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Stainless Steel Spot Traders Held a Wait-and-See Attitude Towards the Dropping of Prices

iconMay 19, 2022 15:36
Source:SMM
In Wuxi and Foshan markets, stainless steel spot prices dropped today. Prices of #304 stainless steel were lowered by about 100 yuan/mt, and the benchmark price was about 19,400-19,500 yuan/mt.

SHANGHAI, May 19 (SMM) - In Wuxi and Foshan markets, stainless steel spot prices dropped today. Prices of #304 stainless steel were lowered by about 100 yuan/mt, and the benchmark price was about 19,400-19,500 yuan/mt. In the early trading, SS contracts stabilised, and the futures prices showed signs of recovery. At present, in the Wuxi market, traders purchased on dips, while they had few goods in their hands. The warrants were decreasing, but the market did not make many reactions to the steel mills’ production cut. The market mainly held a wait-and-see attitude toward the falling prices. On the cost side, NPI prices were stable even though the shipment of nickel ore from the Philippines was hindered. SHFE nickel prices rebounded due to the tight fundamentals, and the import window opened for several days. However, traders were still uncertain about the future market, so the number of imported nickel-based raw materials did not increase significantly. At present, the impact of the pandemic on the spot market is gradually easing. Prices of #304 cold-rolled coils in Wuxi moved between 19,700-19,900 yuan/mt today, and the prices of #304 hot-rolled coils were 19,400-19,600 yuan/mt. Quotes of #316L/2B stood steadily at 30,600-30,900 yuan/mt in early trading. As of 10:30 a. m. today, SHFE 2206 SS contract stood at 18,755 yuan/mt, and the spot premiums in Wuxi were 1,415-1,715 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt).

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The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.


 

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