SS Futures Test Cost Support as Stainless Steel Prices Strengthen and Rise [SMM Stainless Steel Daily Report]

Published: Sep 9, 2025 18:15

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[SMM Stainless Steel Daily Review: SS Futures Test Cost Support as Stainless Steel Prices Rally] SMM, September 9 - SS futures held up well during the session. Despite a sluggish night session, prices climbed in tandem with the strong performance of ferrous metals futures after the daytime session opened, briefly approaching the key 13,000 yuan/mt level. Spot market-wise, buoyed by positive SS futures and strengthening cost side, most spot traders maintained optimistic outlooks and raised offers. While cold-rolled product transactions remained sluggish, tight hot-rolled supply supported active inquiries and deals. Futures-wise, the most-traded 2510 contract pulled back. At 10:30 am, SS2510 traded at 12,860 yuan/mt, up 105 yuan/mt from the previous close. Wuxi’s 304/2B spot premiums/discounts ranged between 255-555 yuan/mt. In the spot market, Wuxi’s 201/2B cold-rolled coil averaged 8,100 yuan/mt; 304/2B cold-rolled edges, Wuxi and Foshan both averaged 13,200 yuan/mt; 316L/2B cold-rolled coil, both regions quoted 25,825 yuan/mt; 316L/NO.1 hot-rolled coil, both at 25,300 yuan/mt; 430/2B cold-rolled coil, Wuxi and Foshan both at 7,550 yuan/mt. The market officially entered the September-October peak season. The stainless steel industry widely expects prices to trend upward this month. Although...

SMM September 9 - SS futures held up well. Despite a weaker night session, SS prices climbed in sync with the strong ferrous metals series during the daytime session, approaching the key 13,000 yuan/mt level. Spot market-wise, buoyed by positive SS futures and strengthening cost side, spot traders generally maintained an optimistic outlook, raising offers. While cold-rolled product transactions remained sluggish, tight hot-rolled supply supported active inquiries and deals during the session.

Futures side, the most-traded contract 2510 pulled back. At 10:30 am, SS2510 traded at 12,860 yuan/mt, up 105 yuan/mt from the previous session. Wuxi's 304/2B spot premiums/discounts ranged between 255-555 yuan/mt. Spot market details: Wuxi's cold-rolled 201/2B coils averaged 8,100 yuan/mt; 304/2B cold-rolled edges averaged 13,200 yuan/mt in both Wuxi and Foshan; 316L/2B cold-rolled coils were quoted at 25,825 yuan/mt in both regions; 316L/NO.1 hot-rolled coils traded at 25,300 yuan/mt in both locations; 430/2B cold-rolled coils were uniformly priced at 7,550 yuan/mt across Wuxi and Foshan.

The market entered the September-October peak season. The stainless steel industry widely expects upward price trends this month. Althoughcurrent transactions remain significantly constrained by futures volatility, overall demand has notably strengthened compared to earlier periods. Social inventory declined for the ninth consecutive week,with levels pulling back to February's readings. Additionally,persistent price increases for high-carbon ferrochrome and high-grade NPI further elevated stainless steel production costs. However, driven by optimistic projections,September's production schedule is expected to expand further, pressuring end-users' absorption capacity. Meanwhile,macro policies and futures continue exerting substantial influence, maintaining elevated market uncertainty. Subsequent trends will depend on demand recovery pace and actual materialization of macro tailwinds.

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.

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