[SMM Weekly Wrap] Demand Underpinning, Next Week's Grain-Oriented Silicon Steel Prices to Remain Generally Stable with Slight Rise

Grain-Oriented Silicon Steel Price Update

Shanghai B23R085 Grade: 12,200-12,200 yuan/mt

Wuhan 23RK085 Grade: 11,700-11,700 yuan/mt

This week, spot prices for cold-rolled grain-oriented silicon steel remained stable, with orderly market trading. Following the implementation of previous steel mill price hikes, the market entered a digestion period. Mainstream quotations held steady, with no significant change.

Supply side, steel mills maintained stable production paces, with mainstream resources released normally and ample supply in an orderly manner. Social inventory stayed within a reasonable range, without significant inventory buildup or rapid destocking pressure. Supply-demand remained in a weak balance. Demand side, just-in-time procurement from transformer and power equipment enterprises was normalized. Terminals replenished stock in batches as needed, with no concentrated stockpiling behavior observed. Transactions were dominated by just-in-time orders. Demand provided solid support, with no price-cutting to boost volumes.

Mainstream steel mills raised their July EXW prices, showing strengthened willingness to hold prices firm. Coupled with increased power grid investment under the 15th Five-Year Plan, ultra-high voltage and data center substation projects continued to release orders. Downstream medium and long-term demand expectations are positive. Comprehensive assessment suggests that, lacking any basis for a sharp decline in the short term and supported by costs and orders, the spot market for cold-rolled grain-oriented silicon steel is expected to be generally stable with a slight rise next week. Mainstream quotations may see some upside room.

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