11 that, dragged down by the decline in SHFE nickel, SS futures pulled back further, with prices falling in tandem. As of the close, the most-traded SS contract settled at 14,525 yuan/mt. Spot market side, driven by the consecutive declines in SS futures, spot traders also lowered their quotes in tandem. However, overall cautious wait-and-see sentiment downstream remained heavy, compounded by the impact of the current typhoon weather, and market trading remained sluggish. The most-traded SS futures contract. At 10:15 am, SS2610 was quoted at 14,520 yuan/mt, down 135 yuan/mt from the previous trading session. Spot premiums for 304/2B in the Wuxi area were in the 350-800 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi held steady. For cold-rolled trimmed edge 304/2B coils, the average price fell by 50 yuan/mt in Wuxi and 25 yuan/mt in Foshan. The price of cold-rolled 316L/2B coils in Wuxi was flat. For hot-rolled 316L/NO.1 coils, quotes in Wuxi were flat. Cold-rolled 430/2B coils in both Wuxi and Foshan were flat. This week, stainless steel futures were disturbed by both industry news and capital flows, presenting an overall pattern of wild swings, with an intense tug-of-war between longs and shorts. During the week, news about supplemental quotas for Indonesian RKAB nickel ore repeatedly disturbed market expectations, and compounded by shifts in capital flows in futures, SS futures initially rose but later fell. Mid-week, it once approached the 15,100 yuan/mt level, but subsequently, as expectations for growth in nickel ore quotas heated up, bull confidence waned, and futures pulled back again...

[Vietnam] Vietnam’s domestic steel market remained relatively stable, with construction steel prices holding at around 533 USD/tonne as exchange rates and market conditions were largely unchanged. HRC prices stood at around 515–522 USD/tonne CFR Ho Chi Minh City following Formosa Hà Tĩnh’s latest price announcement, while subdued demand continued to weigh on the market. Meanwhile, Malaysia’s Ministry of Investment, Trade and Industry (MITI) initiated an expiry review of anti-dumping duties on pre-painted steel coils from China and Vietnam, with a final determination expected within 180 days. The review could affect regional coated steel trade flows and supplier competitiveness.

Indonesia's HRC market faces a double hit in the second half of 2026: already-sluggish demand, plus falling imports as anti-dumping duties—particularly on Chinese HRC—bite. Buyers say the duties will push imported HRC prices higher, even though the pre-duty price of (example of USD 485 USD/ton FOB for China product) was already below domestic HRC at 500 USD/ton FOB. As a result, domestic HRC is expected to absorb more of the existing demand, though imports will still be needed to cover HRC grades with specific specifications that local mills can't supply.