[SMM Weekly Summary] Leading steel mills did not continue to push up prices, and the non-oriented silicon steel market may continue to be in the doldrums next week.

Non-Oriented Silicon Steel Price Update

Shanghai Grade B50A800: 4400-4400 yuan/mt

Guangzhou Grade B50A800: 4330-4330 yuan/mt

Wuhan Grade 50WW800: 4320-4320 yuan/mt

Shanghai Market: The spot price of cold-rolled non-oriented silicon steel in Shanghai remained stable this week, with overall market transactions performing moderately. Market feedback indicated that ferrous metal futures saw wild swings this week, and combined with Baowu’s flat pricing policy for July, the driving force for price changes was weak. Fundamentals-wise, downstream demand remained sluggish and purchasing enthusiasm was poor, while steel mills also reduced production, leaving non-oriented silicon steel with weak supply and demand. Although some traders destocked, overall market inventory remained high, exerting downward pressure on prices. Overall, the spot price of cold-rolled non-oriented silicon steel in Shanghai is expected to stay in the doldrums next week.

Guangzhou Market: The cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums this week, with prices slightly down 20-30 yuan/mt, and the trading atmosphere was moderate. Market feedback showed that top-tier steelmakers kept their July price policies flat, providing cost-side support; downstream motor enterprises saw sluggish demand and only made small purchases as needed, while traders nominally held prices steady but offered hidden discounts, with price negotiations common for deals. Overall, the price of cold-rolled non-oriented silicon steel in Guangzhou is expected to remain in the doldrums next week.

Wuhan Market: The cold-rolled non-oriented silicon steel market in Wuhan was temporarily stable this week, with a lukewarm trading atmosphere. Market feedback indicated that the local state-owned steel mill kept its July price policy flat, somewhat weakening market confidence; in addition, circulating supply remained ample, end-user purchasing pace was slow, and there was a lack of restocking willingness, making it difficult to support prices. Overall, spot prices of cold-rolled non-oriented silicon steel in Wuhan are likely to stay in the doldrums next week.

Data Source Statement:

(All data in this report, other than publicly available information, are derived from public sources (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, data released by various associations and institutions, etc.), market communications, and SMM's internal database models. They are generated through comprehensive analysis and reasonable inference by the research team, for reference only and do not constitute any decision-making advice.

Shanghai Metals Market reserves the final right of interpretation of the terms of this statement and the right to adjust and amend the content of the statement as appropriate.