SMM reported on August 20, SS futures showed a further pullback. Today, due to the US adding 407 types of steel and aluminum derivative products to the tariff list, futures generally fell, dragging SS futures prices down, breaking through the 12,800 yuan/mt level at one point, before slightly rebounding and stabilizing above 12,800 yuan by the close. In the spot market, confidence was further weakened by the decline in SS futures, with traders slightly lowering their quotes to boost transactions. However, against the backdrop of falling futures, end-users became more cautious, adopting a wait-and-see sentiment, and purchases were made more prudently.
In the futures, the most-traded contract 2510 was in the doldrums. At 10:30 am, SS2510 was quoted at 12,810 yuan/mt, down 100 yuan/mt from the previous trading day. The spot premiums and discounts for 304/2B in Wuxi ranged between 310-510 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils were all quoted at 8,050 yuan/mt; cold-rolled 304/2B coils, Wuxi average 13,050 yuan/mt, Foshan average 13,050 yuan/mt; Wuxi cold-rolled 316L/2B coils 25,475 yuan/mt, Foshan 25,475 yuan/mt; hot-rolled 316L/NO.1 coils, both regions 24,900 yuan/mt; Wuxi and Foshan cold-rolled 430/2B coils both 7,350 yuan/mt.
Recently, stainless steel social inventory has been declining, and continuous macro policy news has somewhat boosted the stainless steel market, strengthening SS futures. At the beginning of last week, it broke through the previous 13,000 yuan/mt bottleneck, approaching 13,300 yuan/mt, easing the earlier pessimistic sentiment, and gradually improving transaction conditions, with traders continuously raising their quotes. However, the current period is still within the traditional consumption off-season, and the fundamental situation has not fundamentally changed. Downstream acceptance of high prices is limited, leading to insufficient transactions, and actual deals still rely on concessions from traders, causing futures and spot prices to pull back. Overall, the recent market recovery mainly benefited from strong macro news support, boosting overall futures, but the spot fundamentals have recovered poorly, and the market is still reluctant to accept high-priced goods, resulting in fluctuating prices. The market still faces significant uncertainty, and future attention should be paid to further policy announcements and the recovery of downstream demand.
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