Stainless Steel Futures Prices Plunged, Spot Prices held Stable [SMM Stainless Steel Spot Daily Review]

Published: Aug 13, 2024 11:44

Source: SMM

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On August 12, according to an SMM survey, stainless steel futures prices plunged again this week.

On August 12, according to an SMM survey, stainless steel futures prices plunged again this week. Spot prices fell slightly over the weekend due to the impact of the futures market. The price limit policy of stainless steel mills was still in effect, and arrivals were relatively low this week, with downstream regular procurement demand being released. Overall, #201 stainless steel prices may see a slight decrease. #304 CRC and HRC prices were flat or saw a slight correction in the afternoon and are expected to remain stable in the short term. In the morning, #304 CRC in Wuxi was quoted at 13,750-14,200 yuan/mt, and #304 HRC in Wuxi was quoted at 13,350-13,450 yuan/mt. #316L CRC in Wuxi was quoted at 24,800-25,400 yuan/mt. #201J1 CRC in Wuxi was quoted at 8,450-8,550 yuan/mt. #430 CRC in Wuxi was quoted at 7,800-7,900 yuan/mt. At 10:30 AM, the SHFE SS2409 contract price was 13,680 yuan/mt, with stainless steel spot premiums in Wuxi at -240 to 690 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).

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