Futures Decline Drags Down Spot Stainless Steel, Destocking Pace Slows [SMM Stainless Steel Daily Review]

[SMM Stainless Steel Daily Review: Futures Decline Drags Down Spot, Stainless Steel Destocking Pace Slows] SMM August 21st report, SS futures showed a further pullback. The decline in futures has not yet stopped, with an overall trend of fluctuating downward during the day, and prices mostly remained below 12,800 yuan/mt. In the spot market, influenced by the continuous decline in futures, the spot market was also dragged down. The wait-and-see sentiment among downstream customers became more evident, with only just-in-time procurement being maintained. As month-end approaches, traders face pressure to sell, leading to more discounting, but overall transaction volumes remain low. This week, social inventory decreased further, down 0.02% WoW to 933,400 mt. On the futures side, the most-traded 2510 contract was in the doldrums. At 10:30 am, SS2510 was quoted at 12,790 yuan/mt, down 20 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 310-510 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils were quoted at 8,000 yuan/mt; cold-rolled 304/2B coils, with average prices of 13,050 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coils, 25,475 yuan/mt in both Wuxi and Foshan; hot-rolled 316L/NO.1 coils, 24,900 yuan/mt in both locations; and cold-rolled 430/2B coils, 7,350 yuan/mt in both Wuxi and Foshan. Recently, stainless steel social inventory has been declining continuously, coupled with macro policies...