SS Futures Struggle to Hold at 13,000 yuan/mt, Spot Prices Follow Decline with Sluggish Trading [SMM Stainless Steel Daily Review]

Published: Sep 17, 2025 18:12

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[SMM Stainless Steel Daily Review: SS Futures Struggle to Hold at 13,000 yuan/mt, Spot Prices Follow Decline with Sluggish Trading] SMM, September 17 — SS futures continued to trade in the doldrums. Driven by broad weakness across metal futures, SS futures followed the downward trend, trading below 13,000 yuan/mt throughout the day and even briefly falling below 12,900 yuan/mt. On the spot market, the weakness in SS futures further intensified cautious wait-and-see sentiment among stainless steel end-users. Although traders offered discounts under sales pressure, inquiries and transactions remained sluggish during the day. For futures, the most-traded contract 2511 moved lower. At 10:30 a.m., SS2510 was quoted at 12,910 yuan/mt, down 135 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 360-660 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,150 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 13,250 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,750 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 25,150 yuan/mt in both regions; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Although the market has entered the traditional September-October peak season consumption period, and expectations for US Fed interest rate cuts are gradually approaching, providing room for domestic moderately accommodative monetary policies, the market's outlook for stainless steel this month...

SMM September 17, SS futures continued to trade in the doldrums. Driven by the broad weakness in metal futures, SS futures followed the downtrend, trading below 13,000 yuan/mt throughout the day and even briefly falling below 12,900 yuan/mt. In the spot market, the weakness in SS futures further intensified cautious wait-and-see sentiment among downstream end-users of stainless steel. Although traders offered discounts under shipment pressure, inquiries and transactions remained sluggish during the day.

Futures side, the most-traded contract 2511 declined. At 10:30 a.m., SS2510 was quoted at 12,910 yuan/mt, down 135 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 360-660 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 13,250 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,750 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 25,150 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan.

Although the market has entered the traditional peak consumption 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, easing market destocking pressure. Stainless steel furnace charge prices for nickel and chromium raw materials remain strong, and cost support for stainless steel remains solid. However, macro tailwinds have yet to materialize, uncertainty risks persist, and the market 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, and downstream end-users in the spot market have low acceptance of high-priced supplies, making it difficult for stainless steel spot prices to rise. The subsequent trend will depend on the pace of demand recovery and the actual realization of macro tailwinds.

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