Spot Stainless Steel Transactions Weakens amid the Growing Futures and Spot Prices

SHANGHAI, Feb 22 (SMM) - On February 22, spot prices of stainless steel in the Wuxi and Foshan markets rose somewhat. According to SMM research, the transactions of 2 and 4-series cold-rolled coils were modest in the past few days, but the trading weakened slightly today. And the prices failed to grow further. The transactions of #304 cold rolled coils were mostly concentrated in the traders. Orders of the plate producers were goods, but the processing plants still restocked cautiously to control their in-plant inventory. It is expected that in the short term, the spot prices of stainless steel may rise steadily and slightly following the futures prices. In Wuxi market, #304 cold-rolled coil was quoted at 17,100-17,300 yuan/mt; #304 hot-rolled coil at 16,700-16,900 yuan/mt; #316L cold-rolled coil at 33,600-34,000 yuan/mt; #201J1 cold-rolled coil at 9,700-9,800 yuan/mt; #430 cold-rolled coil at 8,300-8,500 yuan/mt. As of 10:30 a.m., the SHFE SS 2303 contract stood at 16,960 yuan/mt, and the spot stainless steel premiums in Wuxi were 310-510 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)