【SMM Steel】Jindal (India) starts new coating line in West Bengal

[SMM Stainless Steel Daily Review] SS Futures Weakened on Last Trading Day Before Holiday, Stainless Steel Spot Prices Remain Stable Awaiting Post-Holiday Resumption SMM, February 13: SS futures continued to decline and probe lower. On the last trading day before the Chinese New Year holiday, nonferrous metals futures collectively came under pressure and fell, with SS futures also weakening in sync, ultimately closing at 13,860 yuan/mt. In the spot market, despite the volatility in SS futures and rising high-grade NPI prices ahead of the holiday, most spot traders had already entered the holiday period, logistics and transportation were suspended, transactions were sparse, and prices maintained a stable trend, with the market quietly awaiting the post-holiday resumption. The most-traded SS futures contract pulled back. At 10:30 a.m., the SS2604 contract was quoted at 13,765 yuan/mt, down 315 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 405-605 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 14,100 yuan/mt, while in Foshan it was 14,050 yuan/mt; in Wuxi, the price for cold-rolled 316L/2B coil was 26,600 yuan/mt, and in Foshan it was also 26,600 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in Wuxi was reported at 25,750 yuan/mt; in both Wuxi and Foshan, the price for cold-rolled 430/2B coil was 7,800 yuan/mt. On the futures side, driven by weakening macro influences and narrowing fluctuations in nonferrous metals futures, the market showed a relatively stable and fluctuating trend at the beginning of the week, with trading activity experiencing a pullback. As the Chinese New Year holiday approached, market participants considered avoiding holiday risks, coupled with earlier...