[SMM Weekly Wrap] No Clear Recovery Signal in Demand Yet, Grain-Oriented Silicon Steel to Remain in the Doldrums Next Week

Published: Aug 14, 2026 17:48

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Grain-Oriented Silicon Steel Price Dynamics

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

Wuhan 23RK085 Grade: 11,300-11,300 yuan/mt

The domestic grain-oriented silicon steel market maintained a stable overall performance this week. Spot cargo showed regional divergence, but mainstream market quotes remained steady. There were no public price adjustments in Shanghai and Wuhan, and overall market transactions were moderate. Supply side, mainstream steel mills kept a stable production pace. In August, the ex-works base price for grain-oriented silicon steel was raised by 50 yuan/mt, which, combined with raw material cost support at the bottom, strengthened steel mills' willingness to hold prices firm, theoretically underpinning the spot market. However, the market is currently in the traditional demand off-season, and the upward transmission of cost-side positives is blocked, making it difficult to drive spot prices higher. Demand side, downstream transformer enterprises entered the traditional high-temperature off-season, and the implementation pace of power grid tender projects was relatively slow. End-user procurement strategies remained conservative, mostly limited to just-in-time, sporadic restocking, with insufficient willingness for proactive bulk stockpiling. Overall trading atmosphere was sluggish, and market participants held a cautious stance.

Overall, supply and demand continued to play out against each other. Costs and steel mill price adjustments effectively limited the room for a deep decline in market prices, but short-term demand has yet to show a clear recovery signal. The grain-oriented silicon steel market is expected to continue in the doldrums with a consolidation pattern next week, with market deals still dominated by rigid demand transactions. In the later period, the market will continue to monitor the progress of power grid tender fulfillment, downstream operating rates, and fluctuations in raw material costs.

Data Source Statement:

(Other than public information, data in this report are also sourced from public information (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, and various data published by major associations and institutions), market communications, and the SMM internal database model. The data have been comprehensively analyzed and reasonably inferred by the research team and are for reference only, not constituting decision-making advice.

Shanghai Metals Market reserves the right of final interpretation of the terms of this statement and the right to adjust and modify the statement content based on actual circumstances.

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.

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