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Steel Mills Jointly Held the Prices Firm and the Spot Prices Rose Stably
Jun 30, 2022 17:14CST
Source:SMM
On June 30, the decline of stainless steel spot prices slowed down. The base price of 304 from private companies in Wuxi and Fozhan stood at 17,200 yuan/mt. The prices of hot-rolled coil (HRC) were quoted at 16,950 yuan/mt and the average price of #201 cold-rolled products rose by 250 yuan/mt while the 430 prices were flat.

SHANGHAI, June 30 (SMM) - On June 30, the decline of stainless steel spot prices slowed down. The base price of 304 from private companies in Wuxi and Fozhan stood at 17,200 yuan/mt. The prices of hot-rolled coil (HRC) were quoted at 16,950 yuan/mt and the average price of #201 cold-rolled products rose by 250 yuan/mt while the 430 prices were flat.

The previous reduction plan of steel mills had no obvious effect on the price of 201. Yesterday, the three major steel mills jointly held the price firm, and the agencies also raised the prices this morning. According to SMM, affected by the joint movement of the steel mills, the mainstream price of 201 is indeed rising. However, due to the current weak demand, the price of 201 is expected to fall after a brief rise amid the cautious market sentiment. The decline of 304 prices slowed down, and the price of 430 was relatively stable. On the cost side, the price of ferrochrome fell again, and the latest transaction price of NPI declined again. The overall cost will still decline.

In Wuxi today, the spot of 304 cold-rolled coils quoted at 17,300--17,700 yuan/mt and 304 hot-rolled coils were 17,100--17,500 yuan/mt. 316L/2B was quoted between 29,100-29,500 yuan/mt in the morning. 201/ 2B was quoted at 9,100-9,500 yuan/mt. 430/ 2B was quoted between 8,400-8,600 yuan/mt. As of 10:30 am (Beijing time), the SHFE SS 2208 contract stood at 16,695 yuan/mt, and the spot premiums in Wuxi were 775 - 1,175 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt).
 

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