SS Futures Break Through the 13,000 yuan/mt Mark, Steel Mills Raise List Prices, Spot Cargo Follows with a Rise [SMM Stainless Steel Daily Report]

SMM September 15, SS futures continued to show a strong upward trend. Although the night session last Friday remained stable without significant fluctuations, during Monday's day session opening, driven by price hikes from major domestic stainless steel mills, SS futures surged strongly, briefly breaking through the 13,100 yuan/mt mark . In the spot market, as SS futures rallied and stainless steel mill prices increased , stainless steel spot market offers followed suit. Market sentiment gradually recovered, and inquiries increased . Although transactions for high-priced materials were relatively weak, after negotiations and concessions, the day's trading volume was moderate.

On the futures side, the most-traded contract 2511 rose strongly. At 10:30 a.m., SS2510 was quoted at 13,020 yuan/mt, up 60 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 250-550 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,100 yuan/mt; the average price for cold-rolled trimmed 304/2B coil was 13,250 yuan/mt in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil was 25,800 yuan/mt in both Wuxi and Foshan; the price for hot-rolled 316L/NO.1 coil was 25,200 yuan/mt in both regions; and the price for cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan.

Although the market has entered the traditional consumption peak season of "September-October peak season," and expectations for US Fed interest rate cuts are gradually approaching , providing room for domestic moderately accommodative monetary policies, market expectations for stainless steel prices this month are generally strong. Currently, social inventory of stainless steel has declined for the ninth consecutive week, with inventory levels nearing 900,000 mt, pulling back to early-year levels , easing market destocking pressure. Prices of stainless steel furnace charge raw materials, nickel and chromium, remain strong, and cost support for stainless steel remains solid . However, macro tailwinds have not yet materialized, uncertainty risks persist, and the market still maintains a heavy cautious wait-and-see sentiment . Recently, SS futures have also shown insufficient upward momentum, with pressure remaining above the 13,000 yuan/mt level that previously constrained stainless steel futures. Downstream end-users have low acceptance of high-priced materials, making it difficult for stainless steel spot prices to probe higher . The subsequent trend will depend on the pace of demand recovery and the actual realization of macro tailwinds.