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

[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...