Stainless Steel Price Remains Stable

Stainless steel: On September 18, according to SMM research, stainless steel as a whole remained stable today. The trading atmosphere on the stainless steel market was relatively weak in the morning. Traders mostly focused on wait-and-see. The spot price of 300 series cold-rolled products was relatively stable during the day. Yongjin and Taiyuan Iron and Steel Co., Ltd. has increased slightly compared with last week. The recent hot-rolled transactions have been acceptable. Today's hot-rolled prices have increased by about 100 yuan/ton compared with last week. The current downstream wait-and-see attitude is strong, and procurement is still based on rigid demand. Since a steel mill in East China imposed a price limit last week and steel mills successively announced production cuts, stainless steel prices have begun to stabilize from oscillations. SMM predicts that short-term stainless steel prices will be stable and rise, and downstream bullish prices may fulfill demand. In the morning of that day, the price of 304 cold rolled steel in Wuxi area was 15,400-15,700 yuan/ton. The price of 304 hot rolled steel in Wuxi area is 14850-14950 yuan/ton. The price of 316L cold rolled steel in Wuxi area is 26,700-28,300 yuan/ton. The price of 201J1 cold rolled steel in Wuxi area is 9100-9250 yuan/ton. The price of 430 cold rolled steel in Wuxi area is 8600-8650 yuan/ton. SHFE10: The contract price of 30-minute SS2310 is 15,485 yuan/ton, and the spot premium of Wuxi stainless steel is 85-385 yuan/ton. (Spot trimming = raw edge + 170 yuan/ton).

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn