Although downstream demand remains at a low level, it has already exceeded market off-season expectations [SMM Stainless Steel Spot Daily Review].

【SMM Molybdenum Analysis 】 SMM News on September 3: In August, China’s molybdenum market maintained a tight balance characterized by relatively tight supply and support from rigid demand. Overall prices rose first and then stabilized, consolidating at highs. 45% molybdenum concentrates shot up to 5,455 yuan/mtu during August 19–25, remaining firmly in the three-year high range; this simultaneously drove spot 60% ferromolybdenum to rise, reaching a phased high of 344,000 yuan/mt on August 24–25.

On August 31, Chile's National Statistics Institute (INE) reported that the country's industrial production index fell 5.1% year-on-year in July. Within that, the mining production index (IPMin) declined 7.2%, with metallic mining down 10.7%, subtracting 9.301 percentage points from the index, mainly on lower copper extraction and processing. USGS data show Chile accounted for roughly 16% of global molybdenum output in 2025. The recent output losses at Chile's copper-molybdenum mines have been concentrated at the beneficiation stage, which hits by-product molybdenum harder than copper; global molybdenum supply is therefore expected to feel the impact in 2026.

[SMM Stainless Steel Daily Review] SS Futures Fail to Rebound on SHFE Nickel Boost; Stainless Steel Spot Trading Remains Sluggish According to SMM on September 1, SS futures extended the previous decline, pulling back further, with the low point briefly dipping to 13,775 yuan/mt. Although the market opened with a rebound attempt driven by stronger SHFE nickel, futures subsequently turned lower again. By the close, the most-traded SS contract settled at 13,825 yuan/mt. In the spot market, SS futures continued to pull back, and a mainstream stainless steel mill's agent further lowered quotes, dragging stainless steel spot prices lower. Under the "rush to buy amid continuous price rise and hold back amid price downturn" sentiment, overall trading remained sluggish. SS futures most-traded contract. At 10:15 a.m., SS2610 was at 13,895 yuan/mt, up 30 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 475-875 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi fell 100 yuan/mt, and the average price in Foshan fell 75 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil quotes in Wuxi were flat; cold-rolled 430/2B coils in both Wuxi and Foshan were flat. This week, stainless steel futures showed an overall weak breakdown trend, with volatility intensifying and the price center continuing to shift lower. Futures were in the doldrums during the week. Midweek, an unexpected safety incident at a nickel-iron smelting line in east China briefly raised supply concerns, providing a short-lived...