Tug-of-war between longs and shorts in the market, with stainless steel spot prices remaining stagnant [SMM Stainless Steel Daily Review]

[SMM Stainless Steel Daily Review: Tug-of-War Between Longs and Shorts in the Market, Stainless Steel Spot Prices Remain Stagnant] SMM reported on July 7 that the SS futures market showed a downward and pullback trend today, with the low point once again dipping below the 12,600 yuan/mt threshold. In the spot market, the situation largely mirrored that of the previous week, with no significant fluctuations in spot prices. However, amid the futures market's jump initially and then pull back, market acceptance of high prices further diminished. To facilitate transactions, traders occasionally offered discounted cargoes at lower prices. Currently, in the off-season for consumption, with prices at a low level, the market remains in a stalemate. Despite steel mills initiating production cuts due to losses, it will still take time to digest the previous market inventory. In the futures market, the most-traded contract 2508 experienced a downward and pullback trend. At 10:30 a.m., SS2508 was quoted at 12,695 yuan/mt, down 55 yuan/mt from the previous trading day. In the Wuxi region, the premiums and discounts for 304/2B spot stainless steel ranged from 125-275 yuan/mt. In the spot market, cold-rolled 201/2B coils were quoted at 7,600 yuan/mt in both Wuxi and Foshan; cold-rolled 304/2B coils with mill edges had an average price of 12,725 yuan/mt in Wuxi and the same in Foshan; cold-rolled 316L/2B coils were priced at 23,600 yuan/mt in Wuxi and the same in Foshan; hot-rolled 316L/NO.1 coils were quoted at 22,900 yuan/mt in both regions; and cold-rolled 430/2B coils were priced at 7,100 yuan/mt in both Wuxi and Foshan. Currently, despite a decline in stainless steel social inventory and a partial recovery in market confidence compared to the previous period, transactions remain sluggish...