SMM reported on May 12 that today, high-level economic and trade talks between China and the US reached a consensus, and the US's hefty tariff policy imposed on China earlier would be temporarily lifted. Consequently, the SS futures market strengthened and rose. Stainless steel spot prices had already shown signs of a price increase. In the morning, driven by positive news from the China-US negotiations and the increase in stainless steel mills' listed prices, spot quotes strengthened and rose. Market pessimism dissipated somewhat. Additionally, as stainless steel spot prices were already at a low level, market transactions improved today.
In the futures market, the most-traded contract completed its rollover to the 2507 contract today. At 10:30 a.m., SS2506 was quoted at 12,870 yuan/mt, up 160 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 350 to 500 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 8,050 yuan/mt. For cold-rolled trimmed 304/2B coils, the average price in Wuxi was 13,125 yuan/mt, and the same in Foshan. Cold-rolled 316L/2B coils were priced at 23,850 yuan/mt in Wuxi and 23,850 yuan/mt in Foshan. Hot-rolled 316L/NO.1 coils were quoted at 23,050 yuan/mt in both regions. Cold-rolled 430/2B coils were priced at 7,500 yuan/mt in both Wuxi and Foshan.
Currently, significant adjustments are being made to China-US tariff policies: 91% of the tariffs imposed earlier will be lifted. Among the 34% reciprocal tariffs, a 90-day suspension will be applied to 24%, with only 10% remaining. This outcome significantly surpasses the market's earlier expectation of retaining 40-60% tariffs, injecting a strong boost into the stainless steel futures market and driving futures prices higher. However, uncertainties in policy remain, coupled with the stainless steel market's supply continuing to hover at historically high levels and cost support weakening compared to earlier periods, the market still faces multiple pressures. The subsequent trend in stainless steel prices will still need to closely monitor the actual recovery of downstream end-use consumption.
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