SS Futures Fluctuate, Downstream Adopts Cautious Wait-and-See Approach; Stainless Steel Cold and Hot Rolled Markets Diverge [SMM Stainless Steel Daily Report]

Published: Sep 10, 2025 18:07

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[SMM Stainless Steel Daily Review: SS Futures Fluctuations Keep Downstream End-Users Cautious, Cold-Rolled and Hot-Rolled Stainless Steel Markets Diverge] SMM, Sep. 10: SS futures were in the doldrums. Although the night session saw prices break below 12,900 yuan/mt due to weakness in the ferrous metals series, they gradually strengthened after the daytime session opened and held above 12,900 yuan/mt. In the spot market, downstream end-users remained cautious amid the fluctuations in SS futures, with continued low acceptance of high-priced material, leading to sluggish trading throughout the day. However, supported by costs, traders kept their offers steady. In contrast to the sluggish trading of cold-rolled products, hot-rolled products saw relatively good inquiries and transactions due to tight supply. For futures, the most-traded contract SS2510 was in the doldrums. At 10:30 a.m., SS2510 was quoted at 12,930 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 290-590 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,100 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price was 13,200 yuan/mt in both Wuxi and Foshan; for cold-rolled 316L/2B coil, it was 25,825 yuan/mt in both Wuxi and Foshan; for hot-rolled 316L/NO.1 coil, the price was 25,300 yuan/mt in both regions; and for cold-rolled 430/2B coil, it was 7,550 yuan/mt in both Wuxi and Foshan...

SMM September 10 – SS futures remain in the doldrums. Although the night session briefly dipped below 12,900 yuan/mt on weakness in ferrous metals, the daytime session gradually firmed and stabilized above 12,900 yuan/mt. Spot side, downstream end-users stay on the sidelines amid choppy SS futures, and acceptance of high-priced material remains low, leaving intraday trading sluggish. Still, with cost support, traders hold offers steady. Compared with the tepid cold-rolled business, hot-rolled enjoys better inquiries and deals thanks to tight supply.

Futures: the most-traded 2510 contract drifts lower. At 10:30 a.m., SS2510 is quoted at 12,930 yuan/mt, down 35 yuan/mt from the previous session. Spot premiums/discounts for 304/2B in Wuxi stand at 290–590 yuan/mt. Spot market: Wuxi cold-rolled 201/2B coil at 8,100 yuan/mt; cold-rolled trimmed 304/2B coil, Wuxi and Foshan both at 13,200 yuan/mt; Wuxi cold-rolled 316L/2B coil at 25,825 yuan/mt, Foshan likewise; hot-rolled 316L/NO.1 coil at 25,300 yuan/mt in both cities; Wuxi and Foshan cold-rolled 430/2B coil at 7,550 yuan/mt.

The market has officially entered the traditional September-October peak season. The stainless sector widely expects prices to trend higher this month. Although current deals are still heavily swayed by futures swings, overall demand has clearly strengthened versus earlier levels. Social inventory has fallen for the ninth straight week, pulling stock levels back to February lows. Moreover, cost-side prices for high-carbon ferrochrome and high-grade NPI keep rising, further lifting stainless production costs. Buoyed by optimism, September planned stainless output is set to increase, putting greater pressure on end-users’ ability to absorb supply. Meanwhile, the market remains highly sensitive to macro policy and futures moves, leaving uncertainty elevated. The next leg will depend on the pace of demand recovery and the extent to which macro tailwinds materialize.

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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