SS futures pulled back below 12,900 stainless steel spot prices fell due to weak transactions [SMM Stainless Steel Daily Review]

[SS Futures Drop Below 12,900 Yuan/mt, Spot Stainless Steel Prices Fall Amid Weak Trading] SMM August 19th report, the SS futures showed a weakening and pullback trend. Today, SS futures prices fell sharply, dropping from around 13,000 yuan/mt to below 12,900 yuan/mt. In the spot market, the reluctance to budge on prices among traders weakened due to the significant decline in SS futures. With sluggish trading persisting and month-end delivery pressures mounting, offers softened, pulling back slightly. However, under the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, downstream wait-and-see sentiment intensified, leading to even more sluggish trading. On the futures side, the most-traded contract 2510 was in the doldrums. At 10:30 am, SS2510 was quoted at 12,910 yuan/mt, down 115 yuan/mt from the previous trading day. The spot premiums/discounts for 304/2B in Wuxi were in the range of 260-410 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 8,050 yuan/mt; cold-rolled 304/2B coils with trimmed edges, averaged 13,075 yuan/mt in Wuxi and 13,075 yuan/mt in Foshan; cold-rolled 316L/2B coils were 25,275 yuan/mt in Wuxi and 25,275 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were 24,750 yuan/mt in both regions; cold-rolled 430/2B coils in Wuxi and Foshan were both 7,350 yuan/mt. Recently, social inventory of stainless steel has been declining continuously, and ongoing macro policy news has provided some support...