Stainless Steel Futures Continue to Decline, Spot Market Slump Intensifies [SMM Stainless Steel Spot Daily Review]

On August 13, according to an SMM survey, stainless steel futures further plummeted recently, causing market sentiment to be quite panicked. Although steel mills maintained flat prices in the morning, there was a rush to cut prices and sell off in the afternoon. The transaction prices for 304 CRC and HRC fell by 50-100 yuan/mt, and 201 was adjusted down again. It is expected that stainless steel spot prices will continue to run weakly 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 24,800-25,500 yuan/mt. 201J1 CRC in Wuxi was quoted at 8,500-8,650 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 13,680 yuan/mt, and Wuxi stainless steel spot premiums were 240-690 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).