SMM August 19 - SS futures showed a weakening and pullback trend. Today, SS futures prices fell sharply from around 13,000 yuan/mt to below 12,900 yuan/mt. Spot market-wise, affected by the significant decline in SS futures, spot traders' reluctance to budge on prices weakened . Coupled with persistently sluggish transactions recently and increasing month-end delivery pressure, offers loosened and dropped back slightly . However, influenced by the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, downstream wait-and-see sentiment intensified further, with transactions becoming increasingly sluggish .
Futures-wise, the most-traded contract 2510 was in the doldrums. At 10:30 am, SS2510 traded at 12,910 yuan/mt, down 115 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged between 260-410 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 8,050 yuan/mt; cold-rolled mill-edge 304/2B coils averaged 13,075 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coils were priced at 25,275 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coils were quoted at 24,750 yuan/mt in both regions; cold-rolled 430/2B coils were uniformly priced at 7,350 yuan/mt in Wuxi and Foshan.
Recently, stainless steel social inventory continued to decline, and sustained macro policy stimuli boosted the stainless steel market to some extent. SS futures strengthened, breaking through the previous 13,000 yuan/mt resistance level early last week and approaching 13,300 yuan/mt. The earlier pessimistic sentiment eased slightly, with transactions gradually improving and traders continuously testing higher offers . However, the traditional consumption off-season persists, with no fundamental change in fundamentals. Downstream acceptance of high prices remains limited, resulting in insufficient transactions. Actual deals still rely on traders' price concessions, leading to pullbacks in futures prices and spot price declines . Overall, the recent market recovery was mainly driven by strong macro news, boosting futures prices. But spot fundamentals remained weak, with market participants struggling to accept high-priced materials, causing price fluctuations. The market still faces considerable uncertainty, requiring close monitoring of further policy developments and downstream demand recovery .
![Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].](https://imgqn.smm.cn/usercenter/zUFfM20251217171748.jpg)
![[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday](https://imgqn.smm.cn/usercenter/ENDOs20251217171718.jpg)
