Spot Prices of Stainless Steel Stabilised Today, and Social Stock Shrunk in August

SHANGHAI, Aug 31 (SMM) - On August 31, spot prices of stainless steel in Wuxi and Foshan markets were stable, but prices of #304 hot-rolled decreased slightly. According to SMM research, quotes in the market stayed flat from the previous trading day. The market was still short of hot-rolled stainless steel, and the transactions were slack. In late August, the social inventory dropped faster than in early August amid the stabilised prices and the shortage of some specifications. In terms of cost, the prices of high-grade NPI remained stable today. And the short-term NPI prices may still fluctuate with some downward potential as the market supply and demand are in a stalemate. The prices of ferrochrome fell slightly, and the market saw rare retail transactions. Production in most ferrochrome plants was still suspended due to their serious losses, so the short-term ferrochrome prices will fluctuate with occasional drops. In Wuxi market, quotes of #304 cold-rolled coils were 15,800-16,300 yuan/mt, and prices of hot-rolled coils stood at 15,400-16,000 yuan/mt. #316L/2B was quoted at  26,000-27,200 yuan/mt in the early trading, #201/2B prices were 9,250-9,450 yuan/mt, and the prices of #430/2B moved between 7,900-8,300 yuan/mt. As of 10:30 a.m., the prices of the SHFE 2210 SS contract stood at 15,450 yuan/mt, and the spot premiums of stainless steel in Wuxi were 520-1020 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt).