[stainless steel review] stainless steel breaks through the daily average line and closes at the positive line

Published: Oct 30, 2019 19:13 (GMT+8)

Save

SMM, 29 Oct:

SS2002, the main contract for stainless steel futures, opened at 15030 yuan / ton in early trading this morning. Before noon, the center of gravity of SS fluctuated around the range of 15000 yuan / ton, the amplitude was 40 yuan / ton, and the daily moving average of pressure was above. In the afternoon, the long position increases, the SS concussion goes up, breaks through the daily average line. Near the close, the long position increased, closing at 15065 yuan / ton. Compared with the previous settlement day, it was down 15 yuan / ton, or 0.1%. The daily transaction of 5464 hands, minus 8482 hands, holding 15738 hands, reduced 168 hands, closed in the positive line.

Stainless steel spot stainless steel price trend forecast SMM brief review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

【Flash | Tubacex October Mo-Bearing Tube Surcharges Are Mixed】

Tubacex issued its October tube alloy surcharges. In euros, hot-/cold-finished 316/316L fell from €5.07/€5.59 per kg (€5,070/€5,590 per tonne) to €5.05/€5.56 per kg (€5,050/€5,560 per tonne). High Mo content materials, with Mo above 2.5%, declined from €5.26/€5.79 to €5.23/€5.76 per kg. Surcharges for 2205 and 2507 were unchanged, while 254 SMO rose from €9.64/€10.62 to €9.67/€10.65 per kg. SMM analysis: most Mo-bearing tube grades were flat or slightly lower, while 254 SMO moved higher, indicating differentiated cost transmission across grades.

4 hours ago

5 hours ago

[SMM Stainless Steel Flash] India stainless scrap prices diverge as 304 eases with nickel and tight 316 holds firm

India's stainless steel scrap market moved in different directions in the week ended 1 October. Domestic 304 scrap prices edged lower and import offers followed, while 316 prices held steady in both the domestic and import markets. Weaker LME nickel prices weighed on 304 sentiment, and buyers stuck to immediate requirements as trading slowed over the festive period. Tight availability limited downside for 316. On procurement, short processing windows following the government's relaxation of Pre-Shipment Inspection Certificate (PSIC) requirements, along with additional import costs, continued to limit mills' flexibility. Some mills are evaluating billets, slabs and nickel pig iron (NPI) as alternatives to scrap to manage input costs. Looking further out, the EU's proposal to restrict metal waste exports to India under its new Waste Shipment Regulation (WSR) would, if adopted, further narrow India's scrap import options. In the near term, 304 scrap faces mild downward pressure if nickel stays weak, while 316 is expected to remain firm as long as supply stays tight. PSIC developments and the relative economics of billets and NPI will be key factors to watch.

5 hours ago

【Flash | Metallus Raises October Molybdenum Surcharge Component for 300M Steel】

Metallus set its October raw-material surcharges for Oct 1–30. The Mo component for 300M steel rose 0.52% to $15.176/cwt, about $334.57/t of steel, from $15.098/cwt, or $332.85/t. The listed total surcharge increased 1.03% to $45.054/cwt. Scrap rose to $17.750/cwt, while the separate energy surcharge for bars and tubes fell from $1.296/cwt, about $28.57/t, to $0.050/cwt, or $1.10/t.

5 hours ago