Stainless Steel Spot Prices Dropped Slightly and the Trading Remained Slack

SHANGHAI, Jun 8 (SMM) - In Wuxi and Foshan markets, stainless steel spot prices dropped slightly today. The benchmark prices in the Foshan market stood at around 18,800 yuan/mt, and those in the Wuxi market were about 18,900 yuan/mt.  Steel mills indicated that the transaction in the past two months was still poor. Although the consumption in the third quarter is expected to be better, the terminals still have not received orders. In the spot market, the market is uncertain about when the dropping of stainless steel prices will come to an end, and traders mainly hold a pessimistic outlook for the recovery of consumption. The downstream mainly held a wait-and-see sentiment, and the decrease in warrants slowed down. As for the costs, the overall costs are still dropping. NPI prices will fall further due to the supply surplus in China. Prices of #304 cold-rolled coils moved between 19,200-19,500 yuan/mt, and the prices of #304 hot-rolled coils stood at 18,800-19,200 yuan/mt. In the early trading, quotes of 316L/2B were 30,600-30,900 yuan/mt. As of 10:30 a.m., the prices of the SHFE SS 2207 contract stood at 18,790 yuan/mt, and the stainless steel spot premiums in Wuxi were 480-680 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt).