[SMM Analysis] Supply-Demand Weak Balance Pattern Remains Unchanged, Oriented Silicon Steel Spot Prices May Show a Narrow Adjustment Trend

Published: Nov 20, 2025 17:13

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[Supply-Demand Weak Balance Pattern Remains Unchanged, Grain-Oriented Silicon Steel Spot Prices May Show Range-Bound Adjustment Trend] This week, grain-oriented silicon steel prices in the Shanghai market fluctuated rangebound, with overall transactions showing mediocre performance. Market feedback indicated that HRC futures retreated after a rapid rise this week, coupled with Baosteel maintaining the base price of grain-oriented silicon steel unchanged in its December pricing policy, leading to insufficient market confidence. Prices of high-grade state-owned resources barely held steady, while there was room for negotiation in transactions for low-grade and some concession product resources. After the previous phased adjustment, the market temporarily stopped falling, but confidence remained fragile, with traders and downstream enterprises maintaining a strong wait-and-see sentiment. Currently, demand from core downstream industries such as transformers continues to be weak, order releases are insufficient, and overall transactions are sluggish. Inventory saw a slight decline, but pressure from inventory buildup persists, with traders focusing on accelerating shipments as their core strategy.

Price Dynamics of Grain-Oriented Silicon Steel

Shanghai B23R085 Grade: 12,000-12,200 yuan/mt

Wuhan 23RK085 Grade: 11,800-12,000 yuan/mt

This week, grain-oriented silicon steel prices in the Shanghai market fluctuated rangebound, with overall transactions showing mediocre performance. Market feedback indicated that HRC futures retreated after a rapid rise, and Baosteel's December price policy kept the base price for grain-oriented silicon steel unchanged, leading to insufficient market confidence. Prices for high-grade state-owned resources barely held steady, while low-grade and some concession product resources had room for negotiation in transactions. After the previous phased adjustment, the market temporarily stopped falling, but sentiment remained fragile, with traders and downstream enterprises maintaining a strong wait-and-see sentiment. Currently, demand from core downstream industries such as transformers continues to be weak, order releases are insufficient, and overall transactions are sluggish. Inventories saw a slight decline, but pressure from inventory buildup persists, with traders focusing on accelerating shipments as their core strategy.

Overall, the weak supply-demand balance remains unchanged, and traders generally maintain a cautious wait-and-see attitude. It is expected that spot grain-oriented silicon steel prices in the Shanghai market may show narrow adjustments next week.

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