Spot Stainless Steel Prices Drop Today Following Futures Prices

SHANGHAI, Mar 30 (SMM) - On March 30, spot prices of stainless steel in the Wuxi and Foshan markets generally fell. According to SMM research, there have been more inquiries and transactions for NPI recently, and the prices trended lower. Tsingshan Group disclosed the bid prices. The cost support also declined greatly. News said that a stainless steel mill in east China had partially resumed production. The futures prices hovered at lows, and spot prices also dropped. The market transactions were sluggish. Short-term stainless steel spot prices will fall. In Wuxi market, #304 cold-rolled coil was quoted at 15,300-15,500 yuan/mt; #304 hot-rolled coil at 14,850-15,150 yuan/mt; #316L cold-rolled coil at 28,000-28,700 yuan/mt; #201J1 cold-rolled coil at 9,400-9,600 yuan/mt; #430 cold-rolled coil at 7,800-8,000 yuan/mt. As of 10:30 a.m., the SHFE SS 2305 contract stood at 14,870 yuan/mt, and the spot stainless steel premiums in Wuxi were 600-800 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)