Stainless Steel Futures Bottomed Out

On October 24, according to SMM research, stainless steel futures bottomed out today, mostly short covering, and a stainless steel factory in East China once again limited the price of 304 stainless steel to no less than 143 for hot rolling and no less than 146 for cold rolling. In the afternoon The transaction atmosphere in the spot market has improved, and the number of inquiries has increased, but most of them are traders hoarding goods. Downstream demand is still dominated by rigid purchases. The current spot price of 304 is stable at a low level. Although steel mills are expected to reduce production, demand continues to be weak. The market is still pessimistic about subsequent demand. The price of 316L continues to rise and transactions are relatively stable. SMM predicts that the price of 304 will be stable and that 316L will stabilize in ferromolybdenum. Spot prices may still have some room to decline after supply increases. In the morning of that day, the price of 304 cold rolled steel in Wuxi area was 14,900-15,200 yuan/ton. The price of 304 hot rolled steel in Wuxi area is 14250-14350 yuan/ton. The price of 316L cold rolled steel in Wuxi area is 26,500-26,800 yuan/ton. The price of 201J1 cold rolled steel in Wuxi area is 8750-8800 yuan/ton. The price of 430 cold rolled steel in Wuxi area is 8350-8450 yuan/ton. SHFE10: The contract price of 30-minute SS2312 is 14,595 yuan/ton, and the spot premium of Wuxi stainless steel is 495-775 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