Spot Prices of Stainless Steel Stabilised Today, and Social Stock Shrunk in August

Published: Aug 31, 2022 16:13

Source: SMM

Save

On August 31, spot prices of stainless steel in Wuxi and Foshan markets were stable, but prices of #304 hot-rolled decreased slightly.

SHANGHAI, Aug 31 (SMM) - On August 31, spot prices of stainless steel in Wuxi and Foshan markets were stable, but prices of #304 hot-rolled decreased slightly. According to SMM research, quotes in the market stayed flat from the previous trading day. The market was still short of hot-rolled stainless steel, and the transactions were slack. In late August, the social inventory dropped faster than in early August amid the stabilised prices and the shortage of some specifications. In terms of cost, the prices of high-grade NPI remained stable today. And the short-term NPI prices may still fluctuate with some downward potential as the market supply and demand are in a stalemate. The prices of ferrochrome fell slightly, and the market saw rare retail transactions. Production in most ferrochrome plants was still suspended due to their serious losses, so the short-term ferrochrome prices will fluctuate with occasional drops. In Wuxi market, quotes of #304 cold-rolled coils were 15,800-16,300 yuan/mt, and prices of hot-rolled coils stood at 15,400-16,000 yuan/mt. #316L/2B was quoted at 26,000-27,200 yuan/mt in the early trading, #201/2B prices were 9,250-9,450 yuan/mt, and the prices of #430/2B moved between 7,900-8,300 yuan/mt. As of 10:30 a.m., the prices of the SHFE 2210 SS contract stood at 15,450 yuan/mt, and the spot premiums of stainless steel in Wuxi were 520-1020 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt).

Spot Market Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Sep 11, 2026 18:30

Australia Reviews Anti-Dumping Duties on Galvanized Steel from India, Malaysia, Vietnam Amid Zinc Concerns

On September 9, 2026, Australia initiated its second sunset review of anti-dumping measures on galvanized steel sheet from India, Malaysia and Vietnam, and separately launched a sunset review of countervailing measures on imports from India. The review covers July 2025-June 2026, with the final report expected by February 11, 2027. As galvanized steel is the largest end-use sector for zinc, the measures directly affect export costs and competitiveness, potentially impacting Australia’s domestic zinc demand and supply chain. Maintaining the duties would provide some protection for domestic steel and coating capacity, while termination could increase low-priced imports and affect regional zinc consumption. The final outcome remains subject to the authorities’ determination.

Sep 11, 2026 18:30

Sep 7, 2026 15:43

JCC Hongyuan Copper's $200M Expansion Project Aims to Boost Capacity to 550,000 mt by 2027

The 300,000 mt/year copper cathode expansion project of JCC Hongyuan Copper, a subsidiary of Jiangxi Copper Corporation, entered the pre-approval public notice stage of its environmental impact assessment on September 4, with a total investment of approximately 1.416 billion yuan. The project is planned to start construction in September 2026 and be completed in December 2027. Upon completion, JCC Hongyuan's total capacity will jump from 250,000 mt to 550,000 mt.

Sep 7, 2026 15:43

Sep 3, 2026 19:00

Japanese Yen Increases USD/JPY Drops Below 159 Amid Intervention Speculation

[SMM Precious Metal Express] The Japanese yen spiked sharply during Wednesday's trading, with USD/JPY falling below 159 and closing down 0.92% at 158.69, sparking speculation of Japanese currency intervention. The dollar index also dropped sharply, with a weaker dollar environment providing support for precious metals.

Sep 3, 2026 19:00