Stainless Steel Spot Discounts Appeared amid High SS Contract Prices

SHANGHAI, Apr 19 (SMM) - Following the rising nickel prices, the SS contract reached the highest price of 20,600 yuan/mt, an increase of over 4%. However, the Wuxi spot market did not echo the trend of the future. Prices of #304 cold-rolled coils stood at 20,200-20,500 yuan/mt. The Benchmark price of the private plant was basically around 20,000 yuan/mt. #304 hot-rolled coils were firm and quoted at 19,700-19,800 yuan/mt. The overall stainless steel spot trading was slack. On one hand, the shipment was hindered by transportation. On the other hand, weak downstream demand dragged down the market. Thus, traders proceeded with their business cautiously. Stainless steel spot discounts appeared amid high SS contract prices. As of 10:30 a. m. today, the SHFE 2205 SS contract stood at 20,650 yuan/mt, and the spot premiums in Wuxi were at -255-45 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt).

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