Production cuts at stainless steel mills expected to ease surplus, stainless steel prices stop falling and start to rise [SMM Stainless Steel Daily Review]

[SMM Stainless Steel Daily Review: Production Cuts by Stainless Steel Mills Expected to Ease Surplus, Stainless Steel Prices Stop Falling and Explore Upside] SMM reported on June 25 that SS futures market strengthened and rose, once approaching the 12,600 yuan/mt threshold, showing an overall strong trend during the day. In the spot market, Tsingshan raised its stainless steel plate prices by 50-100 yuan/mt in the morning. Coupled with the boost from the news of steel mill production cuts yesterday, market confidence recovered somewhat, and prices rose accordingly. Inquiry activity increased, and transactions of low-priced goods also recovered. However, overall market prices remained at a relatively low level, and there were still doubts about the actual volume of production cuts by steel mills. The current prices were still in a tentative upward phase. In the futures market, the most-traded 2508 contract strengthened and rose. At 10:30 a.m., SS2508 was reported at 12,480 yuan/mt, up 140 yuan/mt from the previous trading day. The spot premiums/discounts for 304/2B stainless steel in the Wuxi region were in the range of 190-390 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were reported at 7,625 yuan/mt; cold-rolled trimmed 304/2B coils had an average price of 12,600 yuan/mt in Wuxi and the same in Foshan; cold-rolled 316L/2B coils were priced at 23,800 yuan/mt in Wuxi and the same in Foshan; hot-rolled 316L/NO.1 coils were reported at 23,100 yuan/mt in both regions; cold-rolled 430/2B coils were priced at 7,350 yuan/mt in both Wuxi and Foshan. Currently, the stainless steel market is in the traditional off-season for consumption, with downstream demand remaining sluggish. Despite enterprises generally facing the dilemma of losses...