SHANGHAI, Feb 8 (SMM) - On February 8, the prices of spot stainless steel in Wuxi and Foshan dipped slightly.
According to SMM survey the transaction of cold-rolled coil (CRC) of stainless steel weakened lately, while that of hot-rolled coil (HRC) was moderate.
In terms of cost, the NPI prices remained flat, and the demand from stainless steel picked up slightly, which gave some incentives to NPI sellers. Some large stainless steel plants were slated to make inquiries and purchase. NIP prices are forecast to remain stable in the short term.
The prices of ferrochrome remained flat today with no significant demand from stainless steel plants. The support for ferrochrome prices from chrome ore shortage was still strong, thus it is expected that the price of high-carbon ferrochrome will stay steady.
On the whole, the spot transactions of stainless steel weakened recently, and the orders for future delivery fell short of expectations. It is expected that the spot prices of stainless steel will be stable with downward potential.
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