[SMM Analysis] Demand for Non-Oriented Silicon Steel Is Moderate, No Significant Decline Expected in January

[Moderate Demand for Non-Oriented Silicon Steel with No Significant Decline Expected in January] Looking ahead to January 2025, in terms of supply, China's overall supply of non-oriented silicon steel is expected to slightly decrease in January, mainly due to steel mill equipment maintenance and a lack of raw materials. On the demand side, the "trade-in" subsidy policy continues to play an active role. In Q4 2024, household appliances and NEV consumption performed well, and there was a phenomenon of rush orders in foreign trade, providing a small growth margin. End-users downstream maintain rigid demand for non-oriented silicon steel. Overall, the current demand for non-oriented silicon steel is moderate, with solid cost support, and no significant decline is expected. SMM forecasts that the nationwide average price of non-oriented silicon steel B50A800 in January 2025 will fluctuate within the range of [5,070, 5,120] yuan/mt, showing a stable with a weak trend.