News of stainless steel production cuts has been fully digested, and with weak market demand, prices have fallen again [SMM Stainless Steel Daily Review]

[SMM Daily Stainless Steel Review: Market Digestion of Production Cuts News Complete, Weak Market Demand Drives Prices Down Again] SMM reported on July 1 that the overall SS futures market showed a weakening trend, with prices pulling back and even dropping below 12,500 yuan/mt during the session. In the spot market, as the futures market stopped rising and turned downward over the past two days, the news of production cuts by stainless steel mills earlier had been largely digested by the market. The weak downstream demand in the spot market became prominent again, leading to sluggish transactions and a slight drop in spot quotes. There was news at noon that steel mills had reduced the prices of 200-series stainless steel, but the price reduction did not significantly boost transactions, and the market remained sluggish. Despite the current low stainless steel prices and the continuous decline in planned production, the supply-demand imbalance had not been fundamentally reversed amid persistent weak demand, and it would still take time for market confidence to recover. In the futures market, the most-traded contract 2508 fell and pulled back. At 10:30 a.m., SS2508 was quoted at 12,520 yuan/mt, down 130 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 250 to 450 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 12,700 yuan/mt in Wuxi and the same in Foshan; the cold-rolled 316L/2B coils were priced at 23,800 yuan/mt in Wuxi and the same in Foshan; the hot-rolled 316L/NO.1 coils were both quoted at 23,100 yuan/mt in the two regions; the cold-rolled 430/2B coils in Wuxi and Foshan were both...