Stainless steel prices fell to a new low in May, with weak spot transactions and pessimistic market sentiment [SMM Stainless Steel Spot Daily Review]

On September 4, stainless steel futures further plummeted, market sentiment remained pessimistic, and steel mills' guidance prices stayed flat. The price control for agents was also normally implemented, but the actual mainstream transaction prices were already 300 yuan/mt lower than the futures prices. This week, there was a significant arrival of hot-rolled products, and cold-rolled products maintained normal shipment. Downstream purchasing demand was weak and could not support prices, and it is expected that stainless steel will continue to fluctuate downward. In the morning, 304 cold-rolled in Wuxi was quoted at 13,600-14,100 yuan/mt, and 304 hot-rolled in Wuxi was quoted at 13,200-13,300 yuan/mt. 316L cold-rolled in Wuxi was quoted at 24,600-25,000 yuan/mt. 201J1 cold-rolled in Wuxi was quoted at 8,250-8,450 yuan/mt. 430 cold-rolled in Wuxi was quoted at 7,550-7,750 yuan/mt. At 10:30, the SHFE SS2411 contract price was 13,460 yuan/mt, and Wuxi stainless steel spot premiums were 310-810 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).