[SMM Stainless Steel Daily Review] Indonesian Nickel Ore HMP Price Adjustment Drove Stainless Steel Futures and Spot Prices Higher
[SMM Stainless Steel Daily Review] Indonesia Nickel Ore HMP Price Adjustment Drives Stainless Steel Futures and Spot Prices Higher
On April 15, SMM reported that SS futures continued their strong upward trend. The market was further influenced by the adjustment of Indonesia's nickel ore HMP benchmark price, with SHFE nickel and stainless steel futures strengthening further. As of the midday close, the most-traded SS contract was quoted at 14,850 yuan/mt. Spot market side, driven by the dual factors of SS futures successively breaking through yearly highs and rising NPI costs following the adjustment of Indonesia's nickel ore HMP benchmark price, cost support for stainless steel strengthened significantly. Market sentiment returned to an actively bullish stance, and intraday quotes were raised. However, against the backdrop of rapidly rising prices, downstream end-users remained cautious. Although inquiries were active intraday and cargo pick-up for earlier orders was solid, actual transactions remained cautious.
The most-traded SS futures contract strengthened. At 10:15 AM, SS2605 was quoted at 14,810 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 10-210 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi rose by 200 yuan/mt and in Foshan by 100 yuan/mt; cold-rolled 316L/2B coils in Wuxi rose by 200 yuan/mt; hot-rolled 316L/NO.1 coils in Wuxi rose by 150 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan remained stable.
The current stainless steel market is in the traditional peak season of "Golden March and Silver April." In the short term, macro...