Supply and demand in the stainless steel market weakened on both ends, while social inventory remained generally stable [SMM Analysis]

SMM October 30, 2025 - This week (October 24-30, 2025), the total inventory in Wuxi and Foshan, the two major stainless steel markets, showed an inventory buildup trend, increasing from 946.4 kilotonnes (kt) on October 23, 2025 to 946.8 kt on October 30, up 0.04% WoW.

This week, the overall social inventory of stainless steel remained largely stable, with only minor destocking observed. Although SS futures continued to climb, the spot market was not significantly boosted, and trading remained sluggish. Influenced by a cautious wait-and-see sentiment, purchasing transactions from downstream end-users stayed sluggish. Additionally, recent arrivals of shipments decreased, and steel mills delivered less than ordered, leading to a weak supply-demand balance for spot stainless steel cargoes, which kept the social inventory of stainless steel largely stable. During the week, multiple steel mills reported production cuts for 200-series stainless steel, while Sino-US trade friction eased. However, the off-season for stainless steel consumption arrived earlier than usual, making significant demand improvement unlikely. The weak supply-demand situation still faces considerable uncertainty, and the actual implementation of steel mills' production cut plans needs close monitoring.