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Spot prices rose sharply amid active transactions, likely to remain high under cost support

iconMar 3, 2021 13:31
Source:SMM
The stainless steel spot market basically resumed work last week with strong bullish sentiment after the holiday. The price of stainless steel contracts rose firmly at first when downstream companies were restocking, and then fell back as the companies were reluctant to make purchases at high prices, and the transactions turned quiet. The overall transaction performance stood stable last week.

SHANGHAI, Mar 3 (SMM)—The stainless steel spot market basically resumed work last week with strong bullish sentiment after the holiday. The price of stainless steel contracts rose firmly at first when downstream companies were restocking, and then fell back as the companies were reluctant to make purchases at high prices, and the transactions turned quiet. The overall transaction performance stood stable last week.

The arrivals of stainless steel after holiday was not sufficient, according to a survey. The increase in inventory was lower on the year, and the current spot inventory of traders was low, which supported the rise in spot prices.

The supply of 304 cold rolled coils were relatively more sufficient than of hot rolled coils, and some traders were even out of hot coil stock. In this case, the price of 304 hot rolled coils was 300 yuan/mt higher than the cold rolled coils. Prices of 304 cold-rolled coils moved between 15,900-16,700 yuan/mt, up 1,050 yuan/mt compared with the price before CNY, and the prices of 304 hot-rolled coils were at 16,200 -16,400 yuan/mt, with the average price up 1,100 yuan/mt.

Stainless steel prices are expected to trend upward amid low market inventories, relatively strong demand, and the support of high raw material prices.

Stainless steel

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