Futures of Ferrous Metals Series Pull Back, Dragging SS Down in Sync; Cost Support Remains Firm, Stainless Steel Spot Prices Hold Steady [SMM Stainless Steel Daily Report]

[SMM Stainless Steel Daily Review: Ferrous Futures Pullback Dragged SS Lower, Cost Support Remained Firm and Stainless Steel Spot Prices Were Largely Stable] SMM, Sep. 11: SS futures continued to be in the doldrums. The overall weakness in ferrous metals futures further dragged SS futures lower, with prices trading below 12,900 yuan/mt for most of the day. In the spot market, the lower futures prices led downstream end-users to remain cautious and adopt a wait-and-see attitude, with just-in-time procurement dominating the market, and spot market transactions remained sluggish. However, transaction prices for high-grade NPI moved higher during the day, and the ferrochrome market also remained strong. Additionally, just-in-time procurement increased as the peak season began. Although acceptance of high-priced cargoes remained low, traders were relatively optimistic about the market outlook, and offers were largely stable during the day. Social inventory fell further this week, down 1.75% WoW to 902,600 mt. In futures, the most-traded contract SS2510 was in the doldrums. At 10:30 a.m., SS2510 was quoted at 12,895 yuan/mt, down 35 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 325-625 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,100 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 13,200 yuan/mt in Wuxi and 13,200 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil was 25,825 yuan/mt in Wuxi and 25,825 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil was 25,300 yuan/mt in both regions...