[SMM Analysis] Limited Fundamental Support for Prices — Grain-Oriented Silicon Steel Prices May Be in the Doldrums Next Week
[Limited Fundamental Support for Prices, GO Silicon Steel Prices May Be in the Doldrums Next Week] In terms of supply, China's steel mills maintained a steady production pace. Regular GO silicon steel resources remained in ample supply, while high-grade Hi-B resources saw no supply expansion due to technical barriers and production schedule constraints. The overall market continued to exhibit a divergent pattern of "low-end surplus and relatively balanced high-end." On the demand side, downstream transformer enterprises continued to see weak orders, with end-user operating rates remaining moderate. Procurement was primarily need-based restocking, and pre-Labour Day holiday restocking demand release fell short of expectations. End-user enterprises generally adopted a wait-and-see stance, concerned about a post-holiday price pullback, maintaining a cautious procurement pace.