Spot Stainless Steel Transactions were Slack as Most Market Players and Downstream Companies are on CNY Holiday

SMM, September 11‑International molybdenum oxide prices moved sharply higher. SMM assessed Molybdenum Oxide CIF Tianjin Port at $33.9‑34 per lb‑Mo, with the average settling at $33.95 per lb‑Mo (equivalent to roughly RMB 5,735 per dmtu on a China tax‑inclusive basis), up $0.28 per lb‑Mo from the previous trading day. The import arbitrage window for molybdenum oxide remains closed. Bullish sentiment returned in China’s spot market, with holders keeping offers firm and ferro‑molybdenum transaction prices edging higher. Today SMM’s 45% molybdenum concentrate was assessed at RMB 5,425 per dmtu; molybdenum oxide stood at RMB 5,535 per dmtu, unchanged day‑on‑day. Steel mill procurement tenders for ferro‑molybdenum were mainly concluded at RMB 339,000‑340,000 per tonne.

Teck Resources reported Q2FY2026 molybdenum production of 840 tonnes at Quebrada Blanca, up about 95% from 430 tonnes a year earlier and 31% from 640 tonnes in Q1FY2026. The company attributed the increase to another quarter of strong operational performance and process stability, indicating a marked rise in by-product molybdenum supply from the mine.

[SMM Stainless Steel Daily Review] SHFE Nickel Gains Drive SS to Stop Falling, Stainless Steel Spot Prices Stabilize at Lows According to SMM on September 10, SS futures consolidated, and driven by gains in SHFE nickel, SS successfully stopped falling. As of the close, the most-traded SS contract settled at 13,765 yuan/mt. In the spot market, SS futures consolidated at lows. Against the backdrop of an overall weak market, end-use demand showed little sign of recovery, and traders continued to hold offers steady at low levels. Current prices have approached the lows seen at the start of the year. Coupled with stainless steel mills already incurring losses, production schedules have declined somewhat. Although market expectations are unlikely to reverse the overall weakness, the likelihood of further sharp declines in the short term is also low. SS futures most-traded contract. At 10:15 a.m., SS2610 was at 13,860 yuan/mt, up 145 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 460-710 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was flat, and the average price in Foshan was flat; the price of cold-rolled 316L/2B coil in Wuxi was flat; for hot-rolled 316L/NO.1 coil, offers in Wuxi were flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures extended the overall weak trend and broke down further. The traditional "September peak season" consumption period has officially begun, but expectations for demand recovery fell through, and market sentiment turned pessimistic and bearish. SS futures came under pressure and weakened, with the weekly low briefly dipping below 13,700 yuan/mt, and the market valuation center continued...