Spot Supply of Stainless Steel was Tight due to Delayed Shipments

SHANGHAI, Jan 5 (SMM) - The spot supply was relatively tight in the stainless steel market. The market was quiet at the end of the year, and the truck transportation in Jiangsu was impeded by the snow. Delong maintained stable shipments, but it shipped part of its goods by sea, of which the arrivals were delayed as they were still on the way. The arrivals of hotrolled coils dropped significantly due to the reduced output, and Tsingshan’s delivery of cold-rolled coils suppressed the supply of hot-rolled coils as well. As such, the shortage of hot-rolled coils caused the prices to rise more significantly than cold-rolled coil prices. The prices of stainless steel moved upwards, while the transactions declined. The limited arrivals at the market dragged in the transactions, and some traders had completed the restocking when prices started to rise. The traders remained quite bearish on the market, so they purchased cautiously.