Stainless Steel Spot Trading Remained Slack and the Prices were Stable

SHANGHAI, Feb 22 (SMM) - Stainless steel contracts fluctuated within a narrow range of 18,750 yuan/mt today. In the spot market, the arrivals and deliveries of stainless steel were limited owing to the pandemic in Wuxi. The trading in the market was sluggish, and the spot prices remained flat from the previous trading day with less inquiries. #304 cold-rolled coil prices were maintained at 19,100-19,800 yuan/mt today. The prices of #304 cold-rolled coil-cut edge were remained at 19,700-19,900 yuan/mt, and that of #304 hot-rolled coil were quoted at 19,200-19,700 yuan/mt, the average price remained unchanged from the previous trading day. Besides, the spot guide prices of Jiangsu, Delong, and Wuxi were 18,900 yuan/mt, which was flat.

The price spread between spots and futures was remained at 500-600 yuan/mt. As of 10:30 a.m. today, the SHFE SS 2203 contract stood at 18,715 yuan/mt, and the stainless steel spot premiums in Wuxi were at 555-1,255 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt)