SHANGHAI, Jan 9 (SMM) - SS contract closed up 2.47% at 17,030 yuan/mt as of CST 15:00 today. Stainless steel prices have trended upwards since December 26, climbing again after a brief drop on January 5.
Trades in the spot market have been poor recently since most market players are planning to exit the market next week for the upcoming Chinese New Year (CNY).
SMM survey showed that many stainless steel mills began to undertake routine annual maintenance.
Stainless steel social inventory rose 2.94% on a monthly basis to 678,600 mt as of December 30.
In terms of costs, NPI prices held firm amid tight supply, but will lack upward momentum as steel mill maintenance will weigh on its demand. Prices of high-carbon ferrochrome will hold stable on solid cost support.
Stainless steel futures prices are likely to move rangebound for the rest of the week.