Stainless Steel Futures Continued to Decline

On October 23rd, according to SMM research, stainless steel futures continued to decline today. The opening price of 304 cold and hot rolled steel at Delon this week has dropped by 200-300 yuan/ton compared to last week. The spot market transactions have remained light, and the spot price of cold rolled steel has temporarily stabilized. Some traders have slight bargaining space, and both 304 hot rolled steel and Sifo have lowered by about 50 yuan/ton. With the upward trend of ferromolybdenum prices, 316L has continued to rise by about 200 yuan/ton compared to last week. Although the price has rebounded, the transaction volume has weakened month on month. It is expected that 304 stainless steel will operate steadily this week with downward space, and 316L's cost support will be stronger. In the early morning of that day, the price for 304 cold rolling in Wuxi area was 14900-15200 yuan/ton. 304 hot rolled Wuxi area reported 14200-14300 yuan/ton. 316L cold rolled Wuxi region reported 26500-26700 yuan/ton. 201J1 cold rolled Wuxi area reported 8750-8850 yuan/ton. The price for 430 cold rolling in Wuxi area is 8350-8450 yuan/ton. SHFE 10:30 SS2312 contract price is 14515 yuan/ton, and Wuxi stainless steel spot premium is 555-855 yuan/ton.

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn