Short-term Spot Stainless Steel Prices to Drop Further on Falling Costs

SHANGHAI, Apr 4 (SMM) - On April 4, spot prices of stainless steel in the Wuxi and Foshan markets fell. According to SMM research, the SS contract prices continued to decline. The spot transactions were slack, and the prices further dropped. It is expected that the spot prices will decline further in the short term amid the falling costs. In Wuxi market, #304 cold-rolled coil was quoted at 14,900-15,100 yuan/mt; #304 hot-rolled coil at 14,250-14,550 yuan/mt; #316L cold-rolled coil at 26,600-27,400 yuan/mt; #201J1 cold-rolled coil at 9,300-9,500 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 14,660 yuan/mt, and the spot stainless steel premiums in Wuxi were 410-610 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)