SMM September 16, SS futures continued to show a pattern of jumping initially and then pulling back.Although the SS night session performed strongly overall, successfully breaking through 13,100 yuan/mt, it gradually weakened after the daytime session opened, falling back below 13,000 yuan/mt. In the spot market, driven by the strong performance of SS futures in the early morning, traders raised their offers accordingly, but actual transactions were relatively scarce. Subsequently, as futures gradually weakened and agents lowered prices to sell, market offers followed suit, and selling pressure led to somewhat chaotic pricing.Downstream buyers exhibited strong wait-and-see sentiment, and actual transactions remained weak.
In futures, the most-traded contract 2511 jumped initially and then pulled back. At 10:30 a.m., SS2510 was quoted at 13,045 yuan/mt, up 25 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 275-575 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,300 yuan/mt and in Foshan 13,330 yuan/mt; for cold-rolled 316L/2B coil, the price in Wuxi was 25,800 yuan/mt and in Foshan 25,800 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations quoted 25,200 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan quoted 7,600 yuan/mt.
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,stainless steel social inventory has declined for the ninth consecutive week, with inventory levels near 900,000 mt, pulling back to early-year levels, and market destocking pressure has eased somewhat.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 maintainsa heavy cautious wait-and-see sentiment. Recently, SS futures have also shown insufficient upward momentum, with pressure above the 13,000 yuan/mt level that previously constrained stainless steel futures, and downstream end-users have low acceptance of high-priced spot cargo, making it difficult forstainless steel spot prices to explore gains. Subsequent trends will depend on the pace of demand recovery and the actual realization of macro tailwinds.
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