Stainless steel prices lack upward momentum, with the market awaiting the implementation of production cuts [SMM Stainless Steel Daily Review]

[SMM Daily Review of Stainless Steel: Stainless Steel Prices Struggle to Rise, Market Awaits Production Cuts Implementation] SMM reported on June 30 that the SS futures market initially rose and then fell, but remained stable above 12,600 yuan/mt. In the spot market, some stainless steel traders slightly and tentatively raised the prices of 304 stainless steel today. However, downstream purchase willingness was relatively weak, and transaction conditions were not ideal. Stimulated by the news of production cuts at large stainless steel mills last week, the market had already achieved a round of increases, but the momentum for further increases this week had significantly weakened. Against the backdrop of the traditional off-season, it was difficult to achieve a short-term recovery in downstream end-use consumption. The supply-demand imbalance in the market still required further production cuts by stainless steel mills to alleviate. In the futures market, the most-traded contract 2508 initially rose and then fell. At 10:30 a.m., SS2508 was quoted at 12,650 yuan/mt, up 30 yuan/mt from the previous trading day. The spot premiums/discounts for 304/2B stainless steel in the Wuxi area ranged from 170-370 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,625 yuan/mt; the cold-rolled trimmed 304/2B coils had an average price of 12,750 yuan/mt in Wuxi and 12,750 yuan/mt in Foshan; the cold-rolled 316L/2B coils were priced at 23,800 yuan/mt in Wuxi and 23,800 yuan/mt in Foshan; the hot-rolled 316L/NO.1 coils were quoted at 23,100 yuan/mt in both Wuxi and Foshan; the cold-rolled 430/2B coils in Wuxi and Foshan were both priced at 7,300 yuan/mt. Currently, the stainless steel market is still in the traditional off-season for consumption, with downstream demand not yet...