[SMM Weekly Summary] Post-Holiday Demand Falls Short of Expectations; Grain-Oriented Silicon Steel Prices May Remain in the Doldrums Next Week

Grain-Oriented Silicon Steel Price Dynamics

Shanghai B23R085 grade: 11,700-11,700 yuan/mt

Wuhan 23RK085 grade: 11,200-11,200 yuan/mt

This week, China's grain-oriented silicon steel market prices remained stable. After the National Day holiday, demand performance fell short of expectations, market transactions were weak, and downstream transformer enterprises mostly maintained just-in-time procurement, with limited willingness to purchase in bulk. After the holiday, end-user order release pace was slow, with no concentrated restocking activity, making it difficult for spot transactions to expand in volume. The overall supply level of grain-oriented silicon steel remained stable, and the market continued its structural divergence pattern. Low-end conventional grades had ample supply, with significant competitive pressure in the market and insufficient upward momentum for prices. High magnetic induction grades have long relied on ultra-high voltage and power grid upgrade plans for support, and price resilience remains, but the transmission cycle from power grid tender implementation is relatively long, making short-term positives difficult to materialize and unable to boost spot prices upward for now. End-user project advancement pace was slow, with limited pull effect on spot prices. Overall, structural supply pressure persists, post-holiday real demand recovery fell short of expectations, and the market lacks clear drivers for price changes. Next week, demand support for China's grain-oriented silicon steel is expected to remain weak, and prices are likely to stay stable.

Data Source Statement:

(All data in this report, other than 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 data, customs import and export data, and various data published by major associations and institutions), 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 final interpretation right of this statement and the right to adjust and modify the statement content according to actual circumstances.