SS futures continued to weaken for several consecutive days, with sluggish transactions and pullback in stainless steel spot prices. [SMM Stainless Steel Daily Report]

Published: Sep 4, 2025 18:22

Save

[SMM Stainless Steel Daily Review: SS Futures Continued Weakness, Sluggish Spot Transactions] SMM, September 4 - SS futures showed a weakening pullback trend, remaining in the doldrums throughout the day and closing near 12,850 yuan/mt. On the spot market, downstream wait-and-see sentiment intensified further as SS futures weakened, resulting in sluggish inquiries and transactions. Under pressure to move inventory, traders further conceded margins, leading to lower offers. However, the overall bullish sentiment toward stainless steel this month remained largely unchanged, and with steel mills raising their listed prices, the room for concessions was relatively small. Futures side, the most-traded contract 2510 pulled back. At 10:30 am, SS2510 was quoted at 12,880 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B ranged between 340-640 yuan/mt. Spot market details: - Wuxi cold-rolled 201/2B coil averaged 8,100 yuan/mt. - Cold-rolled trimmed 304/2B coil averaged 13,200 yuan/mt in both Wuxi and Foshan. - Cold-rolled 316L/2B coil in Wuxi and Foshan was quoted at 25,825 yuan/mt. - Hot-rolled 316L/NO.1 coil was quoted at 25,300 yuan/mt in both regions. - Cold-rolled 430/2B coil was priced at 7,550 yuan/mt in Wuxi and Foshan. Following last week’s rebound in SS futures, the market broke through previous resistance early this week, supported by positive macro and news factors, extending gains further upward. Market confidence was thus boosted...

SMM September 4 - SS futures showed a weakening pullback trend, remaining in the doldrums throughout the day and closing near 12,850 yuan/mt. Spot market-wise, downstream wait-and-see sentiment intensified further as SS futures weakened, resulting in sluggish inquiries and transactions. Under pressure to move inventory, traders further conceded profits, leading to lower offers. However, the overall bullish outlook for stainless steel this month remained largely unchanged, and with steel mills raising list prices, the room for concessions stayed relatively small.

Futures-wise, the most-traded contract 2510 pulled back. At 10:30 am, SS2510 traded at 12,880 yuan/mt, down 35 yuan/mt from the previous session. In Wuxi, spot premiums/discounts for 304/2B ranged between 340-640 yuan/mt. In the spot market, Wuxi’s cold-rolled 201/2B coils averaged 8,100 yuan/mt; cold-rolled 304/2B mill-edge coils averaged 13,200 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coils were priced at 25,825 yuan/mt in both regions; hot-rolled 316L/NO.1 coils were quoted at 25,300 yuan/mt in both locations; cold-rolled 430/2B coils traded at 7,550 yuan/mt in Wuxi and Foshan.

After SS futures halted declines and strengthened last week, early this week saw further upside breakthroughs, supported by macro and news-driven tailwinds, bolstering market confidence. Although spot market acceptance of high-priced material remained low, active sales promotions by traders led to slight recovery in inquiries and transactions. Notably, social inventory of stainless steel has declined for eight consecutive weeks, with current levels pulling back to early-year readings, effectively easing sales pressure on mills. Additionally, recent price increases for key raw materials like nickel, chromium, and molybdenum pushed up stainless steel’s cost center further. Meanwhile, rising expectations for US Fed interest rate cuts and proactive "anti-rat race" policies fueled broad optimism about the market outlook. However, actual end-user demand has yet to fully recover, and with stainless steel production expected to rise further in September alongside ongoing futures volatility, risks of market fluctuations persist. Close monitoring of macro policy implementation and demand recovery progress remains essential.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41