SS futures pulled back, downstream stainless steel wait-and-see sentiment intensified [SMM Stainless Steel Daily Report]

[SMM Stainless Steel Daily Review: SS Futures Pull Back, Downstream Wait-and-See Sentiment Intensifies] SMM, September 3 - SS futures fluctuated in the doldrums. Despite a stronger night session, the daytime session opened with downward fluctuations influenced by the overall pullback in the ferrous metals series and a sharp decline in SHFE nickel, breaching the 12,900 yuan/mt level again. In the spot market, downstream end-users' acceptance of high-priced cargoes was already limited, and the weaker SS futures further exacerbated their wait-and-see sentiment. Although traders offered concessions, intraday transactions remained less than ideal. Recently, frequent news of maintenance and production cuts at stainless steel mills, coupled with sustained increases in nickel and chromium raw material prices, has fueled widespread market expectations for price hikes. Futures side, the most-traded contract 2510 fluctuated. At 10:30, SS2510 traded at 12,915 yuan/mt, down 50 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged between 355-655 yuan/mt. In the spot market, Wuxi's cold-rolled 201/2B coils averaged 8,100 yuan/mt; cold-rolled mill-edge 304/2B coils averaged 13,250 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coils in Wuxi and Foshan traded at 25,825 yuan/mt; hot-rolled 316L/NO.1 coils in both regions averaged 25,300 yuan/mt; cold-rolled 430/2B coils in Wuxi and Foshan both traded at 7,550 yuan/mt. Building on last week's rebound in SS futures, the early part of this week benefited from dual macro and news-driven tailwinds, successfully breaking through...