["14th Five-Year Plan" Period Sees China's Steel Production Cut by Over 100 Million mt]

[SMM Stainless Steel Daily Review] Futures’ Stop-Falling Fails to Shift Cautious Sentiment, Stainless Steel Spot Quotes Remain Steady SMM, June 11 - SS futures showed a trend of stopping falling and stabilizing. Supported by the stabilizing SHFE nickel futures, SS stabilized in tandem. As of the midday close, the most-traded SS contract was quoted at 14,380 yuan/mt. In the spot market, although supported by the stabilizing SS futures, overall stainless steel spot quotes remained stable, but spot traders lacked confidence and showed strong willingness to sell, leaving some room for bargaining and resulting in the emergence of some low-priced cargoes. The most-traded SS futures contract saw a pullback after earlier losses. At 10:15 am, SS2607 was at 14,405 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 565-1,215 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; the average price of cold-rolled rough-edge 304/2B coil was flat in Wuxi and flat in Foshan; the price of Wuxi cold-rolled 316L/2B coil fell by 175 yuan/mt; the price of hot-rolled 316L/NO.1 coil in Wuxi fell by 150 yuan/mt; cold-rolled 430/2B coil prices in both Wuxi and Foshan were stable. Stainless steel futures and spot markets experienced heightened volatility, with futures disturbed by macro news from outside China, rising first then falling, and the off-season characteristics of the market fully emerged. The industry has vague expectations for the future market, with a thick wait-and-see sentiment. Transactions saw sporadic recoveries but lacked sustainability, and traders faced rising pressure to sell, mostly boosting transactions by offering discounts. Overall, the market presents a game pattern where macro news disturbs futures, off-season demand weakens, supply marginally adjusts, and inventory stops falling and starts to build up...

Semi-Annual Review and Outlook: Capacity Expansion Continues to Suppress Prices, Non-oriented Struggles to Shake Off Downturn Shadow

This week, social HRC inventory stood at 2.7111 million mt, down 46,300 mt from the previous week, down 1.68% WoW, up 40.52% YoY, and up 36.71% YoY based on the lunar calendar. This week, HRC mill inventory stood at 974,800 mt, up 17,000 mt from the previous week, up 1.85% WoW, down 6.15% YoY, and down 5.42% YoY based on the lunar calendar. This week, total HRC inventory stood at 3.6859 million mt, down 28,600 mt from the previous week, down 0.77% WoW, up 24.19% YoY, and up 22.30% YoY based on the lunar calendar.