[SMM Analysis] Demand Side Difficult to Improve, Oriented Silicon Steel Prices May Be in the Doldrums Next Week

Published: Nov 28, 2025 13:32

Save

[Demand Side Difficult to Improve, Oriented Silicon Steel Prices May Remain in the Doldrums Next Week] Demand side, end-use sectors such as transformers and new energy power equipment have slowed down their procurement pace. Coupled with the fact that some enterprises had already engaged in stockpiling earlier, the current wait-and-see sentiment is strong. Actual purchases are mainly small orders for restocking, with few large-volume transactions. On the trader side, the primary focus this week has been destocking existing inventory. Some traders have slightly lowered quotations for certain grades to accelerate capital recovery and promote transactions. Inventory side, after phased destocking operations, overall market inventory pressure has eased somewhat. However, traders remain cautious about future expectations, believing that demand growth remains weak, and their enthusiasm for purchasing from steel mills to restock has diminished.

Price Dynamics of Grain-Oriented Silicon Steel

Shanghai B23R085 Grade: 11,900-12,100 yuan/mt

Wuhan 23RK085 Grade: 11,400-11,600 yuan/mt

This week, the grain-oriented silicon steel market was in the doldrums, with overall trading activity sluggish. Ferrous metals futures hovered at highs, providing limited support to the spot market.

Demand side, procurement pace slowed in end-use sectors such as transformers and new energy power equipment. Coupled with previous stockpiling by some enterprises, a strong wait-and-see sentiment prevailed, with actual purchases mainly consisting of small-lot restocking, while large-volume transactions were rare. Trader side, the primary focus this week was destocking existing inventory. Some traders slightly lowered quotes for certain grades to accelerate capital turnover and promote transactions. Inventory side, after phased destocking, overall market inventory pressure eased somewhat. However, traders remained cautious about the outlook, expecting weak demand growth and showing reduced enthusiasm for purchasing from steel mills to restock.

Overall, the grain-oriented silicon steel market exhibits a loose supply-demand pattern, with little prospect of substantial improvement in demand and traders maintaining a cautious stance. Spot prices for grain-oriented silicon steel are expected to remain in the doldrums next week, with difficulty stemming the decline.

Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice.

Note: This article is an original work of this official account. For requirements regarding reprinting, permission for reuse, cooperation, etc., please contact us. Without permission, it shall not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, or licensed for use by any third party. Otherwise, upon discovery, SMM will pursue legal action against infringement, including but not limited to claiming contractual breach liability, demanding restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

20 hours ago

21 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

21 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

21 hours ago