Stainless steel spot cargo quotes rise slightly, while downstream demand is insufficient and transactions are weak [SMM Stainless Steel Daily Review]

[SMM Daily Stainless Steel Review: Stainless Steel Spot Quotations Rise Slightly, but Weak Downstream Demand Leads to Sluggish Transactions] SMM reported on July 15 that the SS futures market was influenced by the decline in SHFE nickel prices, showing a fluctuating trend in the doldrums during the day. In the spot market, driven by the increase in steel mills' futures prices, market trade quotations strengthened somewhat. Despite the continued weakness in downstream demand and the adverse impact of the futures market's pullback on transactions, resulting in less-than-ideal transactions, low-priced supplies had largely disappeared. Currently, under the combined effects of stainless steel mills' production cuts and the futures market's oversold rebound, the previous market downturn had eased somewhat. However, downstream demand had not fundamentally changed and remained in the off-season. Amid the tug-of-war between bullish and bearish forces in the market, it was difficult for prices to rebound significantly. In the futures market, the most-traded contract 2509 was in a fluctuating trend in the doldrums. At 10:30 a.m., SS2509 was quoted at 12,700 yuan/mt, unchanged from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 170 to 370 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 7,600 yuan/mt; cold-rolled trimmed 304/2B coils had an average price of 12,800 yuan/mt in Wuxi and 12,775 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 23,700 yuan/mt in Wuxi and the same in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,200 yuan/mt in both regions; and cold-rolled 430/2B coils were priced at 7,100 yuan/mt in both Wuxi and Foshan. Despite the stop falling and rebound in the SS futures market and the strengthening of prices, stainless...