[SMM Analysis] Lacking Drivers for Wild Swings, GO Silicon Steel Prices to Run Steadily Next Week

GO Silicon Steel Price Update

Shanghai B23R085 grade: 11,800-11,800 yuan/mt

Wuhan 23RK085 grade: 11,600-11,600 yuan/mt

This week, cold-rolled GO silicon steel spot prices remained stable, with mainstream quotations holding firm and overall transactions proceeding in an orderly manner. Market feedback indicated that although ferrous metals futures fluctuated downward, exerting some pressure on market sentiment, Baosteel's June GO silicon steel base price raise of 200 yuan/mt, with an additional 100 yuan/mt for high grades of 75 and above, effectively supported the spot price floor. Traders' quotations were generally stable, with limited willingness to sell at low prices.

Currently, GO silicon steel supply and demand were relatively balanced: on the supply side, mainstream steel mills maintained a controllable shipment pace; on the demand side, downstream transformer and power equipment enterprises had stable rigid demand, supported by power grid projects and export orders, with procurement mainly on an as-needed restocking basis and weak willingness for large-scale restocking. Meanwhile, after earlier market adjustments, further downside room for prices was limited. Traders maintained low inventory levels with a strong wait-and-see sentiment, operating mainly on a quick-in-quick-out basis.

Overall, steel mills' determination to hold prices firm was clear, with strong cost and policy support, while downstream demand resilience remained moderate. Supply and demand were slightly loose but without significant pressure, and the market lacked drivers for wild swings. Cold-rolled GO silicon steel spot prices are expected to continue their stable trend next week.

Data source disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

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