[SMM Weekly Summary] Market Confidence Increases, Cost Support Remains Firm Non-oriented silicon steel prices edged higher this week

Non-oriented silicon steel price dynamics

Shanghai B50A800 grade: 4,350-4,350 yuan/mt

Guangzhou B50A800 grade: 4,190-4,190 yuan/mt

Wuhan 50WW800 grade: 4,190-4,190 yuan/mt

Shanghai market: This week, Shanghai cold-rolled non-oriented silicon steel spot prices held up slightly, with some grades up 10-30 yuan/mt, but overall transactions remained unoptimistic. Market feedback indicates that HRC futures consolidated this week, coking coal and coke prices rose notably, cost increase expectations were strong, and demand showed signs of recovery, leading to slight price increases. However, downstream purchasing enthusiasm was mediocre, dominated by just-in-time procurement, with limited acceptance of high-priced resources. Overall, Shanghai cold-rolled non-oriented silicon steel prices are expected to remain mostly stable next week, with fluctuations adjusting along with the cost side.

Guangzhou market: This week, the Guangzhou cold-rolled non-oriented silicon steel market firmed slightly, with some grades up 10-30 yuan/mt, while transactions were mediocre. Market information shows that costs continued to increase this week. Even though downstream demand performance was poor, overall transaction prices still edged up slightly. Downstream enterprises insisted on restocking as needed, with insufficient stockpiling enthusiasm, leaving prices lacking a solid foundation for gains. Overall, Guangzhou cold-rolled non-oriented silicon steel prices are expected to remain stable next week.

Wuhan market: This week, the Wuhan cold-rolled non-oriented silicon steel market firmed slightly, with some grades up 10-30 yuan/mt, while transactions were weak. Market feedback indicates that current demand recovery is limited, downstream motor enterprises still mainly purchase as needed, stockpiling willingness is not strong, and traders maintain regular inventory with equally low purchasing willingness. Overall, Wuhan cold-rolled non-oriented silicon steel spot prices are expected to maintain a stable trend next week.

Data source statement:

(All data in this report, except publicly available information, are derived from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, data published by various associations and institutions, etc.), market communication, and SMM's internal database models, and are obtained through comprehensive analysis and reasonable inference by the research team. They are for reference only and do not constitute decision-making advice.

Shanghai Metals Market reserves the right of final interpretation of the terms of this statement and the right to adjust and modify the content of the statement according to actual circumstances.