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[SMM Analysis] End-User Demand Falls Short of Expectations, Prices for Non-Oriented Silicon Steel May Gradually Begin to Decline
Mar 06, 2025, at 9:03 am
End-Use Demand Falls Short of Expectations, Non-Oriented Silicon Steel Prices May Gradually Begin to Decline
In March, Baowu raised the price of non-oriented silicon steel by 100 yuan/mt. State-owned enterprise resources had cost support, but other steel mill resources, affected by unsatisfactory transactions, lacked the sentiment to stand firm on quotes. Additionally, with current fundamental data for steel still showing significant resistance, the supply-demand imbalance in the silicon steel sector became more pronounced. The recommendation was to focus on selling. Overall, it is expected that some resources of silicon steel in Shanghai may have room for minor adjustments next week.
Shanghai Silicon Steel: This week, prices for some grades of non-oriented silicon steel in the Shanghai market were adjusted, with overall trading remaining weak. Market feedback indicated that futures markets fluctuated downward during the week, and spot steel prices continued to drop slightly. Currently, silicon steel inventory in the Shanghai market is at a low level, providing some support for state-owned enterprise spot prices. Traders reported that overall inventory this year is relatively low, and most traders are purchasing as needed. In terms of sentiment, Baowu raised the price of non-oriented silicon steel by 100 yuan/mt in March, giving cost support to state-owned resources. Other steel mill resources, affected by poor trading, showed insufficient willingness to stand firm on quotes. Additionally, current fundamental data for steel still faces significant resistance, highlighting the supply-demand imbalance for silicon steel. The recommendation is to focus more on selling. Overall, it is expected that there may be room for slight adjustments in some resources of Shanghai silicon steel next week.
Wuhan Silicon Steel: This week, the spot price of cold-rolled non-oriented silicon steel in the Wuhan market remained stable, with lukewarm trading. In terms of transactions, most traders' quotations for non-oriented silicon steel were flat WoW, but actual trading was not ideal. Since the end of the Spring Festival, the spot market has been inactive, and the shortage of various grade resources maintained market quotes, though there was room for negotiation. Currently, most traders are mainly stocking up for end-users, with order volumes generally declining. End-user feedback indicates that they are still purchasing as needed, and it is expected that orders will improve with the arrival of the "Golden March." In terms of sentiment, most merchants remain cautious. Overall, it is expected that the spot price of cold-rolled non-oriented silicon steel in the Wuhan market will continue to stabilize next week.
Guangzhou Silicon Steel: This week, the spot price of silicon steel in the Guangzhou market fluctuated downward, with reduced trading volume. Market-wise, the ferrous metals series futures market fluctuated downward during the week. Affected by the "rush to buy amid continuous price rise and hold back amid price downturn" sentiment, terminal procurement enthusiasm was low, focusing mainly on essential needs, resulting in mediocre performance in overall silicon steel sales. In terms of supply, local silicon steel producers in Guangdong maintained normal production, while a large amount of private resources from outside the province arrived, leading to an increase in overall silicon steel supply. Inventory levels are high, putting pressure on traders to sell, prompting them to lower market prices to varying degrees to stimulate sales. Overall, it is expected that the spot price of cold-rolled non-oriented silicon steel in the Guangzhou market will continue to fluctuate rangebound next week.
