[SMM analysis] the price of scrap stainless steel is stable and the market demand of stainless steel products is weak.

SMM, 31 October:

At the end of October, the cold rolling price of stainless steel in Wuxi weakened, today, down 150 yuan / ton from the beginning of the week, 15700 yuan / ton; 304 hot rolling price held steady, 14950 yuan / ton today.

Some traders said that the overall market demand for stainless steel in October was weaker than in September, market transactions were weak, this week approaching the end of the month, mostly shipments, some businesses let profit out of the goods.

Foshan stainless steel cold rolling today reported 15700 yuan / ton, 50 yuan / ton higher than the price at the beginning of the week; 304 hot rolling today reported 15000 yuan / ton, 100 yuan / ton lower than the beginning of the week. The overall market transaction atmosphere is light, but individual specifications and models can be concluded.

Stainless steel waste prices held steady this week, 304 waste prices today quoted 10250 yuan / ton, 201 waste quoted 4300 yuan tons.

Some small and medium-sized scrap traders said that the waste market is facing increased competition, due to the overall weak form of the stainless steel finished product market, there are foundries to reduce the production of products, so waste output is reduced, coupled with the previous rise in the price of waste stainless steel, traders choose to sell no waste inventory, therefore, the current waste procurement is facing a tight situation.

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