SMM October 30 news, SS futures showed a downward trend. Today, nonferrous and ferrous metals futures generally declined, and SS futures followed the downtrend, once falling below 12,700 yuan/mt during the session. In the spot market, SS futures maintained a relatively stable and fluctuating trend in the morning, and spot market selling prices remained temporarily stable. Due to traders' high holding costs, further price concessions for sales were difficult. Additionally, SS futures were at a relatively high level before noon, leading to some upward adjustments in offers. However, in the afternoon, driven by a pullback in futures, market confidence was dampened, and prices pulled back again. Social inventory saw a slight buildup this week, rising WoW to 946,800 mt.
The most-traded SS futures contract, SS2512, trended downward. At 10:30 a.m., SS2512 was quoted at 12,770 yuan/mt, up 15 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 8,050 yuan/mt; the average price for cold-rolled mill edge 304/2B coil was 13,000 yuan/mt in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil was 25,300 yuan/mt in Wuxi and Foshan; the price for hot-rolled 316L/NO.1 coil was 24,800 yuan/mt in both locations; the price for cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan.
The traditional September-October peak season for stainless steel is nearing its end, and the market is about to enter the year-end off-season. Sino-US trade friction has eased, but uncertainty remains regarding the US Fed's interest rate cut plan within the year. Macro factors' boost to the spot market has weakened, and the stainless steel market has returned to fundamentals. Downstream demand continues to exhibit strong cautious wait-and-see sentiment recently, with overall purchasing transactions remaining relatively weak. Although the concentrated inventory buildup during the National Day holiday has been partially digested, stainless steel mills' expected production schedule for October remains at a relatively high level, keeping market digestion pressure significant. Cost side, high-grade NPI prices continued to decline. Traders, lacking confidence, sold at low prices to realize cash, further depressing high-grade NPI transaction prices. The previous tight supply situation for high-carbon ferrochrome has eased somewhat, and chrome ore prices have shown signs of softening. Ferrochrome producers already had good profits, and coupled with weak overall demand-side expectations, both high-carbon ferrochrome and high-grade NPI prices were in the doldrums, leading to a downward shift in the cost center for stainless steel. Affected by multiple factors including macro uncertainty, weak demand, high supply, and loosening cost support, the current stainless steel market struggles to break free from its weak pattern. Subsequent attention should remain focused on favorable macro policies and stainless steel mills' production schedules.
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