SS Contract Moved with some Declines Last Week

SHANGHAI, May 15 (SMM) - The most-traded stainless steel contract once soared last week, but the overall prices moved rangebound. Last Friday, the contract closed at 15,385 yuan/mt in day trading. Longs remained active at the beginning of the week before shorts manipulated the market. But the latter failed to gain more fund inflows and then closed their positions, and the longs followed suit. The stainless steel supply was ample owing to the high capacity and the unimproved market demand. SMM expects that the stainless steel futures prices will probably drop slightly this week.