Stainless Steel Spot Prices Dropped Further and Are Likely to Keep Falling amid Sluggish Trade

SHANGHAI, Dec 1 (SMM) – The prices of 300-series cold-rolled stainless steel fell significantly again in Foshan today. A steel mill in south China lowered the prices sharply.

The steel mills may further lower the prices as it was harder to sell the products after the distributors were forbidden to reduce the prices for shipments. However, the market transactions remained sluggish even though the prices fell by more than 1,000 yuan/mt within a week.

The prices of 304/2B coils (deburred edge) from state-owned companies stood at 19,000-19,600 yuan/mt, and the prices of 304/2B (burr edge) from private companies stood at 17,300-18,300 yuan/mt. The quotations for 304/NO.1 coil (1.67m) were 17,400-18,000 yuan/mt, and the SHFE SS2112 contract price was 17,025 yuan/mt at 10:30 this morning. The spot premiums in Foshan stood at 445-1,445 yuan/mt.