[SMM Daily Review of Stainless Steel Spot Market: Weak Downstream Demand Restricts Price Increase Momentum] SMM reported on May 9 that stainless steel prices rose slightly this week. Affected by the expectations of domestic interest rate cuts and RRR cuts, as well as the Sino-US negotiations, market confidence has somewhat recovered, and spot prices have risen slightly, with some enterprises attempting to raise prices. After the Labour Day holiday, a brief period of concentrated restocking brought a small peak in transactions. However, as the effects of the policies remained unclear, downstream procurement returned to a cautious wait-and-see attitude, and market activity rapidly cooled. Meanwhile, the operating rate of stainless steel mills remained high, while the prices of raw materials such as nickel and chromium continued to weaken. Despite the current low prices of stainless steel, there is still a lack of effective upward momentum. In the futures market, the most-traded 2506 contract rose slightly and then pulled back. At 10:30 a.m., SS2506 was quoted at 12,710 yuan/mt, down 70 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 410 to 610 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 8,050 yuan/mt; the cold-rolled trimmed 304/2B coils had an average price of 13,050 yuan/mt in Wuxi and 13,050 yuan/mt in Foshan; the cold-rolled 316L/2B coils were priced at 23,850 yuan/mt in Wuxi and 23,850 yuan/mt in Foshan; the hot-rolled 316L/NO.1 coils were quoted at 23,050 yuan/mt in both regions; and the cold-rolled 430/2B coils were both priced at 7,500 yuan/mt in Wuxi and Foshan. Currently, the supply side of the stainless steel market remains at highs. Facing the pressure of losses, producers are cutting back on severe losses by...

[SMM Weekly Review: Ferrochrome Market in the Doldrums, Chrome Ore Prices Decline Slightly] On May 9, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,100-8,200 yuan/mt (50% metal content), unchanged from the previous trading day...

[SMM Analysis: Production Enthusiasm of Secondary Copper Rod Enterprises Greatly Diminished Amid Widening Sales Losses] According to SMM's data survey, the operating rate of secondary copper rod was 21.74% this week, up 3.45 percentage points WoW, but down 4.62 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,268 yuan/mt this week, up 303 yuan/mt WoW. In addition, the price of secondary copper rod in Jiangxi was discounted by 504 yuan/mt against the average futures price, with the discount widening by 279 yuan/mt WoW. ......

[SMM Daily Briefing on Coking Coal and Coke] In terms of supply, coking enterprises maintained slight profitability, with an overall moderate production enthusiasm and a high operating rate. However, the shipment of some coking enterprises slowed down, leading to an increase in shipment pressure. On the demand side, steel mills' rigid demand for coke remained, and with coke inventories at steel mills within a reasonable range, some steel mills began to control coke arrivals. Overall, the imbalance in the coke fundamentals was relatively small. However, the market outlook for finished steel products was relatively pessimistic. Additionally, the cost support for coke had weakened recently, and market sentiment turned bearish. The coke market is expected to be in the doldrums next week, with a possibility of price reductions.