Stainless Steel Futures Prices Were Under Pressure, Spot Transactions Were Stable [SMM Stainless Steel Spot Daily Review]

On July 31, according to an SMM survey, stainless steel futures prices rose again today, but the rise stopped after reaching the pressure level. The trading atmosphere for 300-series stainless steel was relatively good during the day, while #201 stainless steel saw price reductions and discounts from agents in Wuxi due to stockpiles. Most steel mills kept guidance prices flat during the day. With still low arrivals this week, stainless steel prices are expected to hold stable in the short term. In the morning, #304 CRC in Wuxi was quoted at 13,850-14,200 yuan/mt, and #304 HRC in Wuxi was quoted at 13,400-13,500 yuan/mt. #316L CRC in Wuxi was quoted at 24,800-25,500 yuan/mt. #201J1 CRC in Wuxi was quoted at 8,550-8,800 yuan/mt. #430 CRC in Wuxi was quoted at 8,000-8,100 yuan/mt. At 10:30 AM, the SHFE SS2409 contract price was 14,055 yuan/mt, and Wuxi stainless steel spot premiums were -35-315 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).