Stainless Steel Mills Jointly Raise the Prices of 200-series while Prices of 300-series Fall Further

SHANGHAI, Mar 22 (SMM) - Spot prices of stainless steel in the Wuxi and Foshan markets fell further on March 22. According to SMM research, mainstream stainless steel mills jointly raised the 200-series prices, but downstream companies were less willing to purchase. The SS contract prices fall in the early trading hours, but the price difference between the contracts was still large. The #304 stainless steel spot prices fell further. In addition, the prices of ferromolybdenum has continued to decline recently, and the prices of 316L cold and hot-rolled coil dropped sharply. But the transactions were average. SMM expects the spot stainless steel prices to be stable with some drops in the short term. In Wuxi market, #304 cold-rolled coil was quoted at 15,800-16,000 yuan/mt; #304 hot-rolled coil at 15,350-15,650 yuan/mt; 316L cold-rolled coil prices at 29,900-30,600 yuan/mt; 201J1 cold-rolled coil at 9,350-9,650 yuan/mt. #430 cold-rolled coil at 7,900-8,100 yuan/mt. As of 10:30 a.m., the SHFE SS 2305 contract stood at 15,265 yuan/mt, and the spot stainless steel premiums in Wuxi were 705-905 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)