Stainless Steel Futures Recovered, Spot Price Increases Lacked Momentum Amid Weak Transactions [SMM Stainless Steel Spot Daily Review]

On September 12, stainless steel futures continued to rise, but only some traders tentatively increased prices by 50 yuan/mt, with low-end prices remaining at 13,100 yuan/mt. Downstream demand was weak. Despite the futures rising, actual transactions were slightly sluggish, leading to insufficient market confidence. This week, 300-series stainless steel still showed a weak destocking trend, and steel mills are not expected to reduce supply. The continued price decline led to negative sentiment before the holidays. For 316 stainless steel, the recent negative feedback from stainless steel put pressure on ferromolybdenum prices, with transaction prices also declining. After several days of stability, 316 stainless steel prices started to decline and are expected to fluctuate downward in the short term. In the morning, 304 CRC in Wuxi was reported at 13,450-13,900 yuan/mt, and 304 HRC in Wuxi was reported at 13,050-13,150 yuan/mt. 316L cold-rolled stainless steel in Wuxi was reported at 24,600-25,000 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was reported at 8,200-8,400 yuan/mt. 430 cold-rolled stainless steel in Wuxi was reported at 7,550-7,750 yuan/mt. At 10:30 AM, the SHFE2411 contract price was 13,335 yuan/mt, and Wuxi stainless steel spot premiums were at 285-735 yuan/mt (spot cut edge = uncut edge + 170 yuan/mt).