[SMM Stainless Steel Market Flash] Report Says New Stainless Steel Can Operate in Seawater at up to 1700 mV

[SMM Stainless Steel Daily Review] Stainless steel futures drive spot price recovery, September peak season demand remains weak with insufficient upward momentum According to SMM on September 7, SS futures ended the previous downward trend of hitting bottom and began a strengthening rebound. By the close, the most-traded SS contract settled at 13,885 yuan/mt. In the spot market, although the traditional "September-October peak season" demand recovery fell short of expectations, driven by SS futures stopping falling and strengthening, low-priced discounted cargo in the market continued to decrease, and spot quotes recovered somewhat. However, the current market is supported only by just-in-time procurement, and the momentum for further price increases remains weak. SS futures most-traded contract. At 10:15 a.m., SS2610 was quoted at 13,895 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 475-775 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi rose 25 yuan/mt, and the average price in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi remained flat; hot-rolled 316L/NO.1 coil quotes in Wuxi remained flat; cold-rolled 430/2B coils in both Wuxi and Foshan remained flat. This week, stainless steel futures continued the overall weak trend and broke down further. The "September peak season" traditional consumption period officially began, but expectations of demand recovery fell through, market sentiment turned pessimistic and bearish, SS futures came under pressure and weakened, with the weekly low briefly dipping below 13,700 yuan/mt. The market valuation center continued to pull back, and bearish sentiment dominated. The spot market followed...

Chile's Caserones copper-molybdenum mine was previously affected by extreme winter weather, experiencing two winter storms that disrupted power supply and site access, causing an actual impact on mine production. The impact of this event has now carried over from a short-term operational disruption into full-year output expectations: Lundin Mining subsequently lowered its full-year copper production guidance for Caserones from the original 130,000–140,000 tonnes to 120,000–130,000 tonnes. By-product molybdenum output is expected to come under pressure in tandem, though a specific molybdenum production guidance figure has not yet been separately disclosed.

[SMM Analysis] Peak Season Disappoints and Cost-Cutting Pressures Persist, Stainless Steel Mills Remain in Loss-Making Territory This week, stainless steel product prices and production costs pulled back in tandem, with stainless steel mills maintaining a cost-price loss-making position. Based on 304 cold-rolled calculations, the profit margin this week was -0.78% based on current raw material costs, and -2.16% based on inventory raw material costs. On the nickel raw material side, high-grade NPI prices continued to decline this week. The industry's anticipated demand recovery during the "September-October peak season" for stainless steel ultimately failed to materialize, with market confidence continuing to erode. Stainless steel prices slid further, and stainless steel mills found themselves in a cost-price loss-making position, significantly increasing their willingness to push for lower prices and control costs. Combined with downward revisions to September production schedules and ample raw material inventories built up earlier, overall purchasing sentiment remained subdued, further dragging down high-grade NPI prices. As of this Friday, the delivered duty-paid price of 10-12% grade Indonesian high-grade NPI in China fell by 8 yuan per nickel unit to 1,114 yuan per nickel unit. This week, stainless steel scrap prices consolidated with a downward bias. Both the futures market and the finished product market weakened, and with steel mills facing losses and actively pushing for lower purchase prices, scrap prices followed suit and declined. Although scrap itself has cost advantages, the "September peak season" demand ultimately failed to materialize, steel mill production schedules contracted, and market invoice shortages persisted, keeping overall trading sentiment in the doldrums. With multiple bearish factors converging, bottom support for prices continued to weaken, and stainless steel scrap prices are expected to remain in the doldrums in the short term. As of this Friday, the tax-exclusive price of mainstream 304 off-cuts in Shanghai fell by 200 yuan/mt to 10,100 yuan/mt. On the chrome raw material side...